Part 1Should the government raise the federal minimum wage?  Instructions: The intention of this discussion question

Part 1

Should the government raise the federal minimum wage? 
 
Instructions: The intention of this discussion question is to have healthy viewpoints on this issue. Raising the minimum wage has not only been an economic issue but has also been a hot political topic. Write your economic opinion (opinion that could be supported by some economic facts and figures), you could disagree with another person but keep in mind to be respectful. You could use outside sources for the discussion. Cite your sources. 

Part 2 

Respond to one peer response. Peer response should be qualitative. 

This is one of the my peers response that you need to respond too 

In an ideal world, all politicians would agree on raising the federal minimum wage because on a superficial level, that means more money for everyone. It seems fair that the hard working employees of America deserve a good wage just as much as anyone else. While this situation may seem idealistic, it has its consequences especially on the middle and lower classes. Yes, I do admit that the wage needs to be adjusted every couple years to compensate for inflation, but the fact is that large corporations that millions of middle and lower class Americans depend on for jobs will undoubtedly drop thousands of workers with their own self interest(profit) in mind rather than the workers’ wellbeing. Moreover, with the overwhelming impact that COVID has had on small businesses, it is more important than ever to help them thrive and compete with the larger corporate companies and in doing so, creating more opportunities for middle and lower class families to earn more money. In fact, “When economists were asked what effect a $15.00 per hour minimum wage will have on small businesses with fewer than 50 employees, nearly 7 out of 10 economists (67%) believe it would make it harder for them to stay in business.” Also, one needs to consider the rising price of goods when workers’ incomes get raised, directly influencing the incomes of struggling families and how a layoff of workers will affect specifically teenagers and disabled workers who, in many cases, need the money more than fully functioning adults.  
Others may argue that increasing the federal minimum wage will put more money into the hands of the people who could really use the extra cash and decrease class income inequality, but every factor considered, there would be a net reduction in family income for all Americans when you think about all the workers who would be laid off in comparison to those whose wages do see a raise. Another argument that one may bring up is that “improvements in productivity and economic growth have outpaced increases in the minimum wage.” Although this seems rational, the incentive of a higher wage regardless of one’s productivity rate usually doesn’t outweigh the marginal cost of working harder if everyone receives the same wage at the end of the day anyway.
Works Cited
How Increasing the Federal Minimum Wage Could Affect Employment and Family Income. Congressional Budget Office, www.cbo.gov/publication/55681.
Phelan, John. “Economist: 5 Reasons Raising the Minimum Wage Is Bad Public Policy: John Phelan.” FEE Freeman Article, Foundation for Economic Education, 25 Mar. 2019, fee.org/articles/5-reasons-raising-the-minimum-wage-is-bad-public-policy/.
“Pros