As of July 1, 2018, the state minimum wage increased to be $10.10 with annual increase of $1 until 2023. This increase comes from the Maryland Senate Bill 543 and the House Bill 664, which aims to increase the federal minimum wage to $15 by 2023. Once the minimum wage hits $15 in 2023, there will be additional changes in the following year based on inflation. Also, the bill comes with an option to stop the annual increase of $1 if the condition of the economy diminishes.
There has been much controversy over the minimum wage increase. The opinions seem to be split straight down the middle. One side thinks it will be great and nothing bad can come out of the increase; the other side thinks it will do nothing but harm to the economy.
Those Against the Increase
The side that thinks that the wage increase will ruin the economy believes that everyone will end up losing because the wage increase will also cause all other goods to increase. They also believe that it will increase poverty because the wage increase will also increase the cost of living and most employers cannot afford to pay the increased rate, which in turn will increase unemployment
Those For the Increase
Others think that the wage increase will be great and will decrease poverty by providing everyone with a “living wage”. They also think that the increase will increase customer purchasing power, decrease employee turnover, protect workers from being exploited, and reduce criminal activity.
In the end, there are many facets to what the increase in the minimum wage will do; whether it is a good or bad decision will be determined in years to come. We would love to hear your opinions. Comment your thoughts on the minimum wage increase down below.