Labor Relations Essay Example | Topics and Well Written Essays - 1000 words - 1

Labor Relations - Essay Example Economists are of the opinion that increasing the minimum wage will increase business costs. They, however, insist that these increased costs will be quite modest and easily absorbed through slight increases in productivity and prices of business products. Republicans seem to be inconsistent in their opinions concerning the issue of minimum wage increase. This is because some of them are in support of increasing the minimum wage, just not as consistently as the Democrats. The Republicans are hypocritical because those in support of an increase in the minimum wage condemn increased economic regulation by the government, same the other Republicans who oppose the increase in the minimum wage. On the other hand, conservatives avail a convincing argument against increasing the minimum wage. In their opinion, raising the minimum wage results in unemployment since it increases business’ prices and labor costs, which will in turn force unskilled workers off the market.Public pensions refer to contracts for fixed sums of money to be issued regularly to persons following their retirement from service. Publicly funded pensions are an example of unsustainable programs that have to be disregarded in the years to come. One thing that is certain is that systems and programs that are unsustainable have to go away and be replaced by more sustainable arrangements whether we are willing to accept this reality or not. Unsustainable public pensions have to be disregarded.