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Benefits Of Raising The Minimum Wage

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An issue that is hotly debated is whether or not the current minimum wage, which is $7.25 an hour, should be raised or kept the same. President Obama thinks that raising the minimum wage to $10.10 an hour would be a good idea, but others oppose the idea. Raising the minimum wage would not be a good idea for several reasons. Some people believe that raising the minimum wage could possibly do harm to the economy that is already recovering from the Great Recession, however, others say raising the minimum wage would boost the economy. According to the article “Should the Minimum Wage Be Raised”, raising the minimum wage could cause businesses to have to cut the hours of workers, fire them, or higher fewer of them in the future (Smith). As stated …show more content…

The Economic Policy Institute estimates that an increase of $2.85 in the minimum wage could bring in an additional $6,000 a year, but opponents argue that making employees more expensive for companies to hire could increase the unemployment rate which is already 6.7 percent of Americans. Also, according to the article “Should the Minimum Wage Be Raised” raising the prices of certain products could reduce the demand for them, so if we raise the price of workers the demand for them would go down and that could lead to workers getting fired, getting their hours cut, or cause businesses to higher fewer of them in the …show more content…

It could cause people to lose their jobs, have their hours get cut, or they could start getting hired less in the future (Smith). Raising the minimum wage could also increase the unemployment rate which is already 6.7% which translates to about 11 million people looking for a job. Lastly, raising the minimum wage could have a huge, negative impact on the still-fragile economy (Smith). People oppose the idea of keeping the minimum wage the same because they say they can barely live off of it because they have families, but others don 't have large families to support. Some people work their tails off for the $7.25 they make an hour, but others slack and still have those jobs, so raising the minimum wage would reward the hard workers and the slackers. Overall, raising the minimum wage could solve some problems, but leave others

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Many economists say that by raising the Federal minimum wage by $2 would increase the unemployment rate significantly. However, the Congressional Budge Office said in 2006 said that

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Minimum wage would raise the wages of many workers and increment benefits what disadvantaged workers. An estimated 6.9 million workers would receive an incrementation in their hourly wage if the minimum rage were raised to $10.15 by 2015. Due to the spill over effect the 10.5 million workers earning up to a dollar above minimum wage would withal be liable to benefit from an incrementation. Women are the most astronomically immense group of beneficiaries from a minimum wage increase. Sixty percent of workers who would benefit from an incrementation are women.

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When you raise minimum wage you raise the price in everything else for instance if minimum wage was raised ten percent that also raises restaurant prices 0.7 cents that may not sound like a lot but it starts adding up sooner or later and who knows then it could raises prices a whole dollar. Some people think that because the cities they live in are so expensive that minimum wage should be raised but if you live in an expensive city and are also living off minimum wage and can not afford it then you should not be living there. Also women think that they can not have a good lifestyle for their children with what minimum wage is paying. If you are living off minimum wage and trying to raise children then maybe you should find a different job where you can afford a life for your kids. Minimum wage should be raised because the economy is at a point where if minimum wage is raised there would not be a drastic change.

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The federal minimum wage should be increased because raising it would increase the economic activity and spur job growth, decrease poverty, and also improvements in productivity and economic growth have outpaced increases in the minimum wage. Increases in job growth and economic activity will happen when the minimum wage is elevated. If the minimum wage was increased it will “inject 22.1 billion net into the economy and create about 85,000 new jobs over a three year period”. (“Raising the Federal minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost") Thousands of new jobs will be created and it will put billions of dollars into the economy.

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This would make it where people wouldn 't have to live paycheck to paycheck. Raising the wage slightly would also make it so the price of goods wouldn 't have to be raised. The Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. This raise increase would be easy to implement and would help the economy. By implementing this new minimum wage many problems in America can be solved.

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5). Raising the minimum wage may also help cut back government assistance, such as SNAP or cash assistance, which is ultimately beneficial to our economy. Besides helping the economy, we, as American citizens, need to help our fellow Americans.

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In conclusion, a federal minimum wage increase will significantly improve the standard of living of low-wage workers. To meet their basic needs, workers must be given a living wage. It is not only morally correct to do so, but also beneficiary to both ends. The increase in wages allows for a more supportable income, but it also stimulates the economy.

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Many Americans believe that it is the answer to the problem of rising living cost and inflation, but it might not be. Raising the minimum wage displays a positive outcome in the short term, but an atrocious outcome in the long term affects. According to a recent survey of economist, conducted by University of Chicago many economists believe that it would be “noticeably harder for poor workers to find jobs”. This is believed due to the high cost imposed on businesses to meet the floor level of $15.00 an hour for labor therefore, higher prices for labor means for a lower need. A similar reason as to why the raise of the minimum wage would produce negative outcomes is due to the ever growing field of technology.

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Because of inflation, the prices of goods and services has gone up tremendously throughout american history, however, the minimum wage hasn’t. Since minimum wage only changes with congressional action, this results in a low amount of money for families that need to purchase essentials to live conformably. The increase would also boost the economy because of the more money going into these families and individual’s pockets, the more they are wiling to spend, thus creating more stores, jobs, and economic growth. According to the Economic Policy Institute, a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion into the economy and create around 85,000 new jobs over a three-year period.

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This is why I think that raising the minimum wage is a bad thing. To start off with raising the minimum wage will hurt businesses. A study done by the Congressional Budget Office shows, “A minimum wage increase from $7.25 to $10.10 would result in a loss of 500,000 jobs.” A statement said by Jamie Richardson, MBA, and Vice President of the fast food chain White Castle said, “The company would be forced to close almost half its stores and let go thousands of workers if the federal minimum wage were raised to $15.” Both these studies show that increasing the minimum wage would decrease the amount of jobs that there are for people everywhere.

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A person working full time at the federal minimum wage of $7.25 per hour earns $15,080 in a year, which is 20% higher than the 2015 federal poverty level of $12,331 for a one-person household under 65 years of age, but 8% below the 2015 federal poverty level of $16,337 for a single-parent family with a child under 18 years of age (procon.org pro#2). If you put the minimum wage at $9.00, people will be able to live comfortably without unemployment rates going up. However, raising the minimum wage

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There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.

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If they raised the minimum wage and took more money in taxes for things like social welfare i think it would help bring us out of poverty. And help many of those in poverty. Raising the minimum wage can be risky but us much needed there needs to be a way they can make it happen without making things worse. They don’t need to raise it so high it makes the prices go way up i think they just need to raise it to living wage and not poverty and keep the prices of goods the same and i think it would get more money flowing and things wouldn 't seem so expensive that is needed to live in today’s modern world. Two extra dollars an hour can go a long way and could eliminate tax deductions for things like social welfare because as we escape out of poverty less money from that would be needed to get spent and would save the government money also put more money in our pockets.

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In the past three years, many politicians and labor unions have been pushing for an increase in minimum wage. Minimum wage is the lowest set wage by a law of a government body. An increase in minimum will benefit some people, and hurt others. An increase in minimum wage will cause benefit in the short run but will be very damaging to the economy in the long run. There should not be an increase in minimum wage because it is unhealthy to the economy in the long run and it will be the major cause of job loss, increase in inflation, competition, and the price level of goods and services.

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