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Bernie Sanders Minimum Wage Analysis

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Bernie Sanders, a man running for President 2016, suggested an idea that would allow the lower class “to finally make a living wage”. He suggest that we take the current national minimum wage of $7.25 per hour and turn it into $15.00 per hour. He also goes on about how millions of Americans work up to 60 hours a week but fail to earn any overtime pay. He insures that any american that works up to these lengths shall then receive overtime and thus that is why he is supporter of the Obama Administration and its overtime pay protection. On top of this, Bernie also shows that he is a voice of the people states that he is supporter of equal pay for men and women and the Employee Free Choice Act. ( The Employee Free Choice Act is an act that protects …show more content…

The wage rate would be so high employers would not be able to afford all the money they have to pay out to the workers, so they have to cut off some people. Contrasting that thought, a quote that states “increasing the minimum wage may also spur businesses to operate more efficiently and employees to work harder.”. This quote is stating that if there were less employees than the employees are going to work harder as it is technically more economically efficient that way .Yes, this is true, but they will “ have” to work harder to keep up with the same amount of output as before because 5 is more than 3 as hard as that is to picture. This also places a larger responsibility on the remaining few because now if there is a weak link then the ship is really going to sink. Plus, in the bigger picture people are losing their jobs from …show more content…

Well you only get paid $7.25 an hour so all you can afford is the Snickers amongst other things. Now say you make $15.00 an hour, which one are you going to buy? Well according to the Utility Maximizing Model a person will direct their spending to whatever gives them the most satisfaction or utility. So by doing so they decrease their spending in the product that gives off less utility. So one possible effect of raising minimum wage to $15.00 is that people will initially start spending more on the things they love because they can afford them now. So yes, more money is flowing through the economy but is it enough to balance out? Take in consideration that the Utility Maximizing Model is a Ceteris Paribus based theory so this nor fact or false, it is an

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First, one main reason that the minimum wage should be raised is because the economy will prosper. “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” (ProCon). This quote shows that the economy will flourish from the increase of the minimum wage and that unemployment will decrease. Another quote that shows how raising the minimum wage will affect employment is “To the extent that through these contour effects it affords as much as 70 percent of the workforce greater purchasing power, it effectively increases aggregate demand for goods and services, which should ultimately lead to the creation of more jobs” (Challenger 19). Bryan Covert supports raising the minimum wage by

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According to William Dunkelberg, a writer for Forbes magazine, by raising minimum wage there could become less jobs than before. Though the people who have jobs would be making more money, smaller companies wouldn’t be able to pay for their employee’s, and would have to let people go. “Small businesses stay in business

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Many Americans suffer from the negative effects of working a minimum wage job and trying to support themselves and their families. Will Perkins of the Richmond Register asserts that if a person works in this country, they should be able to make enough for a living. He also claims that everyone should do what they are good at and get paid enough for it. I agree with Perkins’ assertion about minimum wage and his thoughts, and this idea should be implemented into society.     Will Perkins article on minimum wage basically summarizes his opinions on minimum wage.

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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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The point is that, with the increase of the minimum wage, firms that face higher costs cannot maintain profits simply by raising prices regardless of demand for their products. While the increase of the minimum wage will increase demand for those products purchased by low-income people, it will not yield an equal increase in demand for all

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Although a minority of workers will experience pay raise or may even be brought out of poverty, the majority of workers would face unemployment and, if not that, would only be allowed to work for a short period of time in order for their bosses to compensate for the raise in mandatory pay. Also, some economists dispute that raising the minimum wage will have little to no effect on poverty rates altogether. For these reasons, I do not believe the minimum wage should be

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Raising minimum wage in the United States would benefit over twenty eight million workers. Raising minimum wage would help businesses and would also give workers with minimum wage salaries more money then just enough to get by. The money these workers earn will go into businesses in and near their communities. Also the cost of living wages have increased throughout the years. With a minimum wage salary you have to work a forty hour work week without paying more than thirty percent of their income.

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Bernie Sanders believes that a person who works full time should not have their family living in poverty (Sanders on Minimum Wage). He says that the real-value of minimum wage has dropped by 30% since 1968, meaning that money earned from a minimum wage paycheck is worth 30% less than what it used to be worth, so you will have 30% less buying power (Sanders on Minimum Wage). As a solution to solve the problem of people working full-time and living in poverty, Sanders wants to raise the national minimum wage from $7.15 an hour to fifteen dollars an hour, (Sanders on Minimum Wage). If Sanders were to become president then you would be able to pay rent and move out like you always wanted to. Hillary Clinton is also in support of raising the minimum wage, and is in support of the “Fight for 15” campaign (Clinton on Minimum Wage).

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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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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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