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Essay On Pros And Cons Of Minimum Wage

484 Words2 Pages

I stated that the minimum wage should be a bit higher than you stated and I was shooting high with my numbers between $15-17 an hour. But I was also shooting for a more livable wage. I think our minimum wage should be more livable as there are people whom are just starting out in life or just starting to attend college that will need to live on their own at some point. Also, for those families who don’t have the chance to thrive in educational settings or are living in poverty and they don’t get the opportunities that others may get to better themselves for one reason or another. Everyone’s socioeconomic situation is different obviously. With anything there are pros & cons to everything. I’ve listed some below. THE PROS
Boost the Economy – The thought process here is that by raising …show more content…

Less People on Welfare Programs– Low-income families and individuals must rely on government-sponsored programs to fill in the gaps that their low wages don’t. So, by increasing their wages, there will be less people relying on these programs.
Less Employee Turnover – People that get paid enough to live off are happier and more satisfied with their jobs and will be more likely to stay with an employer for longer.
Inflation – Every year, the cost of living increases, but the minimum wage has only been raised 3 times in the past 30 years. So, it’s past time for it to happen. THE CONS
Layoffs – If an employer has a tight budget, they won’t be able to afford raises across the board for all their employees. As a result, they will have to lay off employees to stay within their budget.
Increased Prices – Another tactic employers may be forced to us is a price increase to attempt to afford to pay their workers. If this happens, then the goods and services that low-wage workers could afford wouldn’t be much different than they were before the

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