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Advantages and disadvantages of minimum wage legislation
Negative effects of raising the minimum wage
Effect of minimum wage on employment
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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.
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.
Raising the minimum wage will put people who do not have the best qualities, people who did not further their education the best they could, out of a job. Only the best are going to be hired with having to pay each employee more money (Weiner, 2014). Even though there are people out there who are not as educated as others, it is not fair that they cannot get a job because of that. Just because someone is more educated than another person, does not mean that they are a better worker. Being a great worker and learning the position that they are suppose to learn, will also help educate them and in the end, it is a win-win.
For example, there would be more spending from the families who didn’t have the money to spend before. Because of this raise of spending it will help the economy in more ways than one. There is also a possibility of a hike in the productivity being built, leading to more jobs (Feintzeig & Weber 2016). Raising the minimum wage could also affect the spending of food stamps within the United States.
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.
Businesses can come out successful with the workers earning more; consumers will have the better urge to spend. When businesses start selling more they can grow and make another store, but most of all it will help workers get paid and have money to make the product sold. Having to support the rise in minimum wage can help increase
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.
Americans below the poverty line are demanding for increased pay in their minimum wage jobs. Although with the increase to fifteen dollars an hour, many Americans would be left jobless pushing them farther under the poverty line increasing the wage by over half would harm the country’s economy more than improve it. Minimum wage workers want higher wages for the work they provide, but inflation, unemployment, and businesses closing will only cause more issues for Americans. The disadvantage to raising the pay for minimum wage workers is inflation.
Raising the federal minimum wage to $15 an hour is the most beneficial
It will help contribute to provide for basic needs in those who are already struggling, as well as helping them give back to the community as well. It will also benefit the government in savings, which can be allocated to other needed sources. Raising the minimum wage can pose as a huge advantage through helping individuals rise above the poverty line, save in government funding, and help increase consumer spending. This fight has been going on for so long, and evidence shows just how beneficial a minor change can make. If the issue is held at a standstill on the federal side, I encourage all individuals to try to make an impact through their state and local representatives.
An increase in the minimum wage; is it good or bad for society In 2008 the recession caused by the collapse of the housing market affected many individuals and corporations. The problem started with the banks freezing credit. The banks were scared that that others would not be able to pay them back so they stopped lending money. This slowed down the circulation of cash causing the collapse of the market.
One of them is that it reduces the poverty rate. It would also reduce the government welfare spending, and this means that people in low income house joules would be less dependent on government assistance. So, the government wouldn't lose as much money. Another huge benefit is, if they increase the minimum wage would increase the order productivity. Therefore raising the minimum wage has tons of benefits.
The argument that raising minimum wage will stimulate the economy in a positive way is based on the thinking that more money in the pockets of minimum wage workers, as well as anyone who experiences increased wages due to employers increasing their overall salary ladder, will in turn spend that money on items and services that pour back into the businesses that need to increase wages. The idea is that not only will more people be able to afford essentials, but they will have additional disposable income to spend. Argument Analysis Pro #2: Increased Availability of Jobs Argument
It has also been shown to increase employees’ pride in their work, as they feel valued by their employers. Both of these things make for better workmanship thereby elevating the company’s reputation for quality. Living wages also allow an employee to rest well and eat a healthy diet as well as dealing with reduced financial stress. These things all make for a more alert and productive employee, once again increasing work efficiency on top of reducing the likelihood of workplace accidents and
Many argue that an increase in minimum wage will help guide low skilled workers out of poverty and assist them into having a better career. That is not necessarily true, Many economists can agree that minimum wage jobs such as cashiers, host or a hostess are not jobs that meant to support a family. If anything by raising the minimum wage, it will put more people in poverty than guide them out of poverty. A raise in minimum wage will cause loss of jobs, an increase in the inflation rate, increase in
