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Minimum Wage Debate Essay

495 Words2 Pages

Minimum Wage was first enacted in 1938 during the Great Depression under Franklin Delano Roosevelt. It was initially set at $0.25 per hour, but today it is set at $7.25 an hour. In politics today, deciphering whether or not to increase the minimum wage is among one of the top controversial topics discussed. In this article, ProCon writes about the many different advantages as well as the disadvantages of increasing the minimum wage. Some of the arguments for raising the minimum wage that people tend to make are that it would increase economic activity and spur job growth, reduce poverty, and also would allow people to afford everyday essentials. On the flip side of the argument, ProCon writes that some of the disadvantages of raising the minimum wage would be that it would raise …show more content…

Many people argue for the minimum wage to be raised to $15 an hour, but why $15? In order to try to determine what the minimum wage should be, Vlasenko looks at the minimum wage from previous years and what they look like adjusted with today’s inflation. The minimum wage reached the highest value in 1968 of $1.60, correlated to $10.80 per hour in 2015. If the minimum wage was increased to $15 an hour, it would exceed any past real values of it. To equate the minimum wage to its past position among other wages, the range of $10.00 - $10.60 would best equate it to the 1950s, when the minimum wage was the closet to other average wages. The data Vlasenko has provided suggests that the minimum wage between $10-$11 would best return it to its relative position and its real purchasing power in the economy. Minimum wage is among one of the most lively debates among economists and politicians today. Research has been observed and studied for decades on the effect of it on the economy. Although minimum wage has both its benefits and disadvantages, no one seems to be able to a clear solution and explanation to

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