A minimum wage increase from “$7.25 to $10.10 would result in a loss of 500,000 jobs”. ("The Effects of Minimum-Wage Increase on Employment and Family Income”) This claim is better because it shows how raising the minimum wage will decrease job growth instead of increasing it. But, the minimum wage should be increased because increasing will also increase economic activity and spur job growth, decrease poverty, and improvements in productivity and economic growth have outpaced increases in the minimum
The cost of living is a difficult situation that many Americans across the country struggle with today. A heated debate that directly impacts the lives of all citizens is whether or not the price of minimum wage should be increased. Minimum wage is the standard amount of money earned for executing a basic skill job. Some people hold strong beliefs on why enlarging minimum wage is a major downfall, while others think this process is extremely beneficial. The following paragraphs will discuss the pros and cons surrounding both sides of this topic and the reasoning that births each one.
One of the greatest effects of a $15 an hour minimum wage would be its impact on
Minimum Wage and Fifteen Dollars Minimum wage is a quite interesting topic on how it should be raised but not raised to much to where it’s to the point where someone flipping burgers gets paid more than someone that defends the person flipping burgers. Now it days there's more people working two minimum wage jobs to keep above the poverty line and keep a low standard of living. The idea of changing minimum wage to 8-9 dollars an hour is reasonable but when individuals ‘Fight for $15’ should be the fight for $8-9 because: creates unemployment, encourages teens to drop out, and hurts the poor. Creates Unemployment When the minimum wage reaches a peak of $15 it would raise the demand for jobs, creating less availability for jobs.
In the early days of American labor history, debates about the impact of minimum wage legislation on minority communities have persisted. The Fair Labor Standards Act (FLSA), passed in 1938, was a landmark legislation that established the federal minimum wage. It aimed to ensure equal pay for all workers, including minorities, and address unfair labor practices. At the time, the FLSA was a significant step towards improving working conditions and providing a minimum standard of living for American workers.
Raising the Minimum Wage Joshua Yascavage American Military University Abstract In this paper we will look at why the increase in the Federal Minimum Wage standard and those implemented by states benefit business, and the community. Raising the Minimum Wage Working forty hours a week and you get home open the mail and realize you have a bill you cannot pay. You make the minimum wage, a wage that was meant to allow you to meet a minimum standard of living necessary for health, efficiency, and general well-being. (Fair Labor Standards Act 1938)
But a new analysis of major minimum wage increases in communities across America including the state’s largest city of Chicago provides further evidence that raising wages is a net benefit for working people. Our research team recently completed the first study of the impact of Chicago’s minimum wage now at $10.50 and eventually increasing to $13 by 2019 and of the group of other U.S. cities, including Seattle, San Francisco and Oakland California, that currently have the highest minimum wages in the U.S. We compared job growth in Chicago and these cities with job growth in the U.S. and found that higher minimum wages boosted worker pay without leading to any loss of jobs or slowing of job growth. Recent research has also shown that higher minimum wages are helping improve a broad range of other important societal outcomes for both workers and their children. These include reducing poverty, reducing reliance on taxpayer-funded safety net programs such as food stamps, improving infant health outcomes and improving adult mental
The Minimum Wage Struggle Money is an essential object to acquire in the society we live in. Various places demand a high monthly rate in order to occupy a premise, along with the stress of utility bills that may not be included. Aside from living costs there are many other factors which must be calculated when budgeting on a day to day basis. Overall, the survival rate tends to increase due to so many responsibilities that need to be upheld, as well as costs being raised. This rise in both the cost of living as well as the need for higher wages proves that the standard of minimum wage needs a major increase.
On July 2015 Purdue University stated in a report an estimated 4.3% increase can be seen in the prices of fast food if restaurant employees are given an minimum wage of $15.00 an hour. (6) California already has one of the highest paying wages in the world and the reason why it’s able to compensate for this is due to the amount of revenue the state earns yearly. There are four possible actions firms can take in relations to the increase in minimum wage, which are to cut jobs/hours, raise prices, invest in labor-saving technology or moving their business to another state. Companies that only in California are more likely to simply increase their prices, preventing any unemployment. However, companies that compete nationally or internation don’t have the option to increase prices which could result in many of these companies moving to another state or numerous employees being laid-off.
The minimum wage standard is a heavily discussed topic that arises in many political elections as a potential tool used by politicians to leverage the vote of blue-collar American workers. Federal minimum wage conditions are contained in the Fair Labor Standards Act , which according to the Department of Labor was determined in 2009 at $7.25 per hour. As the federal minimum wage does not automatically increase with inflationary and deflationary economic times, any changes to the minimum wage standard would require the passing of a Congressional Bill and the signing of the United States President. Recently, much conversation has risen as to whether the minimum wage standard should be increased to provide more economic stability to Americans and allow for disposable income to be spent back into the economy.
Equal pay is something women have fought over for a long time, but still haven’t got it. Just because women have only a little less experience as they have to take care of children doesn’t mean they shouldn’t get the same salary. Equal pay is favorable since it boosts the economy, makes the company look better, and helps everyone. Why would equal pay boost the economy, though? Foremost of all, women spend a sizable portion of their income, which leads to higher demand.
There has always been a saying” The rich get richer, and the poor get poorer”, I almost feel like that couldn’t be true. Now when it comes to living in NY I don’t understand how the government can think making minimum wage of $7.25 an hour is enough to survive in this world. I believe that minimum wage should be $15 a hour, I see that because lets face it we all have a family, or children, how are we expected to raise a family in a decent neighborhood, put food on the table, pay rent, food bills, phone bills, and etc. I do believe from personal experience that if I made more money than I could definitely be able to save money. I grew up in a rough neighborhood, and grew up poor to middle class if you can call it that, because to be honest, middle class and poor are closer then you think.
Minimum wage was first established in 1938 by Franklin Delano Roosevelt, in an attempt to stimulate economic growth and create a better standard of living for the lower class. This attempt was fairly successful, but also has many consequences. You may be asking yourself, “how on Earth could setting a limit on how little you can pay someone be bad?” On the surface this statement seems logical, but if we delve deeper we begin to see many negative effects on the implementation of minimum wage. In our nation the minimum wage law almost seems out of place, like it doesn’t quite fit in.
1. Introduction In the modest term, a minimum wage is a lawfully authorized minor bound for wages, but the term “lawfully authorised” is unclear, leading too many different kinds of minimum wages institutions (Cunningham et al, 2007:19). It further states that in the most straight forward cases, such as Brazil and Bolivia, the federal government identifies a wage level and all employers in the country must pay at that level or above it (2007:19). Economist have tended to oppose minimum wage on the grounds that they reduce employment , hurting many of those they are supposed to help (the economist:24/11/2012).
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.