Almost all articles, for or against the raise, agree that as long as the poverty line is not adjusted, then state and federal services that low-income workers were previously using would decrease. This means that the money that is no longer being distributed in food stamps or other services can be returned to Washington, D.C. and be redistributed. Economists say that raising the Federal minimum wage to $9 will restore the dollar to its real value (The President’s Plan). And indexing the minimum wage would ensure that working families keep up with inflation.
The increase of minimum wage would be good because it will help low income people keep up with price inflation. 3.There is a essential need for the federal minimum wage to increase because not only the people will benefit from it, but the economy as well. 4. Companies who are able to pay higher minimum wage will benefit with increased productivity and customer satisfaction. 5.
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.
Therefore, increasing the minimum wage would help reduce income inequality and poverty, boost consumer spending and economic growth, and provide much-needed relief for low-paid workers struggling with the rising cost of
Increasing the minimum wage only does positive growth because “...authors found little or no evidence of a negative association between minimum wages or employment”. ("How Does a Federal minimum Wage Hike Affect Aggregate Household Spending?”) Increasing the minimum wage will only cause positive growth in a topic of employment. Raising the
To begin with, the federal minimum wage should be raised because it would increase jobs and economic activity. Economists from the Federal Reserve Bank of Chicago believe that raising the minimum wage to $9 an hour would increase household spending by 48 million dollars. Increasing the amount of household spending would help the economy by injecting more money in the economy. In addition raising the minimum wage to $10.10 an hour would create 85,000 more jobs for the United States. Creating new jobs would help the economy because people would have more money to spend which would increase the economy.
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.
At this point the benefits seem significantly more important than the costs. Sure the costs cannot be ignored but in the long run the increase in wage can improve people’s lives outweighing the costs that exist. Some of the important benefits from increasing the minimum wage would be giving a better salary to the people who depend on that money to provide and support their families. In today’s current situation the minimum wage has people living in poverty because what they earn is not enough to support them. By raising the minimum wage people can get themselves above the poverty line as “A more recent
The economic benefits of raising the minimum wage are well researched. The Economic Policy Institute found that, ”a minimum wage increase from the current rate of $7.25
In conclusion, a federal minimum wage increase will significantly improve the standard of living of low-wage workers. To meet their basic needs, workers must be given a living wage. It is not only morally correct to do so, but also beneficiary to both ends. The increase in wages allows for a more supportable income, but it also stimulates the economy.
If we’re able to raise minimum wage it could be a game changer for many people as well as our country. It would allow us to get more people off of food stamps. Food stamps are a federal nutrition program that helps people of low income families be able to stretch their food budget. On top of that it could also help bring families out of poverty. Although the increase may not be huge those $2-$4 more really come in handy when you put it in perspective of per hour.
The benefits of raising minimum wage are substantial according to the resources. The employee benefits by being properly compensated for their services. The employer will benefit by receiving a more stable work ethic from the employee along with a high production rate. The government will be benefit by reducing the deficit by putting less tax dollars into the government funded assistance programs utilized mostly by those who are unemployed or making minimum wage. An increase in the Federal minimum wage will do far more good to our economy than
If companies raised their wages they would see some form of an increase in productivity. When pay was increased for a study that researched how pay affected work efforts it was found that with a higher wage “Employees work harder per hour,” (Nicol Persico). A higher minimum wage could also motivate unemployed people to work harder at getting a job. There are many people in the U.S. who don’t believes it is worth it to get a job and would rather try to live off of unemployment or other government support. Higher pay would make it more incentivizing to get a job which could help boost the economy.
An increase on minimum wage will hurt the economy and low-wage workers. Although the minimum wage is believed to bring many families out of poverty, according to the CBO, if the minimum wage rises, as much a s one million jobs will no longer be available to people. CBO uses a television ad to illustrate why an increase on minimum wage would not benefit the poor. In the ad, a waiter is replaced by an iPad.
For example, some people steal things due to them not being able to afford them, increasing the minimum wage will cause them to make more money, and won 't be in need of stealing, or committing other crimes. A 2013 study found that living wage ordinances "lead to modest reductions in expected robbery, burglary, larceny, and MVT [motor vehicle theft] rates. " There 's occasions when people murder in order to obtain something from them, and some people commit robberies because they need that money the increase of the minimum wage can change that. Researchers found that there is a ¨10 percent increase in the real minimum wage results in a 6.3 to 6.9 percent decrease in murders and 3.4 to 3.4 percent decrease in robberies.¨ According to a study made in 2016 by the Executive Office of the President 's Council of Economic Advisors said ¨reduce crime by providing viable and sustainable employment… raising the minimum wage to $12 by 2020 would result in a 3 to 5 percent crime decrease (
