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Raise Minimum Wage

331 Words2 Pages

Minimum wage is the least amount of money per hour that employers are required to pay according to the law. The minimum wage is set to be the standard of living. Due to inflation, $7.25 an hour has become less than the minimum necessary, causing many Americans to fall well below the poverty line. The government should raise minimum wage to create more job opportunities, decrease government assistance, and increase the economy overall. The economy will raise as a whole when workers put their money back into the community. It helps boosts the recovering economy. The more wages increase for workers, also increases the amount of money they will have to spend as consumers. The more money the consumers will spend, the more revenue businesses are able to make, leading to higher marginal revenue and lower marginal costs, allowing for an increase in profits. This will permit the equilibrium price of any particular …show more content…

If businesses are earning more, they will need to hire more employees to keep up with the increased sales from the minimum wage consumers who have increased the spending because they have higher earnings. This in turn causes businesses to sell more products. If a business has a jumpstart to more sales, they may discover that they need more employees, producing more job opportunities. Causing employers to recruit more employees to supply the demand of labor, which will be needed due to the increased sales. Currently, the Government provides millions of house with some type of assistance. Most of those serviced by the government are minimum wage employees who do not make enough to support their families with the current amount. Raising minimum wage means some of these people would be able to better support themselves without leaning as heavily on social programs and this would ultimately mean lower taxes or a reallocation of those funds to support other

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