ipl-logo

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

Show More
Related
872 Words | 4 Pages

The economic cycle essentially means workers are a business’ customers. If workers are only making so much money they are not making enough to buy the goods of a company and supplement their basic needs. Hanauer figures that raising the minimum wage to $15 would put about $450 billion

Read More
1993 Words | 8 Pages

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.

Read More
407 Words | 2 Pages

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.

Read More
733 Words | 3 Pages

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

Read More
598 Words | 3 Pages

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.

Read More
670 Words | 3 Pages

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.

Read More
1506 Words | 7 Pages

Minimum wage is not enough for people to rely on. Many people that make minimum wage are likely to go through a time of poverty. Employees that make minimum wage are said to put less effort into the job, than the

Read More
464 Words | 2 Pages

Stated in an article by Frosty Wooldridge “ It's time to raise the American standard of living. The real minimum wage has been declining for over a decade. Some advocate raising the minimum wage--but this would raise the price of unskilled labor above its free-market value. Mass unemployment would result.” also “We can immediately create millions of new jobs.

Read More
484 Words | 2 Pages

Less People on Welfare Programs– Low-income families and individuals must rely on government-sponsored programs to fill in the gaps that their low wages don’t. So, by increasing their wages, there will be less people relying on these programs. Less Employee Turnover – People that get paid enough to live off are happier and more satisfied with their jobs and will be more likely to stay with an employer for longer.

Read More
711 Words | 3 Pages

If America raises the minimum wage to $9.00, it will help people in need or in poverty, but it also won’t hurt people in the workforce. If you increase the minimum wage to $15.00 it will make unemployment rates go high up. Which in the process, makes the homelessness rates go up in the country and in your community. If you keep the minimum wage at $7.25 people will stay in poverty and homeless or on the verge of homelessness.

Read More
928 Words | 4 Pages

While some economists argue that increasing minimum wage is good for Canadian economy, others believe that this huge percent of differenece will cause inflation, increase unemployment and labour costs (Rozworski, 2017). However, if employees with minimum wage can save their jobs they can spend more on household the Real GDP will increase and it has a positive impact on economy. However some employees will loose their jobs because of the increase in minimum wage, many other workers will meet the higher wage and they can improve their living. Increasing minimum wage, results in raise of demand for goods.

Read More
675 Words | 3 Pages

An increase in wages would allow people to at the very least be able to afford the basic necessities required to

Read More
776 Words | 4 Pages

If they raised the minimum wage and took more money in taxes for things like social welfare i think it would help bring us out of poverty. And help many of those in poverty. Raising the minimum wage can be risky but us much needed there needs to be a way they can make it happen without making things worse. They don’t need to raise it so high it makes the prices go way up i think they just need to raise it to living wage and not poverty and keep the prices of goods the same and i think it would get more money flowing and things wouldn 't seem so expensive that is needed to live in today’s modern world. Two extra dollars an hour can go a long way and could eliminate tax deductions for things like social welfare because as we escape out of poverty less money from that would be needed to get spent and would save the government money also put more money in our pockets.

Read More
1116 Words | 5 Pages

Prices are flexible, which provides the full employment balance. Increasing wages will lead demand for labor to fall, the falling demands will cause wages to decrease again and it will cause increasing

Read More
704 Words | 3 Pages

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.

Read More

More about Raise Minimum Wage

Open Document