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Raising Minimum Wage Essay

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Recommended: Positive and negative effects of minimum wage

There is ongoing debate about the potential effects of raising the minimum wage. The debate has always been on the priority list for many groups, but since COVID 19, it has been especially important. Some studies have suggested that raising the minimum wage could lead to job losses, particularly for low-skilled workers. Other research has found that raising the minimum wage can have positive effects, such as helping workers' well -being and increasing the purchasing power of low-wage workers. Although some research supports increasing the minimum wage, there is more evidence against. Raising the minimum wage would result in major job loss, would hurt the economy, and would lower the working hours for a low-waged worker.

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Raising the minimum wage hypothetically could help workers' well -being. Although they think this, there is a study conducted by a doctoral student in epidemiology, which “found that an increase in minimum wage really didn’t have a huge impact on health overall, which surprised us” (Buszkiewicz). This raise in the minimum wage isn't helping the health of the workers at all. These employers can't afford to give their employees any health funds or care so they are all on their own. Now that they have to buy it themselves they will start running out of money quicker. Another popular argument in favor of raising the minimum wage is that it will increase the purchasing power of the low-wage workers. Again, there is evidence that disproves this almost immediately. In the article “What Are the Pros and Cons of Raising the Minimum Wage?” the author states, “Raising the minimum wage would likely result in wages and salaries increasing across the board” (Maverick). As the minimum wage increases, employers have to pay more to low-wage workers. This will make them have to increase their product prices. This will make other workers (from higher paying jobs) request a pay increase. This inturn will not help the purchasing power of low waged workers, but will actually do the complete opposite. It will cause inflation and only hurt the people. The negative effects of raising the minimum wage are too big to ignore, raising it will hurt America and its people more than people

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If they raised the price than the people who make minimum would have to make more money so they would have to work two jobs making they spend less time with friends and family. Raising minimum wage would do absolutely nothing because it 's like if you had 2 dollars and something cost 4 you work a week get 20 dollars and then have 22 you can buy it but then the price raises to 26 dollars and so on. Finally people suggest the fact that even if you raise minimum wage than not all people would still want a job and it would be harder to find a job making the poor population either rise because of people getting fired or get better because of people finding

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First, one main reason that the minimum wage should be raised is because the economy will prosper. “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” (ProCon). This quote shows that the economy will flourish from the increase of the minimum wage and that unemployment will decrease. Another quote that shows how raising the minimum wage will affect employment is “To the extent that through these contour effects it affords as much as 70 percent of the workforce greater purchasing power, it effectively increases aggregate demand for goods and services, which should ultimately lead to the creation of more jobs” (Challenger 19). Bryan Covert supports raising the minimum wage by

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According to William Dunkelberg, a writer for Forbes magazine, by raising minimum wage there could become less jobs than before. Though the people who have jobs would be making more money, smaller companies wouldn’t be able to pay for their employee’s, and would have to let people go. “Small businesses stay in business

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Raising the minimum wage isn 't entirely beneficial. It could potentially lead to more unemployment as some businesses may reduce their number of employees or reduce their hours in order to offset the cost of paying a higher minimum wage. Some may also increase the prices of products or services offered. It can also possibly lead to a decreased interest in college education since minimum wage jobs are paid almost the same or can be more than what jobs requiring college education pay.

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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.

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The federal minimum wage should be increased because raising it would increase the economic activity and spur job growth, decrease poverty, and also improvements in productivity and economic growth have outpaced increases in the minimum wage. Increases in job growth and economic activity will happen when the minimum wage is elevated. If the minimum wage was increased it will “inject 22.1 billion net into the economy and create about 85,000 new jobs over a three year period”. (“Raising the Federal minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost") Thousands of new jobs will be created and it will put billions of dollars into the economy.

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Raising minimum wage in the United States would benefit over twenty eight million workers. Raising minimum wage would help businesses and would also give workers with minimum wage salaries more money then just enough to get by. The money these workers earn will go into businesses in and near their communities. Also the cost of living wages have increased throughout the years. With a minimum wage salary you have to work a forty hour work week without paying more than thirty percent of their income.

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The first reason to raise the minimum wage is it will reduce employee turnover. Yes, if employees have a decent paying job which they can pay their bills on time and still have some

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Another plus for raising minimum wage is that people who don't have that much money that have families and can only get a job that makes them minimum helps them pay more pills and put food on the table. It would help many people out if we at least raised it by a dollar. That doesn't seem like much but after a while an extra dollar adds up

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Higher wages attract more employees and reduces turnover, which results in company’s saving money. In addition to assisting employees to live above the poverty line, a minimum wage increase would benefit owners. A higher minimum wage would benefit people across the board, it should stop being politicized so

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While a minimum wage hike would benefit millions of workers with higher earnings, it would also hurt millions of others who would lose earnings because they cannot attain or retain a job (Holtz-Eakin and Gitis). Higher federal minimum wage increases the cost to employers of producing good and services. Employers consequently produce fewer goods and services, so they hire fewer workers. A federal minimum wage increase raises the cost of low-wage workers relative to other inputs that employers use to produce goods and services, such as machines, technology, and more productive higher-wage workers (Congressional Budget Office). Estimates show that raising the federal minimum wage to $12 per hour by 2020 would affect 38.3 million low-wage workers and that raising the federal minimum wage would cost 3.8 million low-wage jobs (Holtz-Eakin and Gitis).

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The first reason that an increase to the minimum wage would be the wrong decision, is because raising the minimum

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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.

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The blog, “Pros and Cons of Raising the Minimum Wage,” written by Tejvan Pettinger, an economics professor at Greenes College, offers a compiled list of pros and cons of the increase in minimum wage. When the government raises the minimum wage, it is proven that “a higher minimum wage reduces labour market turnover. Workers have a greater incentive to stay in a job where they get better paid. Similarly, firms have more incentive to train higher-paid workers. Lower labour market turnover helps to reduce the costs of firms” If workers are paid more, they are more likely to stay where they are and put more effort into the job.

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Just simply raising the minimum wage is like what Germany did after World War I. To pay off their debt they just printed off a bunch of money, but what they did not realize is that the value of their money dropped. Just raising the minimum wage is not going to magically help the United States economy. Raising the minimum wage also decreases employees work ethic and the use of incentives ("Seattle Wins 'Fight for $15,' but Low-Skill Workers Lose." A.7). If the minimum wage is raised then many companies will no longer be able to use a raise to promote their work ethic because they will no longer be able to afford the raise.

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