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Raising Minimum Wage Essay

607 Words3 Pages

As the time goes by, we realize that raising the minimum wage is a constant issue many people are struggling with. There are several groups around that are trying to organize a way in which people will get a higher pay. But would it be really beneficial for general minimum wage to increase? In most cases, the places in which they want to raise minimum are mostly in fast food restaurants. In addition to these types of jobs, typically are people who do not have an education, higher than High School, or who are working at a young age. In general minimum wage should not be raised, since are other factors that minimum wage to not be increased. To begin with, if the federal minimum wage were to increase, we would have to declare that the financial ability to buy products and services would be decreasing and the value of the dollar would increase. This also means that the standard of living would increase drastically, since the imposed taxes …show more content…

Most of the time young adults are most likely working and studying at the same time. Most of the time students have to work in other jobs that are not related to their major. After students are prepared would hopefully work in their dreamed jobs, and would no longer be working in a job that they would not be paid a wage that is considered minimum wage. In the article 5 Facts about Minimum Wage, Drew Desilver, claims the following, “Nearly half (48.2%) of the 3 million hourly workers who were at or below the federal minimum in 2014 were ages 16 to 24.” This quote demonstrates how the almost half of the people working at minimum wage are typically young adult. Therefore there is no need to increase minimum wage, since they would not be working at that location for a long time. Therefore I do not see the need for the federal minimum wage to be increased, if they are not going to be working at the payment for a longer

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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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THE MINIMUM WAGE SHOULD NOT BE RAISE. Many believe that raising the minimum wage would benefit the lower socio-economic class or that it would boost the economy but it would in fact do the opposite. By raising the minimum wage it makes it more expensive to hire workers, in order to hire more workers a business owner has to either reduce individual worker hours, increase product prices or take money from himself in order to cover for the cost of labor.

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Discussion surrounding raising the minimum wage in the United States has been an ever-increasing talked about subject. Various arguments have been presented on either sides of the spectrum. With that being said, I believe that raising the minimum wage would have more negative effects on our economy than positive ones. As you may know, Former President Barack Obama was a supporter of increasing the minimum wage, once stating that “no one who works full time should have to live in poverty.”

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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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Various people are for the raising this minimum wage. Raising the federal minimum wage would have many more negative effects than positive effects on America and society as a whole.. Increasing the federal minimum wage would have many more drastic downfalls than positive outcomes on America. One negative effect this would have on society is the demise of small businesses. For instance, small businesses would have to lay off many workers.

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A minimum wage increase would mean a decrease in the well-being of our citizens. Our well-being would be affected because raising the minimum wage would result in issues for businesses. It would also increase unemployment and affect the upward mobility of the working class. While people will be thinking that raising the minimum wage is great, it is actually catastrophic for the country. Raising the minimum wage will result in issues for the business owners of America.

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The government should raise the minimum wage in order to benefit the people who are underpaid daily, and raise people’s standards of living. “6.6 million people will benefit from a rise in the minimum wage.” -Russ Carnahan The minimum wage in the United States is $7.25 an hour. Often, that can be enough to provide for a lower class family, but often not.

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The minimum wage is often thought that just only of teenagers but that is wrong. Approximately 76.5% of the minimum wage workers are over the age of 20 years old which allows for them to start and have families to support. Therefore, the minimum wage needs to be sufficient enough for a man or woman to raise a family especially if there income is the only one.

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Minimum wage should not be addressed as such, if anything, it should be called a “living wage”. One of the benefits of raising the minimum wages for workers are that it would help them contribute back into the economy

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I think minimum wage should increase because it’ll help people dig out of poverty, help themselves and their families, and make a better living for them. Poverty today in the U.S. is very common; millions are in hardship. 44.7 million citizens were very poor in 2014. No money earned means no food to buy. 1 in 6 people face hunger.

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A higher minimum wage will help consumer spending power to recover and once again power our nation's economic growth. A hefty minimum wage hike is an important first step in achieving a sustainable economic recovery. In our current economic climate.

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According to “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”(ProCon)... Not only this, but raising the minimum wage could help reduce poverty because on account of “ A 2014

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There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.

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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.

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