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Raising Minimum Wage Essay

1020 Words5 Pages

Around 13 percent of people are below the national poverty line which is over 40 million people so why is the minimum wage still far below $15 an hour? The main worries that people have about raising the minimum wage are inflation and more competitive job markets. While many companies already pay their employees $15 an hour, companies that don’t currently follow this will need to increase their prices or cut employees to make up for increased pay. On the other hand, increased pay would also help families below the poverty line and it also would help the economy by giving underpaid workers more money. With the extra money, it’ll allow underpaid workers to purchase things other than necessities. Furthermore, it will support Business and allow …show more content…

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. According to the congressional budget office, “Changes in employment would be seen in the number of jobless workers… those who have dropped out of the labor force (for example, because they believe no jobs are available for …show more content…

J.B Maverick states that “for some unfortunate people it can also cause Job loss and a more competitive job market”. Companies are always looking for ways to save money, and if they are forced to give employees raises it will cause companies to fire employees that aren’t deemed necessary enough for the pay they would be getting. According to the congressional budget office, Some people could be heavily affected by the wage increase and stay unemployed permanently while others might come and go making a higher wage than they use to while they work. Raising the minimum wage will also cause a more competitive job market as people will be trying to get new jobs or are reinspired to get jobs after leaving the

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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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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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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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