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Bad effects of minimum wage increase
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This is doesn’t help them because most of the people that are getting paid minimum wage are teenagers that have just came into the working business just trying to make some extra cash and start off their career. So they do not need the living wage and it doesn’t help the poor that it is intended to help. If the minimum wage gets raised to supposedly help
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.
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.
Government in the Economy Higher wages, higher prices or low wages, lower prices? The idea of making more money seems great, but it also comes with consequences. I believe that keeping wages low in order to keep prices low is the right thing. Everyone wants low prices and want a higher wage, but those two things just do not go together. There are two reasons as to why the minimum wage should not be raised.
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.
If you have minimum skills, Minimum education, show minimum Motivation, and provide a minimum contribution to the workplace you are going to earn a minimum wage. There are many more opportunity if the federal government did not intervene. The abolishment of the minimum wage can help the economy and add a surplus of jobs. The federal minimum is an outdated concept during a time where corruption and no labor laws were a common theme.
Minimum Wage Should Be Increased! People who work love to receive a check on pay day. With minimum wage being $7.25, working weekly and bi-weekly hours isn’t enough. A person who works 40 hours a week check averages out to be $290 including taxes.
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.
In the society we live in today, most people would think raising the minimum wage is a great idea. It would be great for the economy; people would have better standards of living. There would no longer be poverty, since we live in the country of the rich. This all sounds great, but it is unrealistic. This will cause a huge crisis in our economy.
When it comes to minimum wage, I stand in between. After seeing the pros & cons of both views I have found I’m for either or. If the government raises minimum wage to $10.10 an hour or $15 an hour, there will be good outcomes as well as bad ones too. For example, people who are working non skill jobs will be able to have more spending cash. One point on the other side of the issue however is there will be more unemployment.
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.
Increasing the minimum wage could help reduce poverty and the amount of government assistance that goes on today. • If you get rid of the federal minimum wage then that leaves it up to the employers to decide what is a fair wage for the labor that they are doing. Granted that some employers would probably be taking advantage of this, this should somehow be regulated by each town/city when someone gets hired. That may be a lot of work for the city to keep up with but it would make sure that everything is running smoothly.
For this reason, I believe that the government should raise the minimum wage to $15 per hour. According to Short, roughly 11.9 million Americans receive some form of benefits from the government (Short, 2014). If organizations were required to pay more, the government would save money on the assistance programs that they have put in place. Just increasing minimum wage to $10.10 as proposed by the Fair Minimum Wage Act of 2014, more than 1.7 million Americans would no longer rely on government assistance programs thus saving the government roughly $7.6 billion per year (Short, 2015). Increasing minimum wage would also allow people to have more money to spend, which would increase profits for businesses, thus resulting in economic growth.
INTRODUCTION For much of the past century, the minimum wage has been a controversial subject among policymakers and economists. The minimum wage policies are implemented by governments to ensure a fair wage for the lowest paid workers; the main objectives of the policy include poverty alleviation and inequality reduction. In terms of income inequality level, South Africa ranks among the countries with the highest level as measured by the Gini Index. Highly unequal distribution of income and opportunities has marked South Africa for so long. The government has been actively involved in various programs to address the issue and has now considered introducing the national minimum wage as the key remedy for poverty and inequality.
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.
