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Raising The Minimum Wage Essay

1159 Words5 Pages

Jon Corzine once said, “No family gets rich from earning minimum wage. In fact the current minimum wage does not even lift a family out of poverty” (Brainy). Kids are struggling to get through college, parents are having trouble providing for their family all due to their low wage jobs. Teenagers are the most common individuals to get minimum wage jobs and with these people going to college, it is nearly impossible to save enough money. When thinking about raising the minimum wage, one has to realize the work shift change in hours. Due to these problems, there has been controversy about why the minimum wage should stick where it is, raise the minimum wage to $15 an hour, and increase by a percentage based on the economic growth.
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Minimum wage should be changed year to year relating to how much the economy grows. With raising the minimum wage, the cost of hiring and training new employees will be more expensive for the company. There will be an increase in unemployed workers due to company’s having less money for employees. A lot of the people who live in poverty are not the ones working. With only 11.3% of workers being affected by minimum wage they are the ones living in poor households trying to raise families (Hassett). Raising the minimum wage will not alleviate poverty. If one were to raise the minimum wage by a percentage based on the economic growth, companies could cooperate and will not be financially unstable. When the economic is growing, companies will make more money, allowing them to give bonuses or raising wages of their employees. The economy has grown 2.3% in the past year (BEA). Creating a 2.3 percent increase would be financially stable for companies and not hurt the economy. A proposition of increasing the minimum wage by a percentage based off of yearly economic gross domestic product growth should be implemented. Raising the minimum wage would be beneficial to parents trying to provide for their families and college kids working hard to pay for

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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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There are multiple reasons why the minimum wage shouldn’t increase from where it is at now. Firstly, raising the minimum wage won’t reduce the poverty level as so many people are mislead to believe. In the article “Raising the

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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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Although a minority of workers will experience pay raise or may even be brought out of poverty, the majority of workers would face unemployment and, if not that, would only be allowed to work for a short period of time in order for their bosses to compensate for the raise in mandatory pay. Also, some economists dispute that raising the minimum wage will have little to no effect on poverty rates altogether. For these reasons, I do not believe the minimum wage should be

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The federal minimum wage should be increased because it would decrease poverty rates, stimulate the economy, and inflation has surpassed current wages. A raise in the federal minimum wage would help pull millions of Americans out of poverty. Currently, there are over forty-three million Americans who live beneath the poverty line (“Should We Raise”). Of those in poverty, many are trying to support themselves, as well as their families, while living off of a minimum wage job.

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At first glance, raising the current minimum wage seems like an outstanding idea and one may think, “Hey, it’s not hurting anyone.” In reality these good intentions will result in many unintended consequences such as causing businesses to hire fewer workers, it has no effect on reducing poverty and will decrease employment. A common misconception referring to minimum wage in the United States is that the current minimum wage is not enough to make a living and support a family. The majority of minimum wage workers are between the ages of 16 and 24 years old.

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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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Raising minimum is not a reasonable solution to poverty. A solution to one problem will only result in another problem. Business owners will not be able to keep the same amount of employees and increase the minimum wage. A quote from an article called “Federal Minimum Wage” states, “Setting a minimum wage, they maintain, makes it harder for unskilled workers to find jobs, because employers are forced to pay them more than their work is worth.”

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An important reason why minimum wage needs to be raised is because many families that works in the fields do not have the resources to help their children to continue with their education. Jon Corzine, a politician ex senator, states “No family gets rich from earning the minimum wage in fact, the current minimum wage does not even lift a family out of poverty”. This means that the minimum is not really helpful and useful. It is significant because a lot of families have big dreams and they cannot make their dreams become true because they do not have enough money. Many people live in bad conditions because the minimum wage is not enough to live better.

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Ultimately, regardless of how enticing it is to simply raise the federal minimum wage, such an action will doubtlessly provoke economic instability, further limit job opportunities, and certainly will not help reduce poverty. At the moment, the whole country has become fanatical about the federal minimum wage issue. As demonstrated by several protests throughout the country, the majority of the people are in favor of hiking up the federal minimum wage. Surely, being a representative of the people, it would be a

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I agree that the United States federal minimum wage should be increased to reduce labor turnover, increase consumer activity, and decrease poverty and crime rates. Increasing the federal minimum wage would increase consumer goods activities due to increased pay. According to the U.S. Bank, at

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As a country, we’re facing an epidemic where finding steady employment is hard and the cost of living is high. This has caused many people to work a minimum wage job and struggle with paying rent and etc. A solution proposed to solve this problem would be to raise the minimum wage to something that a person could survive off of. However, this controversy has caused a debate between people who are split on the issue. There are people who are for it and people who are against it.

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Many Americans view increasing minimum wage as an issue for countless reasons. Some politicians and businesspersons argue that raising the minimum wage will slow economic growth and cause inflations. With an increase in

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Minimum Wage Raising minimum wage would affect the world all around but not so much as the people wanting it would like. It would mess up all of the economy; to prices going up, insurances, employment rate, and how many people per job site. Minimum wage has been a thing since 1938. It all started with the Great Depression in 1938. It started at twenty-two cents an hour.

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