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Raising The Minimum Wage Essay

1114 Words5 Pages

Unemployment is a problem faced by millions upon millions of Americans. There are ways to reduce this level of unemployment because the federal government can raise the minimum wage, encourage the production of more jobs, provide education to those who may not have access to it. if this can be done it possible that the unemployment rate will decrease
A minimum wage is the lowest remuneration that employers can legally pay their workers. At the moment the Federal minimum wage in America is about $7.25, but it can vary among states for example in Minnesota the minimum wage is about $9.25. Raising the minimum wage would increase economic activity and spur job growth. 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 …show more content…

[5] In a survey of 1,213 businesses and human resources professionals, 38% of employers who currently pay minimum wage said they would lay off some employees if the minimum wage was raised to $10.10. 54% said they would decrease hiring levels.” (ProCon), although there are surely positives with increasing the minimum wage there are also undeniable negatives as well it could possibly end up hurting the economy instead of helping and the fact that so many jobs would be lost shows that it might end up raising the unemployment rate rather than decreasing

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But would it? The Congressional Budget Office estimates that raising the minimum wage to $10.10 would boost earnings for around 16.5 million workers, while causing up to 1 million jobs to be eliminated. To me that’s not a great trade-off: according to CBO, the typical family living below the poverty line would see its annual income rise by only around $300, or about 2.8%. But for up to 1 million workers, their salaries would go to zero.

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A recent study involving three hundred fifty thousand small businesses and the IRS proved that by raising the minimum wage, proved that by raising the minimum wage in cities, actually created jobs (Meyerson A.19). The survey showed that the cities with a higher minimum wage had more jobs come to the area, aiding in job growth (Meyerson A.19). Another argument that leans toward the raising of the minimum wage involves people in poverty. Studies have shown that by raising the minimum wage, more people can live above the poverty line (Meyerson A.19). By raising the minimum over nine hundred thousand people would be

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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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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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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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So is it worth raising the minimum wage to $10 or even $9 so that we could bring so many more people out of poverty or is it too much of a risk for the smaller businesses? Increasing the national minimum wage would also raise the prices of consumer goods. In order for businesses to make enough revenue to stay in business while paying their employees $15 an hour they would need to significantly raise the prices on things we purchase every day. This could mean buying the store brand detergent instead of the name brand that you have always used. Raising the minimum wage could also make our society healthier by making more food accessible.

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The minimum wage was initially established to reduce poverty. Instituting a lowest pay level permitted in the United States guarantees that individuals are paid reasonably for their work and protects younger workers and minorities from being paid less than others. The current United States federal minimum wage is $7.25 a hour, and many argue that with increasing living expenses, the federal minimum wage should be raised, however, increasing base salaries can lead to inflation, fewer worker benefits and increased unemployment. Raising the minimum wage may allow employment to decrease across the country and can even result in fewer jobs for Americans. Businesses must pay their minimum wage employees the required pay and if increased, some

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Additionally, high-quality academic research confirms that modest increases in the minimum wage have not led to detectable job losses (Economic Policy Institute). Not only that but raising the minimum wage will actually “result in a significant increase in GDP and employment,” according to a study performed by Doug Hall and David

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According to the Congressional Budget Office report on The Effects of a Minimum-Wage Increase on Employment and Family Income, increasing the minimum wage from $7.25 to $10.10 per hour will only reduce the number of people in poverty by 900,000, a relatively few portion of the 16.5 million people that would supposedly benefit from the raise. This is because of the number of minimum wage workers, relatively few are actually in poverty and of families who live in poverty, only about 7 percent have a full-time worker in the family meaning poverty is not because people are not being paid enough, it is because they are not working or not working enough. In addition, they argued that if raising the minimum wage would increase family income for many low-wage workers, moving some of them out of poverty. It would cause a risk in a probable elimination of some jobs for low-wage workers and the income of those workers would fall substantially, again causing

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The minimum wage could benefit some workers to pull them out of poverty and also some business owners. Consumers will experience paying more because of inflation. Consumers often spend lots of money on gas and food items. The raise in minimum wage will cause them to start spending more money on those

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One of them is that it reduces the poverty rate. It would also reduce the government welfare spending, and this means that people in low income house joules would be less dependent on government assistance. So, the government wouldn't lose as much money. Another huge benefit is, if they increase the minimum wage would increase the order productivity. Therefore raising the minimum wage has tons of benefits.

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