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Raising The Minimum Wage Essay

1740 Words7 Pages

In every good there’s bad and in every bad there’s good. Everyone thinks that increasing or keeping the same minimum wage could either make the economy better or worse. Supporters that want an increase in the minimum wage claim that the wage increase is a way to fight poverty. They don’t know that when raising the minimum wage, it will cause inflation and increase unemployment. Increasing the minimum wage by a dollar is a bad idea. Raising the minimum wage by a dollar will cause people to lose jobs, raise prices, and cause more poverty. From these conclusions are a simple economic theory called the law of supply and demand. This law states that when prices of goods and services rise, people will buy less of them. Why we should leave the minimum wage the same because when was the last time someone went to order something off the “dollar menu” meal from McDonald, and it costed more then a dollar? When was the last time premium gas was under a dollar a gallon? It's hard to remember. Wouldn’t it be great if everything cost a nickel, like back in the good ol' days. According to the laws of economics, it's not logical for things to have gotten more expensive competition should drive prices down. When trying to increase the minimum a lot of things could factor …show more content…

According to a 2013 poll by Oxfam America, 66% of US workers earning less than $10 an hour report that they "just meet" or "don't even have enough to meet" their basic living expenses, and 50% say that they are frequently worried about affording basic necessities such as food. A 2015 report by the Alliance for a Just Society, found that "the federal minimum wage of $7.25 per hour represents less than half of a living wage for a single adult" and a worker supporting only himself would have to work 93 hours a week at the federal minimum wage in order to make ends meet "or skip necessities like meals or

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The Pros And Cons Of Raising Minimum Wage

484 Words | 2 Pages

Michael R. Strain states “the case against raising the minimum wage is straightforward:A higher wage makes it more expensive for firms to hire workers. ”which means that if the minimum wage goes up firms would not be able to to hire employees because they wouldn't be able to afford them due to the increasing of the minimum wage.

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Why We Should Raise Minimum Wage

807 Words | 4 Pages

If they raised the price than the people who make minimum would have to make more money so they would have to work two jobs making they spend less time with friends and family. Raising minimum wage would do absolutely nothing because it 's like if you had 2 dollars and something cost 4 you work a week get 20 dollars and then have 22 you can buy it but then the price raises to 26 dollars and so on. Finally people suggest the fact that even if you raise minimum wage than not all people would still want a job and it would be harder to find a job making the poor population either rise because of people getting fired or get better because of people finding

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Pros And Cons Of Raising The Minimum Wage

1094 Words | 5 Pages

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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How Does The Minimum Wage Affect The Economy

706 Words | 3 Pages

Raising the minimum wage will ruin our economy. Look at the big picture, businesses and companies will struggle or close, poverty will increase, and the price of consumer goods will rise. There are a few things that let economists know how the economy is doing at the moment. They’re called economic indicators, and 2 of them are consumer confidence and unemployment rate. The more people that are unemployed, the less money being used to buy things which hurts the economy.

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Minimum Wage Cons

75 Words | 1 Pages

Raising the minimum wage will allow society to keep up with inflation, extract people out of poverty, and stimulate the economy. Even though there are some negatives to increasing the wage, many of the opposing arguments have been found to be false or even have had the opposite effect. Increasing the wage will be beneficial to the workers as well as the businesses, making the wage increase a positive change in the United States economy.

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The Pros And Cons Of Raising Minimum Wage

1558 Words | 7 Pages

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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Should Minimum Wage Be Raised Essay

407 Words | 2 Pages

When you raise minimum wage you raise the price in everything else for instance if minimum wage was raised ten percent that also raises restaurant prices 0.7 cents that may not sound like a lot but it starts adding up sooner or later and who knows then it could raises prices a whole dollar. Some people think that because the cities they live in are so expensive that minimum wage should be raised but if you live in an expensive city and are also living off minimum wage and can not afford it then you should not be living there. Also women think that they can not have a good lifestyle for their children with what minimum wage is paying. If you are living off minimum wage and trying to raise children then maybe you should find a different job where you can afford a life for your kids. Minimum wage should be raised because the economy is at a point where if minimum wage is raised there would not be a drastic change.

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Essay On Raising The Federal Minimum Wage

733 Words | 3 Pages

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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Minimum Wage Misconceptions

290 Words | 2 Pages

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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Should We Raise Minimum Wage

341 Words | 2 Pages

Some think that we should raise the minimum wage, but others think that we should keep it just how it is. If I had to choose one side I would choose the side that says we should keep it as it is. I would keep the minimum wage just how it is because it would make it harder for people to create businesses if we raise it. Also, for job seekers it would be difficult to find a job that is available. Also because the economy is slacking businesses can’t raise prices for items they sell.

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Minimum Wage Good Enough

598 Words | 3 Pages

The minimum wage is especially difficult on small businesses, and there is no evidence that it reduces poverty. (Federal Minimum Wage 1) Finally, if we raise minimum raise it will make the economy better because people will have more money to spend. When people have more money they will buy more products for business. When people buy more things other companies will make more money and that helps them.

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The Pros And Cons Of Raising Minimum Wage

701 Words | 3 Pages

I believe that there is no reason to increase the minimum wage because the cons outweigh the pros considerably. In society today we like to be efficient so that means one wants to pay for something that has a greater value than the cost. So let's say that a child wanted to wash the dishes as a chore for a minimum wage of 3 dollars and after this the job was done and the child was paid because the value of the job outweighed the cost of it. On the other hand let's imagine if the minimum wage for this child was raised and he decided to charge 30 dollars to wash the dishes then in this scenario the child would be rejected and "unemployed". This happened because the value didn't outweigh the cost of the job.

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Pro Minimum Wage Essay

800 Words | 4 Pages

Some reasons why people disagree is because they can lose their business by going bankrupt and housing prices increase. Increasing the minimum wage would cause economic strain in many ways to workers already living in poverty. Another problem resulting from an increased minimum wage is that of potential job losses. Economists believe that increasing the minimum wage will increase the unemployment rate because if the cost of hiring workers rises, businesses are most likely to hire fewer employees to cut their costs. So, there will be a higher unemployment rate.

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Raising Minimum Wage In America

566 Words | 3 Pages

Americans below the poverty line are demanding for increased pay in their minimum wage jobs. Although with the increase to fifteen dollars an hour, many Americans would be left jobless pushing them farther under the poverty line increasing the wage by over half would harm the country’s economy more than improve it. Minimum wage workers want higher wages for the work they provide, but inflation, unemployment, and businesses closing will only cause more issues for Americans. The disadvantage to raising the pay for minimum wage workers is inflation.

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Should Minimum Wage Be Increased?

679 Words | 3 Pages

At this point the benefits seem significantly more important than the costs. Sure the costs cannot be ignored but in the long run the increase in wage can improve people’s lives outweighing the costs that exist. Some of the important benefits from increasing the minimum wage would be giving a better salary to the people who depend on that money to provide and support their families. In today’s current situation the minimum wage has people living in poverty because what they earn is not enough to support them. By raising the minimum wage people can get themselves above the poverty line as “A more recent

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