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Positive and negative effects of minimum wage
Positve impacts of increasing the minimum wage
Positve impacts of increasing the minimum wage
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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.
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
The increase of minimum wage would be good because it will help low income people keep up with price inflation. 3.There is a essential need for the federal minimum wage to increase because not only the people will benefit from it, but the economy as well. 4. Companies who are able to pay higher minimum wage will benefit with increased productivity and customer satisfaction. 5.
The people who are against the increase of minimum wage often argues that it will harm young adolescents the most, and that they will need the experience of working at the minimum wage. It is significantly unfair with other states, such as California and Massachusetts. The minimum wage for these states gives other states a disadvantage in the economy. I feel that every state should have the same price range of minimum wage just to make every state feel that they are equally the same without any disadvantages. Raising the minimum wage is something that should’ve been done a long time ago.
Some Americans argue that the wage isn't high enough to support themselves or a family. On the other hand, there is also many people who oppose the heightening of minimum wage. The federal minimum wage should not be raised because it would hurt small businesses, increase unemployment rates, and decrease youth employment. If the federal minimum wage was to be increased, small businesses would take the hardest hit.
A minimum wage increase from “$7.25 to $10.10 would result in a loss of 500,000 jobs”. ("The Effects of Minimum-Wage Increase on Employment and Family Income”) This claim is better because it shows how raising the minimum wage will decrease job growth instead of increasing it. But, the minimum wage should be increased because increasing will also increase economic activity and spur job growth, decrease poverty, and improvements in productivity and economic growth have outpaced increases in the minimum
Throughout the years the United States’ economy has had to overcome many obstacles to get to where it is today, through good times and bad. One of the major topics that have been discussed for over the past decade is raising the federal minimum wage. This specific topic has been debated all up through presidential debates and congress meetings to where even voters are influencing their governor votes on rather if they will fight for raising the federal minimum wage or not. The desire to increase the federal minimum wage has been gaining momentum throughout the years “as a way to alleviate rising wage and income inequality”, especially within this past presidential debate between Hillary Clinton and Donald Trump (Neumark). Many states have already raised the minimum wage by their choice, but doing this to the rest of the country through law
Many politicians, business owners, and citizens hold fast to the belief that heightening the salary attached to minimum wage positions will yield negative benefits for our society. This opinion is supported by three vital view-points. The first can be found in the news article, “The Argument Against Raising Minimum Wage.” It expresses how the enlargement of this payment will take a toll on employment. The document reasons that if the amount of money employees earn is expanded, companies will be less likely to hire as many workers (Huppke).
To try and help out the poor from becoming poorer, there has been a proposal of raising the minimum wage. The proposal has consequently brought lots of debate around the benefits and/or the drawbacks of raising the minimum wage. Whether it
A minimum wage increase would mean a decrease in the well-being of our citizens. Our well-being would be affected because raising the minimum wage would result in issues for businesses. It would also increase unemployment and affect the upward mobility of the working class. While people will be thinking that raising the minimum wage is great, it is actually catastrophic for the country. Raising the minimum wage will result in issues for the business owners of America.
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.
The minimum wage has been changing and debated over since it was established in 1938. Many argue that minimum wage should be increased to compensate for rising inflation. Some activists also argue that one cannot make a living off minimum wage alone. Others claim that if the the minimum wage is increased, then corporations and other business will respond to their increase in expenses by laying off employees, and turning to technological advancements to replace the unskilled labor. There are many causes and effects of increasing the minimum wage that delve into the advantages and disadvantages it has on society (“Minimum Wage,” 2015).
Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.
For instance, from the article “The effects of minimum wage” by David Neumark states that employers will try to keep away from low-skilled workers if the wage were to increase because it would cause them to be wasting money to train them; especially for students and high school graduates who are in absence of any work experience. With minimum wage increasing for the past couple of years it makes it difficult on employers who run small businesses to hire more new workers because they too are also citizens that have to pay their taxes and extra just to keep their business up and running. Such as the author Gina Kim who wrote the article “Minimum wage: helpful or harmful for small businesses” states that 85% of small businesses pay workers a bit more than the minimum to keep their workers interested in the job and they have to make profits out of their business to keep it on track. These businesses cannot innovate if the wage increases because then the labor market will pick up the prices on materials as well creating more of a problem for small business owners to keeping their company open for as long as possible and their solution would be to not hire a lot of employees. This pretty much explains the reasoning about how it will be troublesome for new fresh workers trying to just gain experience and get hard earned
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.
