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Should Minimum Wage Be Abolished Essay

819 Words4 Pages

Today about sixty million people are relying on minimum wage or low income jobs to support themselves and or their families. An increase in the minimum wage can help many people live a more efficient life. It is believed that in order to live in a one bedroom rental in New York State at minimum wage you would have to work about ninety eight hours a week. After factoring in sleeping, someone working a minimum wage job trying to support themselves could have only fourteen hours a week of free time. With that said why is not the minimum wage increase? Minimum wage has not been increased any more than it is because many people are concerned as to what an increase in minimum wage will do to our economy. If the minimum wage was set at a higher dollar amount it could increase wages for millions. One concern with increasing the minimum wage is that people believe that if the minimum wage is increased others will lose their job in order for employers to pay the new minimum wage. People believe their jobs will soon be replaced with robots. This however may not be true. Minimum wage goes up all the time and workers are not getting laid off because of this increase, but …show more content…

If I was in the situation that many people are in today where I could not pay bills I would be devastated. I would need to almost work around the clock just to try and support myself without any assistance from the government. Even then I still would not be able to fill a grocery basket with essentials at the end of the week. I hope people can start to see the positive effects of the minimum wage increase and not just the negatives. Yes prices may increase but they will not increase enough to have a negative effect on our economy. Also, jobs will not be replaced with robots because employers have to pay a few more dollars and hour for a worker. An increase in the minimum wage rate can and will help our economy

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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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Some studies have shown that raising the minimum wage would cause many owners to lay off some workers because the would put the working employees to work harder. This would cause many people to get laid off by their jobs and cause unemployment to skyrocket. “For one thing, the push for a national minimum wage of $15 an hour would actually cost employers $18.61 an hour, thanks to payroll taxes, unemployment insurance and ObamaCare taxes. The proposed increase, if passed into law, would, according to Heritage, impact one-third of all American workers, and hurt the most those working in lower-cost states”(Adelman 1). If we were to increase minimum wage unemployment would increase dramatically because many people would get laid off.

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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.

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This article also presents that when employers are forced to pay more in wages to their employees, they tend to hire more productive workers to offset the costs of the higher minimum, therefore, leaving more unskilled workers in the unemployment spectrum of the economy. This article

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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.

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Whether or not the federal minimum wage should be increased has been a controversial topic in the United States. Twenty-nine states have enacted state laws to raise their minimum wage, while twenty-one are still going by the federal minimum wage of $7.25. The federal minimum wage should be raised because it will keep up with inflation, stimulate the economy, and lift people out of poverty. A minimum wage raise would help get people out of poverty.

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The opponents that are against on raising the minimum wage say that it would have a negative impact in the long-term according to The Economist. If we raise the minimum wages, it would cost the businesses more to pay for the wages. They say that raising the minimum wage would only make the value slowly go down because of inflation. Low-paid workers could lose their jobs if the businesses raised the minimum wage. According to Drew Desilver from The Pew Research Center, the Congressional Budget Office projects are raising the minimum wage from seven dollars and twenty five cents to ten dollars and ten cents by 2016, it would raise incomes for about 16.5 million low-wage workers but would put five hundred thousand workers there jobs.

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A raise in minimum wage would make things worse for many people. The Congressional Budget Office projected 500,000 jobs would be lost due to a 2.85 dollar increase of the minimum wage. There was a survey taken by 1,213 businesses and human resources professionals, 38% of employers who pay minimum wage stated

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When a higher minimum wage is enacted the effects will be different for companies, industries and the labor market in general and we will also have different effects on the employment market. The main effect and impact will be for low paid jobs particularly in industries like food, restaurants and retail. This topic is very controversial and has supporters and deniers on both sides of the political and the economical world. I support the increase in minimum wage and I believe it should be linked to the inflation and the living wage.

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Raising the minimum wage would result in major job loss, would hurt the economy, and would lower the working hours for a low-waged worker. One reason to

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A person working full time at the federal minimum wage of $7.25 per hour earns $15,080 in a year, which is 20% higher than the 2015 federal poverty level of $12,331 for a one-person household under 65 years of age, but 8% below the 2015 federal poverty level of $16,337 for a single-parent family with a child under 18 years of age (procon.org pro#2). If you put the minimum wage at $9.00, people will be able to live comfortably without unemployment rates going up. However, raising the minimum wage

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[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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It could also lead to an increase in automation, depending on the specific job. Therefore, the cost of living would increase, and the value of the new minimum wage would decrease. Finally, it could have little or no effect on small businesses, if an adequate profit margin already exists and the owner is willing (or able) to absorb the additional

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The article Raising the Minimum Wage is Common Sense: Column is written in USA TODAY by Jack Quinn, Mike Castle, Steve LaTourette and Connie Morrell supports the idea to raise the minimum wage. The main reason is that the current minimum wage is inconsistent, because as the years go by, our basic necessities are increasing in price, our labor requirement is intensely demanding, the number of people supported by government programs is high, and our wages stay the same. By not keeping up with inflation, we not only hurt our economy and along the process, we are allowing a large number of our population to live the below poverty line.

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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.

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