Should the minimum wage be increased? Some say yes while others argue. This is one of the biggest economic question in the U.S. today. The minimum wage was last increased on July 24, 2009, when it rose from $6.55 to $7.25 per hour. Proponents of raising the minimum wage declared that it will help the American economy while the opponents argue that it will harm the economy. Consumer spending makes up most of the economy in the U.S. and the economy is not growing rapidly because minimum wage sets the floor. “Consumer spending makes up about 70% of our economy. The minimum wage sets the wage floor. A low minimum wage institutionalizes an increasingly low-wage workforce.” (“Raising Minimum Wage Does Not Increase Unemployment”) Since there is …show more content…
The reason is because, “When the cost of hiring workers rises, however, businesses hire fewer workers. Some workers get a raise while others lose their jobs.” (“Raising Minimum Wage Increases Unemployment”) Economists believe that increasing minimum wage will increase the unemployment rate because if the cost of hiring workers raises, businesses are most likely to hire fewer employees to cut their costs. So, there will be higher unemployment rate and the nation will be in economic …show more content…
FLSA is designed to eliminate "labor conditions detrimental to the maintenance of the minimum standard of living necessary for health, efficiency and general well-being of workers." Many workers that work in jobs minimum wage have little or no benefits at all to help themselves and/or families. Profits for the rich have gone up while worker wages have decreased. To help the American families and economy, raising minimum wage is absolutely