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Should Minimum Wage Be Increased Essay

575 Words3 Pages

Raising minimum wage should no longer be pondered, but rather implemented immediately. The idea of the minimum waged being raised to $15/hour has caught the hopeful eye of millions of people across the nation. By minimum wage being raised, benefits from raising the standard of living for people to the economy being boosted will affect Americans positively. Minimum wage jobs are not just for the youth, as some believe. This measly rate as it stands currently, has to provide for entire families in some cases, not just teens who are earning extra funds. Most people earning minimum wage are 20 or older and must support themselves and dependents (US Department of Labor Website). By increasing people’s income, their standard of living also is increased. This actually helps the economy as well, as people will find themselves less reliant on the government for financial help as they can support themselves and their dependents. …show more content…

Rather, with an increase, the government may benefit, as people want to spend their new ‘excess’ income. Also, small business owners do not seem to be fearful for the increase of minimum wage, as he majority believe people with lower incomes have a higher marginal propensity to consume. It is nonsensical to believe that this raise will hurt the economy, since the minimum wage has been increased numerous times since it was created as a part of the New Deal. Overall, raising the minimum wage is a necessity to the vitality of the American people who are struggling to support themselves and family. It also has numerous benefits as helping boost the economy. There is a great amount of support coming from across the country to increase the minimum wage. There seems to be no reason not to raise the wage, and only positive aspects are to

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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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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.

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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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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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An important reason why minimum wage needs to be raised is because many families that works in the fields do not have the resources to help their children to continue with their education. Jon Corzine, a politician ex senator, states “No family gets rich from earning the minimum wage in fact, the current minimum wage does not even lift a family out of poverty”. This means that the minimum is not really helpful and useful. It is significant because a lot of families have big dreams and they cannot make their dreams become true because they do not have enough money. Many people live in bad conditions because the minimum wage is not enough to live better.

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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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Raising the minimum wage will cause many people to lose their jobs, prices to escalate, and may force other professions to raise their pay. However, if nothing is done, many people will continue to struggle day-to-day, check-to-check. While raising the minimum wage has a lot of problems, I believe there is one way everyone can be happy. Boost the economy. By boosting the economy money goes back into the country and in turn, lower the cost of living.

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The blog, “Pros and Cons of Raising the Minimum Wage,” written by Tejvan Pettinger, an economics professor at Greenes College, offers a compiled list of pros and cons of the increase in minimum wage. When the government raises the minimum wage, it is proven that “a higher minimum wage reduces labour market turnover. Workers have a greater incentive to stay in a job where they get better paid. Similarly, firms have more incentive to train higher-paid workers. Lower labour market turnover helps to reduce the costs of firms” If workers are paid more, they are more likely to stay where they are and put more effort into the job.

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Many people, form state legislators to various interest groups, in the United States are advocating increasing the minimum wage. There are several reasons for this, including the thought of it boosting the economy out of recession. Some other reasons are that it will improve the standard of living, boost consumer buying power, and provide a more stable and productive workforce. While these reasons are good in theory, raising minimum wage can be detrimental to small businesses and the economy.

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Jon Corzine once said, “No family gets rich from earning minimum wage. In fact the current minimum wage does not even lift a family out of poverty” (Brainy). Kids are struggling to get through college, parents are having trouble providing for their family all due to their low wage jobs. Teenagers are the most common individuals to get minimum wage jobs and with these people going to college, it is nearly impossible to save enough money. When thinking about raising the minimum wage, one has to realize the work shift change in hours.

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The main issue with raising the minimum wage is, it actually has very little effect on reducing poverty. This is because the majority of minimum wage workers are part-time, young, still in school, and because very few people earn minimum wage. With the minimum wage being intended to help people with minimum skills, its purpose was not to help a person raise a family of 4. Since the majority of minimum wage workers are teenagers, raising the minimum wage to reduce poverty would have very little effects since most below poverty level are not “head of household” workers (Fuller). Out of the 75.3 million workers that are paid hourly, only 4.7% were paid in minimum wage and of those minimum wage workers, 59.4% are between the ages of 16 and 24 (Patton).

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The benefits of raising minimum wage are substantial according to the resources. The employee benefits by being properly compensated for their services. The employer will benefit by receiving a more stable work ethic from the employee along with a high production rate. The government will be benefit by reducing the deficit by putting less tax dollars into the government funded assistance programs utilized mostly by those who are unemployed or making minimum wage. An increase in the Federal minimum wage will do far more good to our economy than

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607 Words | 3 Pages

There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.

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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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