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Should Minimum Wage Be Raised Essay

679 Words3 Pages

Why the federal minimum wage should be raised

Is it possible to live a life without sacrifices when only making $15,000 a year? For millions of people that is how much money they have to live off of. Only making $15,000 a year introduces a lot of sacrifices a person has to make. It is very hard to live a life with many sacrifices so that is why the minimum wage should be raised. The federal minimum wage should be raised because it would increase jobs and economic activity, reduce poverty and keep up with the raising inflation rates. To begin with, the federal minimum wage should be raised because it would increase jobs and economic activity. Economists from the Federal Reserve Bank of Chicago believe that raising the minimum wage to $9 an hour would increase household spending by 48 million dollars. Increasing the amount of household spending would help the economy by injecting more money in the economy. In addition raising the minimum wage to $10.10 an hour would create 85,000 more jobs for the United States. Creating new jobs would help the economy because people would have more money to spend which would increase the economy. My final detail is that raising the minimum wage to $10.10 would inject 21 billion dollars into the economy due to …show more content…

According to a 2014 Congressional Budget Office report increasing the minimum to $9 would get 300,000 people out of poverty. Economists also believe that raising the minimum wage to $10.10 an hour would get 1 million out of poverty. My final detail is that raising the minimum wage to $9 an hour would get a worker who works full time a yearly salary increase from $15,080 to $18,720 which is enough money to push the person above the poverty line for a family of three. The increase of yearly salary would be enough for a person to support a family of three and if they don’t have to support three people it would give them extra money for food, clothes, housing,

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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.

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Minimum wage should not be raised because it is not an income that someone sold live off of. Minimum wage in the country is currently $7.25 but some states have changed it in a way that is way too much. For example Washington state currently has the highest minimum wage at $9.32 that’s a $2.07 increase to the current amount minimum wage. Seattle is currently considering to raise their minimum wage to $15 it’s understandable that the city is very large and things cost more money but if they raise minimum wage to $15 that will only bring inflation causing things to cost only more money than it already does. If there is one thing that should not be done to the country it is to cause inflation.

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Today’s minimum of $7.25 an hour is worth 25 percent less than the minimum in the late 1960s. From research, a full-time, minimum-wage worker earns about $15,000 per year, which is below the federal poverty line for a worker with just one child. We need to raise the minimum wage to the point where the lowest-paid worker can afford their basic needs, such as food and other necessities. An increase to $10.00 an hour as proposed by President Barack Obama would actually reinstate the wage factor to the same value it had back in the 1960s. In doing so, it would lift earnings for nearly 28 million workers nationwide roughly 1 in 5 U.S. workers.

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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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The federal minimum wage should be increased because it would decrease poverty rates, stimulate the economy, and inflation has surpassed current wages. A raise in the federal minimum wage would help pull millions of Americans out of poverty. Currently, there are over forty-three million Americans who live beneath the poverty line (“Should We Raise”). Of those in poverty, many are trying to support themselves, as well as their families, while living off of a minimum wage job.

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Jamie Richardson, MBA Vice President of fast food chain White Castle, states that the company would be forced to close almost half its stores and let go thousands of workers if the federal minimum wage were raised to $15. Her story is much like how many others would be if the minimum wage were raised. This is why it would make the situation worse by raising it. Even though proponents believe that they would be doing them a favor by giving them more pay, they are really not helping anyone, including themselves. The minimum wage should not be raised because of the loss of jobs, increase of market prices, and the issues that will be caused.

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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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Raising the federal minimum wage to $10.10 would cause a reduction of about 500,000 workers across the labor market, as businesses shed jobs. Raising the federal minimum wage to $9.00 would cause the labor force to see a reduction of 100,000 jobs

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The economic benefits of raising the minimum wage are well researched. The Economic Policy Institute found that, ”a minimum wage increase from the current rate of $7.25

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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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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.

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