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Positive and negative effects of minimum wage
Macroeconomics essay on minimum wage in the United States
The economic case for raising the minimum wage
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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
Is it ethical to raise the minimum wage when it doesn’t necessarily affect the very poor, the people it’s aimed at helping? The minimum wage is the lowest hourly wage an employer is permitted by law to pay an employee for his work. The current federal minimum wage is set at $7.25 an hour. Across the country, there is an overwhelming push in favor of raising wages for our poorest workers. In January 2016 the minimum wage in California was raised to $10 an hour.
When you raise minimum wage you raise the price in everything else for instance if minimum wage was raised ten percent that also raises restaurant prices 0.7 cents that may not sound like a lot but it starts adding up sooner or later and who knows then it could raises prices a whole dollar. Some people think that because the cities they live in are so expensive that minimum wage should be raised but if you live in an expensive city and are also living off minimum wage and can not afford it then you should not be living there. Also women think that they can not have a good lifestyle for their children with what minimum wage is paying. If you are living off minimum wage and trying to raise children then maybe you should find a different job where you can afford a life for your kids. Minimum wage should be raised because the economy is at a point where if minimum wage is raised there would not be a drastic change.
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.
Minimum wage is the least amount of money per hour that employers are required to pay according to the law. The minimum wage is set to be the standard of living. Due to inflation, $7.25 an hour has become less than the minimum necessary, causing many Americans to fall well below the poverty line. The government should raise minimum wage to create more job opportunities, decrease government assistance, and increase the economy overall. The economy will raise as a whole when workers put their money back into the community.
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
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.
Due to these problems, there has been controversy about why the minimum wage should stick where it is, raise the minimum wage to $15 an hour, and increase by a percentage based on the economic growth. Many possible
Because taking into account negative employment effects and increases in consumer prices induced by the minimum wage would wipe out any positive direct effects on household affected by the minimum wage. The minimum wage becomes even less effective in reducing income inequality when negative employment effects are taken into account. I will address the negative effects in sociological aspects by the
Today the need for money is great. It is the one thing everyone is after. Which leads to some people saying that the minimum wage should be increased because the current minimum wage isn’t enough for workers to make ends meet. I on the other hand think that the minimum wage is fine as it is. This is because increasing the minimum wage will hurt business raise poverty, and increase unemployment levels.
Minimum wage should increase, so people can be able to buy their basic needs that they need to survive in this world, and it would increase activity and motivate more job growth. Minimum wage should increase form $7.25 because it is really hard to live on your own with that. With minimum wage being stuck at $7.25 a lot of people can not get the basic needs they need to survive. “Increasing the minimum wage would reduce poverty” (2). An increase to $10.10 would lift 900,000 people out of poverty estimated by University of Massachusetts.
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.
I think minimum wage should increase because it’ll help people dig out of poverty, help themselves and their families, and make a better living for them. Poverty today in the U.S. is very common; millions are in hardship. 44.7 million citizens were very poor in 2014. No money earned means no food to buy. 1 in 6 people face hunger.
If the minimum wage was increased, all of peoples hard work would pay off. People would be able to make ends meet. People could quit their multiple jobs and spend more time with their families. When that happens, communities are improved. Raising the minimum wage means millions of extra dollars in peoples pockets.
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.
