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Effect of raising minimum wage
Effect of raising minimum wage
Effect of raising minimum wage
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More handpicked essays just for you.
Effect of raising minimum wage
Effect of raising minimum wage
Effect of raising minimum wage
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Recommended: Effect of raising minimum wage
Raising the minimum wage will allow society to keep up with inflation, extract people out of poverty, and stimulate the economy. Even though there are some negatives to increasing the wage, many of the opposing arguments have been found to be false or even have had the opposite effect. Increasing the wage will be beneficial to the workers as well as the businesses, making the wage increase a positive change in the United States economy.
Minimum wage would raise the wages of many workers and increment benefits what disadvantaged workers. An estimated 6.9 million workers would receive an incrementation in their hourly wage if the minimum rage were raised to $10.15 by 2015. Due to the spill over effect the 10.5 million workers earning up to a dollar above minimum wage would withal be liable to benefit from an incrementation. Women are the most astronomically immense group of beneficiaries from a minimum wage increase. Sixty percent of workers who would benefit from an incrementation are women.
What is minimum wage? According to dcitionary.com minimum wage can be defined as the lowest wage payable to employees in general or to designated employees as fixed by law or by union agreement. In our society today it’s become extremely difficult to find and keep a job. So many people have to take lower paying jobs just to get by. Many would argue that the government should increase the wages for the lower paying jobs.
At the center of controversy is whether or not Uber drivers should make minimum wage. Uber is a private, on demand car service that one can use as a safer alternative to the traditional yellow taxi simply by pressing a call button on their phone. Uber allows everyday people to be their own boss and set their own hours, and each driver is allowed to pick up fares whenever they would like provided they have a valid driver's license and a safe vehicle. Uber stresses the value of their “self employed” drivers as one of the huge perks of their company, but some drivers argue their employment status is under Uber, not themselves, and therefore they should make minimum wage due to the fact they are a full time employee of the company.
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.
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.
What are the benefits and disadvantages of teenagers being paid at minimum wage? Adolescents are stepping up and finding their first jobs at a minimum wage of $8.25 an hour, knowing that it is already this high according to the city of Chicago the minimum wage is currently an average of $8.25 an hour. There are plenty of disadvantages and advantages of teens taking home a “hefty” paycheck, compared to adults who have bills to pay. Most teenagers during the summer are usually on their couch or out with their friends.
How has minimum wage affected the economy of the United States since its creation? Would raising the minimum wage to $15 per hour help our economy? The total U.S. labor force was roughly 158.7 million. About 47%, or 75.3 million workers, were paid an hourly wage. Of all hourly workers about 4.7%, or 3.54 million, earned a wage equal to or below the minimum wage.
This poses the question: “Is the current minimum wage a livable wage?” The answer, unfortunately, comes back negative. The current federal minimum wage, at $7.25, is worth nearly 38 percent less compared to 1968 when the federal minimum wage was valued at its highest ($11.72 in 2016 dollars). Given the facts, it is justifiable to raise the federal minimum wage as it would amount to a more livable wage, stimulate the economy, and provide better circumstances for workers of color and women.
There’s thousands of jobs a person could have, and depending on your schooling or how much experience you’ve had, that could determine how much money you’re going to make. Some people believe that raising minimum wage would raise the earnings of many workers,
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
If they raised the minimum wage and took more money in taxes for things like social welfare i think it would help bring us out of poverty. And help many of those in poverty. Raising the minimum wage can be risky but us much needed there needs to be a way they can make it happen without making things worse. They don’t need to raise it so high it makes the prices go way up i think they just need to raise it to living wage and not poverty and keep the prices of goods the same and i think it would get more money flowing and things wouldn 't seem so expensive that is needed to live in today’s modern world. Two extra dollars an hour can go a long way and could eliminate tax deductions for things like social welfare because as we escape out of poverty less money from that would be needed to get spent and would save the government money also put more money in our pockets.
I have a firm view about people who think they should get paid more for jobs that are not meant to be high paying. Some people in this country believe that they should work an easy job for high pay. The people who work real jobs though are catching onto this and making sure it doesn’t happen, because it's not fair to the people now that are working jobs where they should get paid more money. They understand what it will do if we change minimum wage.
In the end, the disadvantages far outweigh the benefits of raising the federal minimum wage to $15 an hour. The benefits will only help in the short term while the disadvantages will be longer lasting and will hurt Americans across the nation. Fixing a problem with a solution that will turn around to be the same problem is not beneficial to the people. Similar to the French Revolution where workers, experiencing starvation and harsh jobs, rebelled against the government, workers in the United States are standing up against the government to raise the minimum wage. Fortunately, the lid of the pressure cooker has not been fully lifted.
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.