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The positive effects of minimum wage
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Minimum wage is a highly debated topic. Should the minimum wage be raised or should it stay the same? When there are 25 million people who would benefit from increasing minimum wage, why does the question so difficult to answer (Quinn, Castle, LaTourette, Morella)? When an answer can affect how people live their lives the answer should become easier to answer. Yet we have to think about what the outcome would be to each scenario.
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.
Positive effects of raising the minimum wage to fifteen dollars in 2016 are that it boosts the economy, and creates a positive GDP. By increasing the minimum wage to fifteen dollars an hour, which is double what the minimum wage is today, you are increasing consumer spending which increases GDP. Studies have shown that low-waged workers put every dollar they earn plus more back into the local economy when they were given a raise. Workers strived to work harder as their wages were raised.
A minimum wage increase from “$7.25 to $10.10 would result in a loss of 500,000 jobs”. ("The Effects of Minimum-Wage Increase on Employment and Family Income”) This claim is better because it shows how raising the minimum wage will decrease job growth instead of increasing it. But, the minimum wage should be increased because increasing will also increase economic activity and spur job growth, decrease poverty, and improvements in productivity and economic growth have outpaced increases in the minimum
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.
Increasing the minimum wage will help so many people and hurt less which is why it should increase. Increasing the minimum wage will decrease the national poverty rate. Research states that “Increasing the minimum wage will result
By raising the minimum wage, jobs will be lost by the people who need them the most. This ultimately prevents a larger portion of the population from climbing the economic ladder and living the American
This increase, even if completely spent (which is doubtful), would not be very significant. Therefore, in my view, the economic benefit “argument” is a red herring. What should a worker be paid? But what happens when minimum wage is raised? The Congressional Budget Office (CBO) released a new report on the impacts of raising the minimum wage to $10.10 an hour and $9 an hour.
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.
In the society we live in today, most people would think raising the minimum wage is a great idea. It would be great for the economy; people would have better standards of living. There would no longer be poverty, since we live in the country of the rich. This all sounds great, but it is unrealistic. This will cause a huge crisis in our economy.
In today’s society, minimum wage work are usually entry level, and require little to no skills. Many of these earners require governmental assistance to take care of themselves and their family. Many people believe that the minimum wage of working a full time job should be enough to cover the cost of living. Raising minimum wage will help these workers in specific situations, but it also causes major issues in the
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.
However, the best possible solution in this case-scenario, is to expand the minimum wages and create new jobs for unemployed people. If this measure was put through, millions of people with low wages would be lifted out of poverty. Actually, “raising the minimum wage to $10.10 per hour, would lift more than 4 million people out of poverty” (AmericanProgress). As well as creating new jobs, this would have played a major role in the fight against poverty. These measures, along with other economic measures would ensure a growth of the middle-class, and a decreasing of the poor.
Not only will increasing the minimum wage make it pricier for businesses to hire young, inexperienced workers, but it is also not stated in the constitution to allow such a thing for the government to handle. Boosting the minimum wage will not alleviate poverty, and there are plenty of alternatives to decrease the poverty rate. Also, by leaving the amount the minimum wage should be to the government and no the people. America is losing its freedom and changing its economic system. By increasing minimum wage, America would be hurting its people, not helping them.
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.
