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Raise minimum wage pros and cons
Effects of raising the minimum wage
Negative effects of increasing minimum wage
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Lauren: According to Robert Reich, a former Labor Secretary, he states, “With a higher minimum wage, moreover, we'd all end up paying less for Medicaid, food stamps and other assistance the working poor now need in order to have a minimally decent standard of living.” Raising
The topic of minimum wage is one that can lead to heated debates from both sides of the aisle over how much a person should be getting in payment versus how much work they do, or how hard they work to earn the payment. Countless people today are not getting paid the amount they should be based off of the work that they are putting in to their job. There are arguments leaning towards the raising of minimum wage, and there are arguments leaning against the raising of the minimum wage, however one of the arguments I find persuasive. There are some arguments that lean towards the raising of the minimum wage. The first argument presented involves job creation in the United States.
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
The wage rate would be so high employers would not be able to afford all the money they have to pay out to the workers, so they have to cut off some people. Contrasting that thought, a quote that states “increasing the minimum wage may also spur businesses to operate more efficiently and employees to work harder.”. This quote is stating that if there were less employees than the employees are going to work harder as it is technically more economically efficient that way .Yes, this is true, but they will “ have” to work harder to keep up with the same amount of output as before because 5 is more than 3 as hard as that is to picture. This also places a larger responsibility on the remaining few because now if there is a weak link then the ship is really going to sink. Plus, in the bigger picture people are losing their jobs from
There are often many stereotypes about who is actually making minimum wage. Many will come up with stereotypical demographics to feed their agenda. According to the Minimum wage report, the majority of Pennsylvania minimum or below wage earners are 16-25 year old, white women. These women more often than not are un-married, and or non-high school graduates. 10 percent of workers making minimum wage in Pennsylvania are single parents, and another 10 percent have one or more children.
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.
Recently in the news there has been a lot of talk about different states trying to pass raising the minimum wage pay. Currently, in most states minimum wage is $7.25 per hour. Although there have been some states that have risen that rate already, Wisconsin is still at $7.25 an hour. There has been a lot of talk about if this raise should happen. Some citizens think it’s not right and some do.
The Minimum Wage Higher or Lower I have something to say to everyone who can afford to have a nice property or who can not pay 1 month of rent. I go for a not so high minimum wage but also not so low. Here is why, first having it low will lower the cost of mostly everything, and when there is little of something the value of it goes up. In the contrary, if everyone has 1 million dollars then the value of a house will go to half of a billion.
If you have minimum skills, Minimum education, show minimum Motivation, and provide a minimum contribution to the workplace you are going to earn a minimum wage. There are many more opportunity if the federal government did not intervene. The abolishment of the minimum wage can help the economy and add a surplus of jobs. The federal minimum is an outdated concept during a time where corruption and no labor laws were a common theme.
With increasing minimum wage the government would receive more money from employees tax cuts and employees usually have lower wealth than other individuals in the economic marketplace. Tax liability increases can quickly erode the wealth of an individual living on minimum wage. Employees will also face higher payroll taxes, such as Social Security or Medicare, which can also reduce their immediate income. Also Governments increasing minimum wage levels often create a distortion in free market economies. Free market economies are usually driven by the economic theory of supply and demand.
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.
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.
(Mankiw, 2008) But it is bad for those employees who get laid off (i.e. become unemployed) because the employers now find it expensive to hire them due to the minimum wage legislation. (Besanko, David, Dranove, & Shanley, 2000) Thus, minimum wage leads to a rise in inequality. This would be explained using a hypothetical example.
Many argue that an increase in minimum wage will help guide low skilled workers out of poverty and assist them into having a better career. That is not necessarily true, Many economists can agree that minimum wage jobs such as cashiers, host or a hostess are not jobs that meant to support a family. If anything by raising the minimum wage, it will put more people in poverty than guide them out of poverty. A raise in minimum wage will cause loss of jobs, an increase in the inflation rate, increase in
