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The Pros And Cons Of Minimum Wage

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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. They don’t have a job which they would use to support their own social habits, or even begin to explore the ideas of the career path they would like to take. In comparison to those who believe that having a teenager with a higher …show more content…

In 2013, Fox News’ Fox & Friends, Fox Business correspondent Nicole Petallides has her own opinion about how raising the minimum wage will affect people. Nicole states, “As you continue to raise the minimum wage, which was $5.15 back in 2007, so it really has grown exponentially, we’ve had on the Fox Business Network, small business owners, franchise owners, who talk about the fact that they just won’t be hiring as much that if they go from $7.25 up to $9, then the nine-dollar employees are going to say hey, how come the inexperienced young worker is making what I’m making and I want a raise, too (Fox News, Fox & Friends Petallides). There are different feelings about raising the minimum wage or lowering it. CEPR: Minimum Wage Workers “Older and Better Educated Than Ever” stated, in an April 2012 report, the Center for Economic and Policy Research revealed that from 1979 to 2011 the share of low-wage workers with some college education increased from 19.5 percent to 33.3 percent. An additional 9.9 percent pf low-wage workers had also completed a college degree, up from 5.7 percent in 1979. [Center for Economic and Policy

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The Pros And Cons Of Raising Minimum Wage

567 Words | 3 Pages

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.

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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

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1913 Words | 8 Pages

The current federal minimum wage is set at seven dollars and twenty-five cents. Many workers across the country are complaining that the purchasing power of the minimum wage is currently low, meaning one cannot buy as much while living off of the minimum wage. Moreover, citizens are work full time, while earning the minimum wage, are living, on average, several thousand dollars below the poverty line. However, an increase in the federal minimum wage may do more harm than good. It is likely that an immediate increase in the federal minimum wage will lead to an increase in high school drop outs, a large cut in the workforce, mass amounts of inflation, as well as a large amount of jobs being outsourced.

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Explain Why Teenagers Should Be Paid Less Than The Adults

198 Words | 1 Pages

I think teens should be paid less than the adults because it would encourage businesses to hire them and to gain work experience and learn valuable life and career skills. A high youth unemployment rate is bad for our society. First, many teens are trying to support their family and save money for college. But to do that, they need to get a job first.

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The first national minimum wage was not set until the year 1938 during the presidency of Franklin Delano Roosevelt. As a piece of the New Deal legislation, the Fair Labor Standards Act set new requirements regarding labor and wages. This act affected many things including setting a national minimum wage for the first time. Until this point, different groups had tried to set minimum wages but had failed. Courts generally found minimum wages unconstitutional against the ideal of liberty of contract.

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The Pros And Cons Of Raising Minimum Wage

732 Words | 3 Pages

The State of New York and California have both passed legislation that will increase the minimum wage in both states to 15 dollars an hour. Although the minimum wage of both states will not immediately go into effect, the minimum wage will slowly works it's way up annually until reaching 15 dollars an hour. Bringing up the minimum wage will allow people working for at the minimum wage to afford the high cost of living in both states. The decision to bring up the minimum wage was met with divided opinions as Senators and Assembly members from both parties on opposing sides of one another. Ultimately, the pros of raising the minimum wage outweigh the cons astronomically.

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Does minimum wage really help our societies? In an episode of “30 Days”, the article “Serving in Florida”, and another article “Economists argue about minimum wages” these authors take different positions on their opinions of minimum wage. The argument of minimum wage has been a big conflict for years. Government leaders, celebrities, rich, poor, and anyone in between has stated their opinion on whether minimum wage is a good thing or a bad thing. These authors are just a few to begin with.

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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.

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Everyone is going to have different opinions over whether the minimum wage in the United States should be raised to $15 an hour or whether it shouldn’t, because there are pros and cons to each. The current minimum wage in the United States is $7.25 an hour and according to a Mother Jones article, Could You Survive on Fast Food Wages? Try our Calculator, the median wage fast-food workers receive is $8.94 an hour, while “on average they work about 24.5 hours per week” (Could You Survive on Fast Food Wages? Try our Calculator).

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It was talked about how raising the minimum wage can affect businesses and even have jobs loss. When looking back the minimum wage has not been the same because the government “has changed it 22 times”(Labor, Department). This would not be the first time minimum wage was changed. Inflation would be what people worry about the increase in minimum wage, but an article mentioned “Congress sets the minimum wage, but it doesn't keep pace with inflation”(Labor, Department). Our prices could be high right now for the everyday worker and still earn the same amount of money and trying to keep up with the rising prices.

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Can people really live off of minimum wage? What do the upper class think about minimum wage people? Do they even care about people who are living in poverty and struggling to survive in this society? In Georgia the minimum wage is $7.25 an hour.

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Should Minimum Wage Be Raised Essay

664 Words | 3 Pages

Therefore minimum wage for teenagers should be the same amount that it is for those who are older. Although it would not hurt large businesses, it would hurt small ones. In that case, minimum wage should only go into place for those businesses in which are bigger and more successful. Teenagers are ready to move out and they too need some money of their own to survive in the expensiveness that this world has.

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What Do People Think About When It Comes to the Minimum Wage? Many people are not concerned about raising the minimum wage because the majority support it. Greenhouse (2012) describes the opinions of people around the United States on minimum wage. Many state legislators are looking to raise the minimum wage in their respective states.

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“Price ceilings prevent a price from rising above a certain level. When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied, and excess demand or shortages will result. Price floors prevent a price from falling below a certain level. When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result. Price floors and price ceilings often lead to unintended consequences.”

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Minimum Wage Pros And Cons

1536 Words | 7 Pages

Introduction Minimum wage is the lowest hourly rate an employer can pay an employee for hours worked. The topic of raising the minimum wage is a sensitive issue for many people. The livelihood of many relevant stakeholders will be directly effected by policies created in regards to raising minimum wage, both positively and negatively. This paper will examine the history and current state of minimum wage. It will identify the issues connected to raising minimum wage, analyze the arguments for and against, and make recommendations based on the analysis.

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