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The Pros And Cons Of Minimum Wage

645 Words3 Pages

Over a decade ago, Washingtonians had voted and favored the acknowledgement of the cost of minimum wage to continuously increase annually as long as the cost of living continues to surge in the state. Minimum wage is a living wage that aims to provide a standard living, account for the cost of housing and basic needs for an individual. As the cost of living continues to rise and minimum wage increases; economic inflation increases. Those that are entering the workforce for the first times and those without experiences obtaining employment are earning minimum wage almost to those that has already been in the workforce and with experience. People who are now currently working are oppressed by the increased wage of minimum wage. The extended definition of minimum wage can be defined as an hourly wage that is …show more content…

or making almost to those that has been working for years. The rise of hourly wage has caused and effect those who’ve been employed and have been working for quite some time already. For those that was earning less than the newly established wage, their wages will be raised to the latest minimum wage without a cost of living adjustments from their employers. And then here comes the newly hired employers making the same wage as those that do have experiences due to the fact that their ‘newest’ wage has been adjusted to the minimum wage without any additional adjustments to their skill levels. Therefore, the employers are getting the upper hand in this situation, because they are now able to pay those with and without any skill levels the same wage. This also shows that the correlation of how minimum wage is affecting those who’ve been employed and aren’t getting adjustments to the minimum wage and the cost of

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Yet, the minimum wage has largely stayed the same for decades. The National Employment Law Project Analysis of Consumer Price Index indicates that the value of minimum wage has consistently dropped over the years because of inflation; 1968’s hourly minimum wage of $1.60 would be $10.90 after adjusting for inflation ("Amount with Inflation"). Today’s sub-par federal minimum wage contributes to an overall decreasing quality of life for Americans. Even those that work their way up the “corporate ladder” commonly receive wages that do not allow them to make substantial headway into saving, investing, and otherwise moving towards achieving their dreams. Today’s credit-based system urges consumers to “buy now, pay later,” effectively roping many Americans into acquiring expensive big-ticket items like new cars or college tuition with the condition of debt repayment with interest, (and in many cases, the interest rates are somewhere between ridiculous and

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