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The Pros And Cons Of Raising Minimum Wage

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U.S Minimum Wage

One of the most frequent topics discussed in our country is U.S. minimum wage and whether it should be raised or not. Minimum wage should be raised so that it can change the structure of our economy in a beneficial way. There are many debates discussing the pros and cons of raising minimum wage. There are many pros that out way the cons in why minimum wage in the United States should be raised. Throughout this paper I’m going to provide facts regarding why minimum wage should be raised. Benefits in Health Raising minimum wage in the United States would have benefits on the future of our health. There are many people in poverty who can’t afford health insurance, deductibles, etc. This makes it difficult for people who are …show more content…

Living wage is the minimum amount of money that is needed to pay for things such as; housing, food and clothes (Driscoll, Sally Grant, Richard A, 2017). In the case of having “living wage” you will not be able to receive any additional funding from the government. These would include food stamps, public housing, or any other aid within the government (Driscoll, Sally Grant, Richard A, 2017). So the debate with this is still going on, which ones more beneficial? Many bills have been introduced about raising minimum wage, and it has been considered multiple times over the years. In 20014 President Obama had raised the fact that minimum wage should be raised from $7 to about $10, but republicans continued to disagree (Driscoll, Sally Grant, Richard A, 2017). Currently New York, Los Angeles, San Francisco and Seattle have the highest paying minimum wage, which is around fifteen dollars an hour but only in large businesses’. After the discussion of minimum wage being raised in certain states, eleven other states have decided to raise their minimum wage to almost double of what it used to be (Driscoll, Sally Grant, Richard A,

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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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Should we raise the minimum wage? What are the pros and cons of raising the wages in the entry level job market? Ira Knight’s speech, “Let’s Make the Minimum Wage a Living Wage”, tells us of some of the pros of raising it. However, Janice Steele does a much better job proving why it would hurt us more than help us in her article, “Keep the Minimum Wage Where It Is”. To begin with, Ms. Steele shows us how raising the wage could hurt the workers that we are trying to help.

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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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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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Raise Minimum Wage Raising minimum wage has always had a debate amongst people. There has always been a controversy of doing so has or not, how ever there is always some advantages and disadvantages in such topics as such. According to some studies from 2013, research shows that raising minimum wage could in fact increase job growth and activity. This research was based on the wages of $7.25ph increasing to $10.10ph and if it was done so, it would point 22.1 billion dollars net into economy and produce 85,000 if not more jobs in a period of 3 years. Studies also show that raising minimum wage would reduce poverty, a $10.10 minimum wage could save up to 900,000 people out of poverty (Congressional Budget Office).

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The Federal Minimum Wage is widely considered to be the backbone of American workers’ rights. Minimum wage was created and implemented to ensure that workers get paid fairly for the time that they work, and get paid enough to support themselves and their families. However, this, though once a reality, is no longer happening. Because of the inadequacy of the Federal Minimum Wage, and perhaps more importantly, the gross negligence of the Executive Branch of the United States government of said inadequacy, as was displayed by the Republican­controlled Congress blocking a bill in 2014 that would have raised the Federal Minimum Wage to $10.10 per hour, workers are suffering and struggling to avoid poverty and personal economic disaster. The federal

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Many people are afraid that by raising the minimum wage it will hurt the poor, reduce other job benefits, and reduce competition. A 1997 National Bureau of Economic Research study estimated that the federal minimum-wage hike of 1996 and 1997 actually increased the number of poor families by 4.5 percent (Henderson). Employers respond to forced higher wages by adjusting other components of employee compensation, such as health insurance or other benefits. Although few minimum wage workers have employer-provided health insurance, employers have found other ways to adjust, such as cutting on-the-job training (Henderson). Gov. Schwarzenegger’s proposed a 15 percent increase in the state minimum wage would destroy about 35,000 to 70,000 unskilled jobs-putting 1.5 to 3 percent of young Californians out of work.

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They conducted a study to support their perspective in raising minimum wage. They collected and used data from the Census Bureau’s Survey of Income and Program Participation. They found out that there is no significant evidence that a higher minimum wage has helped poor families in the areas of finance housing, health, or food insecurity. Therefore, the study conducted supports the authors’ perspective on the issue about raising minimum

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The minimum wage has long been a topic of debate, as policymakers and economists grapple with its impact on workers, businesses, and the overall economy. Advocates argue that increasing the minimum wage can uplift low-income workers and reduce income inequality, while opponents express concerns about potential job losses and adverse effects on businesses. This essay will delve into the pros and cons of raising the minimum wage, examining how personal savings connect to wages and discussing who might be negatively affected by such policies. Furthermore, the concept of fairness in relation to the minimum wage will be explored. Pros of Increasing the Minimum Wage: A. Enhanced standard of living: Raising the minimum wage can provide low-wage

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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.

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The cost of living is a difficult situation that many Americans across the country struggle with today. A heated debate that directly impacts the lives of all citizens is whether or not the price of minimum wage should be increased. Minimum wage is the standard amount of money earned for executing a basic skill job. Some people hold strong beliefs on why enlarging minimum wage is a major downfall, while others think this process is extremely beneficial. The following paragraphs will discuss the pros and cons surrounding both sides of this topic and the reasoning that births each one.

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. . The current value of the minimum wage in real dollars is at its lowest level since February 1956, when the lowest U.S. wage was 75 cents — the equivalent of $7.19 in June 2022 dollars” (Cerullo). The increase in the federal minimum wage and adjusting the price to compare with inflation would ensure that low-wage workers could adopt a standard of living that is equivalent to the current economy. The federal minimum wage should also be increased as it will allow minimum wage workers to afford basic living expenses. Currently, the minimum wage is not enough for people to afford housing and other necessities.

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Introduction Minimum wage is a touchy subject for many people. There are people who want to make $15 an hour working at McDonald’s flipping hamburgers, but they don’t think about how every day prices at the store would increase to compensate for a higher minimum wage. I have chosen the history and effect of the minimum wage because I’m interested to see how minimum wage was back in the day, how the minimum wage has influenced every day prices, and why the minimum wage keeps increasing. 1 Past minimum wage Minimum wage has increases significantly and doubling within the last 27 years.

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Minimum wage is the lowest, baseline hourly salary employers are legally allowed to pay their employees. It was first legislated in the year 1938 under the presidential leadership of Franklin D. Roosevelt (Minimum Wage - ProCon.org). The current federal minimum wage stands at $7.25 an hour, with a few states adjusting their minimums to some higher degree. In this current decade (from 2007 – 2017) where there has been a somewhat aggressive rising cost of living and inflation, the debate regarding minimum wage is forefront and increasingly relevant. The notion of this has brought me to select the topic for further research.

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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

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