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What Are The Pros And Cons Of Raising The Minimum Wage

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Minimum wage has emerged into one of the most contentious topics today. The issues involving minimum wage has always been entangled in a huge debate, therefore two groups of people were created; the proponents and the opponents. Both of these groups go into immense debates that entails both the pros and cons of raising the minimum wage. Minimum wage is defined as the lowest wage paid or permitted to be paid; specifically a wage fixed by legal authority as the least that may be paid either to employ persons generally or to a particular category of employed person. Advocates that want to raise the minimum wage believe that it has not kept up with the Cost of Living Average, as a result, many of them push for a higher wage in order to keep up with the cost of living. Increasing minimum wage also has its disadvantages that can seriously affect workers. In several instances, employment has decreased more than the increase in wages and thereby overall earnings are still reduced or remained unchanged. The debate about raising the minimum wage has both pros and cons, generally speaking, one has to outweigh the other. However, with the idea of raising the minimum wage, many people, especially the poor, will gain substantial benefits from that policy, including the ability to improve their living standard,reduce the gap between the poor and the rich, reinforce the equity in the country and improving productivity and economic growth. The sole purpose of …show more content…

Although raising minimum wage would help stimulate the economic, there is a good chance that the prices of goods and services would also increase to meet the profit margin. Generally speaking, we will start to increase minimum wage again, and then continue to repeat this cycle numerous

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If they raised the price than the people who make minimum would have to make more money so they would have to work two jobs making they spend less time with friends and family. Raising minimum wage would do absolutely nothing because it 's like if you had 2 dollars and something cost 4 you work a week get 20 dollars and then have 22 you can buy it but then the price raises to 26 dollars and so on. Finally people suggest the fact that even if you raise minimum wage than not all people would still want a job and it would be harder to find a job making the poor population either rise because of people getting fired or get better because of people finding

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Argument against Minimum Wage Claim:  Raising the minimum wage could lead to bigger problems. Support:  The US would lose 500,000 jobs (Congressional Budget Office report, Economist and public policy experts )  Increased consumer prices, driven by companies offsetting increased labor cost (Econo-mist and public policy experts).  A possibility higher minimum wage would attract more experience workers that would stay in a low paying wage longer, which makes young people and other people with lim-ited work experience not land entry-level jobs (Economist and public policy experts).

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Today more minimum wage works are exchanged of making money for their families (smith 2) In order for our country to be stronger minimum wage needs to be raised because of their children and bills. One reason why the minimum wage should go up because they need more money for their children. “If we increased the minimum wage workers will earned 6,000 dollars more for their family” (smith 3) The minimum wage

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Employees that are earning a higher wage will be able to spend the additional monies they have earned; thus, a positive stimulus to the U.S. economy. Cooper (2013) research states “that a minimum wage increase from the current $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”. In the short term, a minimum wage increase will help stimulate an economy. Increase in Jobs Available With a higher minimum wage being instituted, more monies will be available in the economy to be spent on consumer demands.

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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.

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Abstract In 1938 President Franklin Roosevelt signed into law The Fair Labor Standards Act, which among many things established a minimum wage; the law was created as a way to help the poorest in the US during the Great Depression. Then and now there are strong opinions on both sides of this issue, and without an automatic cost of living adjustment built into the law; any increase requires a bill passed by both houses of Congress and the President’s signature to make it law. In the following essay I will be analyzing two articles that outline both the for raising minimum wage side and the side that opposes raising it; by examining their claims, and the evidence that they use to support their claim of why raising the minimum wage is a good

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Correspondingly, there are several economic perspectives that delve into the pros and cons of the public policy of minimum wage. The implementation of an increase in minimum wage is a commonly supported argument. Increases are said to put more money into the pockets of low-income workers, which, as a result, will stimulate and expand the overall economy (Mejeur). In

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For example, there would be more spending from the families who didn’t have the money to spend before. Because of this raise of spending it will help the economy in more ways than one. There is also a possibility of a hike in the productivity being built, leading to more jobs (Feintzeig & Weber 2016). Raising the minimum wage could also affect the spending of food stamps within the United States.

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Increasing the minimum wage only does positive growth because “...authors found little or no evidence of a negative association between minimum wages or employment”. ("How Does a Federal minimum Wage Hike Affect Aggregate Household Spending?”) Increasing the minimum wage will only cause positive growth in a topic of employment. Raising the

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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.

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A minimum wage increase would mean a decrease in the well-being of our citizens. Our well-being would be affected because raising the minimum wage would result in issues for businesses. It would also increase unemployment and affect the upward mobility of the working class. While people will be thinking that raising the minimum wage is great, it is actually catastrophic for the country. Raising the minimum wage will result in issues for the business owners of America.

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Minimum wage is an extremely diverse topic in the United States. Well, more or less, the debate on whether or not to raise it. Over the past few weeks our class has read several articles and watched a video entitled “Thirty Days”, all of which discuss minimum wage and how raising it would affect society. In this essay I aim to compare and contrast the positive and negative aspects of raising minimum wage based on the articles we have read and the video we watched in class.

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1153 Words | 5 Pages

Because taking into account negative employment effects and increases in consumer prices induced by the minimum wage would wipe out any positive direct effects on household affected by the minimum wage. The minimum wage becomes even less effective in reducing income inequality when negative employment effects are taken into account. I will address the negative effects in sociological aspects by the

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777 Words | 4 Pages

Introduction “Raising the minimum wage has been hotly debated in cities and states for years. Supporters argue that it's a remedy for widening wage inequality and will boost consumer spending, while opponents counter that it could reduce opportunities for employment, particularly for teenagers and others looking for entry level or low-skilled jobs.” According to CNN, minimum wage has been an ongoing debate in politics. Many regions/states have their own take on minimum wage. It is ideal because of cost of living has changed, and employment is still down.

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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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