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Summary Of Why We Should Raise The Minimum Wage

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Why we Should Raise the Minimum Wage In Kevin A. Hassett's essay which appeared in American Enterprise Institutes online issue March 10, 2013 , '' Why We Shouldn't Raise the Minimum Wage'', he responds to announcement proclaimed by President Obama, in his 2009 State of the Union address, regarding the minimum wage. ''In the wealthiest nation on Earth... no one who works full-time should have to live in poverty.'' President Obama 2009 . Hassett believes that the President's resolution to raise the minimum wage would prove to be counter effective. He does not believe that it will solve the , present and worrying issue of poverty in the country. It is Hassett's opinion that a wage increase will in fact cause more of a problem and burden the economy greatly . Hassett, also states, it would be a mistake to raise the minimum wage, as it will have a reverse effect. It will cause higher unemployment as a reaction to companies closing sectors, and making present employees redundant. Also , he is of the belief , companies will not hire younger, unskilled labor because, with the increased wage it would become costly. I disagree with Hassett. I do not find …show more content…

The introduction was an effort to lift the country out of the deep recession of that time, commonly known as 'The Great Depression'. The enforcement of a minimum wage encouraged workers, gave them a better sense of security and spurred consumer spending. The economy saw an instant boost and started to feel the benefits of a standard living wage. The country, financially, went from strength to strength. With each leap, the minimum wage was subsequently increased to reflect the inflation of that time. The minimum wage helped lift the country out of a recession. It has since been an integral part of our

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One of the cons to increasing the minimum wage is that it helps larger corporations and hurts smaller businesses, therefore, competition is decreased. The bigger companies use raising wages acts as a barrier to entry to new business entering the market and create a monopoly for larger companies who have more profits to afford the increase. An example of this is Wal-Mart, who can afford to pay employees nine dollars and twenty cents an hour but a little store such as Meijer 's who does not make as much profit would limit their hiring of new employees and would cut hours to compensate. A family store might decide that the cost of entering the market is too high to endure as they build up their clientele and develop their business they decide not

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On average a worker would make a few dollars a week, which lead a factory worker from Texas to write President Roosevelt, “ I can’t see for my life President why a man must toil & work his life out in Such factories 10 long hours ever day except Sunday for a small sum of 15 cents to 35 cents per hour & pay the high cost of honest & deason living expences,” (pg 171). This reality of people working for nothing needed to come to a conclusion. In order for the people to receive a higher hourly wage the government needs to implement a law that dictates the minimum amount of money a worker gets paid hourly. This amount needs to be determined based on the cost of living, and in order to prevent people from working for little to nothing in the future it needs to fluctuate with the cost of living. Owners of factories and other business will be upset and not follow the law, and that is why the government will need to be strict and enforce this minimum wage law.

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In theory, raising the minimum wage would lessen America’s dependence on such benefits. If workers are making more money, Hanauer says that workers are spending more, and increasing the demand for more workers as opposed to cutting jobs. Hanauer closes his essay by telling the reader to see the economy as Henry Ford did; an effective economy is one that works for all not just part of the country. ANALYSIS: After reading Nicolas Hanauer’s essay on raising the minimum wage to $15 an hour, I take an affirmative stance on this issue. The main reason for siding with Hanauer is that he is thinking about how many people can get an upper hand with a wage increase.

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