Each year thousands of workers complain that they are not getting paid enough. They want to be able to afford things other than the basic necessities. What they do not know is that if the minimum wage were to be raised, they would be a lot more likely to make even less money- 0$ an hour. The minimum wage has been debated for years. Some say that raising the minimum wage will lift people out of poverty and provide a higher standard of living for everyone. Others believe that doing so would damage the economy and result in the loss of jobs. Raising the minimum wage would be detrimental to the economy, because it would create many problems for businesses and the free market. Raising the minimum wage would have a negative impact on the quality …show more content…
The remaining employees will have to work almost twice as hard for the same pay. Lower skilled employees get fired and the higher skilled ones do not reach their full potential. In a survey conducted by a Duke professor, 60% of companies said they would lay off employees if the minimum wage was raised to $10. 70% of companies said that they would move production outside of the US, firing current American workers (“$10/hour Minimum Wage Would Cause Mass Layoffs”). It would also be harder for immigrants and people with less advantage to find jobs. Companies only hire workers if they are beneficial, and hiring many workers when the minimum wage is high would not be beneficial. This would make it harder for minority groups and immigrants to find jobs in the US, or get used to being a US citizen. Immigrants can also live a better life if they manage to get some working experience, resulting in a better job, but they would not have this opportunity anymore. In addition to that, raising the minimum wage would not do anything to combat poverty. In a study conducted in Los Angeles, where minimum wage is expected to rise to fifteen dollars per hour, housing costs (per month) are also expected to climb an average of $173 (“Minimum Wage and Housing Prices”). Minimum wage workers would have lots of their increase go towards rent, or buying
Also, it will increase drug use. Another reason is that if there is an increase in minimum wage it would encourage workers with less skill to stay at the same level of experience that they have because nothing is pushing them to get a better job or to earn promotions. If the minimum wage were to be raised, people who are in poverty and that is on welfare has almost all the support they need to get a degree and try for a better job. People that are on
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
Raising the minimum wage isn 't entirely beneficial. It could potentially lead to more unemployment as some businesses may reduce their number of employees or reduce their hours in order to offset the cost of paying a higher minimum wage. Some may also increase the prices of products or services offered. It can also possibly lead to a decreased interest in college education since minimum wage jobs are paid almost the same or can be more than what jobs requiring college education pay.
Currently, many workers are unable to afford the cost of basic necessities, such as housing, food, and transportation. By raising the minimum wage, these workers would have more disposable income to cover these costs, allowing them to live more comfortably. This would reduce the financial burden on those making the minimum wage, allowing them to save more and invest in their future. Additionally, raising the minimum wage would create more jobs, as businesses would need to hire more workers to keep up with the increased demand. This would lead to a decrease in unemployment, resulting in a decrease in the cost of living due to increased competition in the job market.
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.
One reason that raising minimum wage would help the economy is that it gives a change in income. Generally, an increase in income increases the demand for goods at all prices. If a worker has more money due to a raise
When you raise minimum wage you raise the price in everything else for instance if minimum wage was raised ten percent that also raises restaurant prices 0.7 cents that may not sound like a lot but it starts adding up sooner or later and who knows then it could raises prices a whole dollar. Some people think that because the cities they live in are so expensive that minimum wage should be raised but if you live in an expensive city and are also living off minimum wage and can not afford it then you should not be living there. Also women think that they can not have a good lifestyle for their children with what minimum wage is paying. If you are living off minimum wage and trying to raise children then maybe you should find a different job where you can afford a life for your kids. Minimum wage should be raised because the economy is at a point where if minimum wage is raised there would not be a drastic change.
Ever since the Great Depression, the minimum wage has been in effect in order to reduce poverty so that employees are paid a reasonable sum. Although the minimum wage can be beneficial and advantageous for individuals and to our economy as a whole, it can also be detrimental to our nation’s finances. The minimum wage was last increased on July 24,
The federal minimum wage should be increased because raising it would increase the economic activity and spur job growth, decrease poverty, and also improvements in productivity and economic growth have outpaced increases in the minimum wage. Increases in job growth and economic activity will happen when the minimum wage is elevated. If the minimum wage was increased it will “inject 22.1 billion net into the economy and create about 85,000 new jobs over a three year period”. (“Raising the Federal minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost") Thousands of new jobs will be created and it will put billions of dollars into the economy.
A person working full time at the federal minimum wage of $7.25 per hour earns $15,080 in a year, which is 20% higher than the 2015 federal poverty level of $12,331 for a one-person household under 65 years of age, but 8% below the 2015 federal poverty level of $16,337 for a single-parent family with a child under 18 years of age (procon.org pro#2). If you put the minimum wage at $9.00, people will be able to live comfortably without unemployment rates going up. However, raising the minimum wage
Minimum wage and poverty With everything going on with the Walmart workers picketing for fifteen dollars an hour wages, the topic is widely discussed with many people taking many different sides. The essay “Raising the Minimum wage will reduce poverty” By Sharon Parrott and Jason Furman, They go into how they think the minimum wage should be raised in order to decrease poverty in america, Of course there are reasons to raise it and reasons to not raise it. Yet with the multitude of reasons for and against it, it’s hard to make a decision that makes everybody content, Some of the reasons not to raise it include, Raising it can make prices for everyday items go up, Why go and spend thousands of dollars on college when you could get a decent job right out of high school, and Why let workers who work at unskilled jobs make as much if not more than the military. Some reasons for minimum wage raising is, The fact that the cost of living is higher means people can’t survive with minimum wage without federal care, And just helping people get back on their feet when they couldn’t find a job. The reasons Minimum wage shouldn’t be raised outweigh the reasons it should.
This would make it where people wouldn 't have to live paycheck to paycheck. Raising the wage slightly would also make it so the price of goods wouldn 't have to be raised. The 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. This raise increase would be easy to implement and would help the economy. By implementing this new minimum wage many problems in America can be solved.
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.
There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.
In the past three years, many politicians and labor unions have been pushing for an increase in minimum wage. Minimum wage is the lowest set wage by a law of a government body. An increase in minimum will benefit some people, and hurt others. An increase in minimum wage will cause benefit in the short run but will be very damaging to the economy in the long run. There should not be an increase in minimum wage because it is unhealthy to the economy in the long run and it will be the major cause of job loss, increase in inflation, competition, and the price level of goods and services.