Increasing Minimum Wage Essay
The minimum wage has long been argued has whether it should be increased or whether it should remain the same. Many who are unskilled or below the poverty line rely on minimum wage to provide for. themselves and their families. The minimum wage was set at a certain amount to ensure that the poverty rate remains low. By increasing the minimum wage, a positive or negative effect may arise such as the increase of poverty or the decrease of poverty. Many argue if the minimum wage is increased it will reduce poverty because working families will be able to afford essential, the money will support the worker and families. On the other hand, however, through increasing the minimum wage many consequences may arise such as the increased cost of goods,
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Seven dollars and twenty-five cents are unable to help poverty stricken families provide for the basic essentials that a family may need. Due to the lack of increases or promotions, many are stuck at a standstill remaining at an equilibrium where many spend the same amount of money that is made; just barely breaking even. Elise Gould states, “the Congressional Budget Office (CBO) reports that the Harkin-Miller bill to raise the minimum wage to $10.10 would cumulatively boost incomes of people below the federal poverty line by $5 billion” (7). Increasing the minimum wage by just $2.85 would help families below the poverty line make a living with their money and move out of poverty. With the increase of income, individuals are able to afford the basic essentials such as a home or clothing with benefits included. Overall, the growth of an individual’s income aids the job holder and their family stays afloat. On the other hand, however, many argue that the increase in the minimum wage will not reduce poverty. By increasing the minimum wage many companies will be forced to fire unskilled workers because the company is unable to pay. George Reisman states, “Those who are unemployed elsewhere and who are relatively more skilled will displace workers of lesser skill, with the ultimate result of still more unemployment among the least-skilled members
Seven dollars and twenty-five cents are unable to help poverty stricken families provide for the basic essentials that a family may need. Due to the lack of increases or promotions, many are stuck at a standstill remaining at an equilibrium where many spend the same amount of money that is made; just barely breaking even. Elise Gould states, “the Congressional Budget Office (CBO) reports that the Harkin-Miller bill to raise the minimum wage to $10.10 would cumulatively boost incomes of people below the federal poverty line by $5 billion” (7). Increasing the minimum wage by just $2.85 would help families below the poverty line make a living with their money and move out of poverty. With the increase of income, individuals are able to afford the basic essentials such as a home or clothing with benefits included. Overall, the growth of an individual’s income aids the job holder and their family stays afloat. On the other hand, however, many argue that the increase in the minimum wage will not reduce poverty. By increasing the minimum wage many companies will be forced to fire unskilled workers because the company is unable to pay. George Reisman states, “Those who are unemployed elsewhere and who are relatively more skilled will displace workers of lesser skill, with the ultimate result of still more unemployment among the least-skilled members