Minimum Wage Persuasive Speech
Minimum Wage Persuasive Essay Lately, minimum wage has been a huge debate in the news nationwide. There is a popular argument being made by people chanting and creating signs that say, “FIGHTFOR15.” This means that individuals are fighting for the federal minimum wage to be increased from $7.25 per hour to $15.00 per hour. These people do not believe that $7.25 is enough to live on and provide for one’s family. I feel that if the federal minimum wage were to be increased, it would cause many disastrous ripple effects because of such an act. Raising the federal minimum wage is said to believe that it would increase economic activity and create more jobs throughout the economy. According to The Economic Policy Institute, “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
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When minimum wage is increased, most people see their hour’s decline along with their employment. As explained by George Reisman, PhD, Professor Emeritus of Economics at Pepperdine University, "The higher wages are, the higher costs of production are. The higher costs of production are; the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them" (Reisman, para. 1). To put this into simpler terms, there is a ripple effect that occurs when the minimum wage is increased. There are consequences that slowly appear as the minimum wage begins to become higher.
On one hand, many people believe that productivity and economic growth would be increased tremendously if the minimum wage were to be increased. According to one authority, America’s income has grown by over 100% since the late 1960’s, "If our standard for minimum wages had kept pace with overall income growth in the American economy, it would now be $21.16 per hour" (Babones, para. 7 &
When minimum wage is increased, most people see their hour’s decline along with their employment. As explained by George Reisman, PhD, Professor Emeritus of Economics at Pepperdine University, "The higher wages are, the higher costs of production are. The higher costs of production are; the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them" (Reisman, para. 1). To put this into simpler terms, there is a ripple effect that occurs when the minimum wage is increased. There are consequences that slowly appear as the minimum wage begins to become higher.
On one hand, many people believe that productivity and economic growth would be increased tremendously if the minimum wage were to be increased. According to one authority, America’s income has grown by over 100% since the late 1960’s, "If our standard for minimum wages had kept pace with overall income growth in the American economy, it would now be $21.16 per hour" (Babones, para. 7 &