Many business owners have argued that raising the minimum wage would cause hardship and cause businesses to raise their prices, but many workers argue that raising the minimum wage is necessary to help low-income workers to get out of poverty. Two main issues that workers face are insufficient wages to support their families which causes them to depend on government funding. Secondly, workers are faced with decreased job satisfaction due to making low wages. In my opinion, minimum wages should be increased because it will allow workers to feel that they have job security. Additionally, increased pay will allow people to further support themselves and avoid taking benefits from the government and can use…
The second fallacy that was enlightening was how minimum wage works. In this crazy year before the next presidential election, minimum wage has become a hot button issue. The problem with politics is that no one ever explains the economics of minimum wage. They just throw out policy ideas without actually informing the voting public on how they came to a conclusion. After learning about supply and demand of work force, it finally cleared up all the misinformation that I have heard. The greatest thing is that all the current candidates have not purposed a solution that was equal to what would actually solve the minimum wage issue. We learned that minimum wage is a government policy the artificially keeps wages higher than the market equilibrium…
The argument rather or not the minim wage should be raised rather or not if it will effect furtue jobs and if employers can afford to pay when you look at the economic status of people tha work in the fast food industry and hoe it will affect them…
This source has given me more insight to the controversial debate of minimum wage. It made me realized that by increasing minimum wage we would require the middle class to pay less for the lower class standard of living, which would be aiding society. A Con would be how it might cause an unpredictable inflation within the nation, and a repeat of the great depression might occur. Overall, this article haven’t changed my view of minimum wage; it only strengthens my already adamant opinion that minimum wage should increase in the United…
In his article “ Raising minimum wage won’t lower poverty”( Saltsman, 2011) discussed that raising the minimum wage may contribute to reducing the incidence of poverty at the same time may increase the incidence of poverty. Although raising the minimum wage contribute to the economic development and create many jobs and thus reduce unemployment. However, a lot of studies have shown that all of these pros of the lifting of the minimum wage will turn into cons by reducing the employment rate. After that , he mentioned the need to find regulations to imposing monthly salaries and hiring a lot of people instead of the consequences associated with the minimum wage.…
They form two diametrically opposed forces. Opponents argue that the minimum wage is unfavorable employment, while the supporters argue that the minimum wage can promote employment. I believe that, the impact of minimum wages on employment is not the same. It defies generalizations. Minimum wage policy is to increase employment or reduce employment, or have no impact on employment, depending on the specific circumstances of a country's labor market. If the labor market is in a state of perfect competition, introduction of a minimum wage may be to some extent reduce employment. If the labor market is in a state monophony and an appropriate level of minimum wage, it will help employment. If employers reduce the welfare of the employees, it objectively will weaken the employment. In addition, a large number of foreign empirical results also demonstrate the impact of the minimum wage policy on employment is…
Does increasing the price of goods just to raise minimum wage sound like a good idea? There is debate whether the minimum wage should be raised. Everyone probably has a different take on the idea of this. It wont actually decrease poverty, which is why the whole thing is being brought up; because people assume it, will. My point is that the minimum wage should not be raised.…
In the article “Would raising the minimum wage help alleviate poverty”, David Cooper makes a valid point on the subject. Cooper talks about how he believes the minimum wage should be raised because he thinks it will help end poverty. In his column he also gives statistics on why it would be better to raise the minimum wage.…
“Your total is 26.55.” Imagine having to spend that much on something so little because prices went up.…
(Hanauer)Some people may think that is so crazy. However, the result is great. Seattle is the fastest-growing big city in the America. Washington state is generating small business jobs at a higher rate than any other major state in the nation. And the restaurant business in Seattle is also growing rapidly. The one of the reason is because the fundamental law of capitalism is when workers have more money, businesses have more customers and need more workers. If the employers can pay more money to workers, the workers will have more positive attitude on their work and bring more profits for their company. Nonetheless, there is also someone against to raise the minimum wage. The video named Does the minimum wage hurt workers? Antony Davies says “Minimum wage often hurts those who are most in need of our help.” (Davies, 2012)In this video, he uses an example to explain his opinion. Here are three people work at a same restaurant, Bob, Tom and Derek. The minimum wage of them is $8 per hour. Their income is depending on how many works they done. As the result, you can…
A main controversial issue in todays society is whether or not to raise minimum wage and how much to raise it by. There comes both benefits and consequences to raising the minimum wage price. In an article written by David Henderson titled, “ Raising the Minimum Wage Will Not Reduce Poverty” Henderson discusses the consequences to raising minimum wage and how it may affect the youth and currently employed. In another related article found on the New York Post by Jonathan M. Trugman titled, “Raising minimum wage would cost a million people their jobs” Trugman confronts, “ The American worker is grossly underpaid, by about 25 percent to 30 percent — heck, wages have been stagnant for almost a decade.” (CITE) According to both David Henderson and Jonathon M. Trugman the consequence of raising minimum wage could amount to thousands to millions of Americans loosing their jobs and becoming unemployed. Though I concede that the minimum wage price should…
Minimum wage is a topic that is always being discussed and debated over. One reason that this subject is so popular is because everyone who has a job is affected by the result of the wage. Some believe that the minimum should be raise to at least $9, while others strongly believe that the raise in wages will disturb the state of the economy. In the articles I have selected the pros and cons of raising the minimum wage are clearly stated. Some of the texts are editorial articles, and scholarly articles that have to do with the raise in the wage and others options on the subject.…
Minimum wage has been a controversial debate for many years. Many proponents argued that the minimum wage should be raised for many positive reasons. These reasons include: lift people out of poverty and create income equality, reduce government welfare spending, and increase consumer spending. While many other opponents argued, minimum wage should not be raised because of the negative impacts associated with it. These impacts include: increase in poverty because many workers will lose their jobs, an increase in the prices of goods and services, and reduce consumer spending.…
The history of the minimum wage in this country go back almost 100 years to the great depression and FDR. The arguments for and against the minimum wage go back just as far and tend to be emotionally charged. But does this policy, established during the great depression still make sense today? As the economy enters a new, global, era does the minimum wage help or hurt us? Through a review of arguments both for and against the minimum wage, and a review of the research that supports or disproves those arguments this paper hopes to present a balanced non-emotional look at the minimum wage and present a recommendation for how to approach this issue in the future.…
Opponents of this minimum wage raise believe it will lead to layoffs for employees in low-skilled jobs; however, the research indicates businesses will be stable enough to handle paying reasonably more to their minimum wage employees. Additionally, raising the federal minimum wage will allow millions of workers to be financially independent which will save the taxpayers millions of dollars otherwise going toward welfare for the minimum wage workers. Another benefit of raising the minimum wage is better quality lives for hard working Americans making the minimum wage; people working full time should not be in poverty and raising the minimum wage can ensure full time workers are compensated fairly. Undeniably, there is a problem in the American economy if a full time employee relies on welfare and does not have a home to go to after working hours on…