Raising Minimum Wage Affecting America's Economy

Minimum Wage Recently, in our EAP class we have learned the ten principles of Economics. As we all know, the economy is one of the most important parts in every country; it can cause countries to be big or small. The minimum wage affects the fluctuations of the overall economy. Each country has the different levels of minimum wage. Because of the minimum wage, the country’s economy is more stable and balanced. In order to understand how the minimum wage influences the country’s economy, there are some advantages and disadvantages of raising minimum wage for workers, employers and society. When we think about the advantages and disadvantages of raising minimum wage, the first part is workers. As we all know, workers are the key part in our
(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
All of the people live in the world. Different people have the different position in the society. However, we must stay and play a right role in the society. Each position has their own responsibility. And every people should use their ways to make the country become more powerful. The first key point is keep our society balance. So raising the minimum wage might be a good solution. According to the article named Should the Federal Minimum Wage Be Increased? says “A minimum wage increase would help to reduce race and gender inequality.” The figure shows that despite representing 47% of Us workers, women make up 63% of minimum wage workers. (Issues, 2011)African Americans represent 12% of the US workforce, and make up 17.7% minimum wage earners. 16% of the labor force is Hispanic, and they represent 21.5% workers making the minimum wage. (Issues, 2011)In a time when the median income for women is 78% of the national median income, and African Americans and Hispanics make 67% and 79% of the median income respectively, increasing the minimum wage is necessary to create a more equitable income distribution for disadvantaged groups. It’s helpful to keep balance in the society. Nevertheless, we also need to know there are also have some disadvantage. “Raising the minimum wage would increase the price of consumer goods” says Chad Stone. A 2013 article by the Federal Reserve Bank of Chicago stated that if the minimum wage is increased,