Minimum wage is not just about somebodies income. Raising it will have much greater affect on the economy. The cost of goods and housing will go up. The reason the price of those things will go up is because we still have to help cover the cost of workers. By increasing the minimum wage it will decrease ones desire to further their education.…
in lemons). Cooper has a very valid point in this statement. By raising the minimum wage, it allows people to function on their own. It allows them to feel secure about their money, more so then they did before. They feel that they have some breathing room in the situation, and don’t have to scramble for money. Yes, raising the minimum wage will not help immediately, but in the long run it will have a lasting effect on the person’s financial situation. Last year my mom received a small raise, and it didn’t really help at first, but later down the road we were able to pay off some things and get ahead. People just need that little bit of security to help them keep going in…
We the Bengal party believe that the minimum wage should stay at seven dollars and twenty five cents because raising it would result in a catch twenty two. Many Americans want to increase the minimum wage because they feel that it would decrease the poverty rate, however the opposite effect would be seen. If the minimum wage were to be raised, more people would be pushed into poverty. Employers would have to pay their employees higher wages which could result in less job openings or available hours for shifts. Businesses could lay off workers because they would need to save money to stay afloat.…
Although raising the minimum wage may cause inflation, “According to Dr. Pacitti, inflation would likely less than 1 percentage point per year in the wake of a $15 minimum wage. ‘Firms could accept lower profits to offset any inflationary impact.’” (“Real Talk: The Potential Impact of a $15 Minimum Wage") This was also supported by John Wihbey, “Overall, price increases are modest: For example, a 10% increase in the minimum wage would increase food prices by no more than 4% and overall prices by no more than 0.4%, significantly less than the minimum-wage increase.” Many people fear raising the minimum wage would hurt the economy by causing inflation however, statistics show that raising the minimum wage has little effect on inflation rates and that its profits significantly outweigh the costs. Also, even though many businesses would have to reduce the number of workers, the number of people benefited greatly exceeds the number harmed. “Under the $10.10 scenario, there would likely be a reduction of about 500,000 workers across the labor market, as businesses shed jobs, but about 16.5 million low-wage workers would see substantial gains in their earnings in an average week.” (Wihbey "Effects of Raising the Minimum Wage) Overall, as research and calculations have shown, raising the minimum wage benefits the economy and workforce more than it does harm, and immediate actions should be implemented to help the economy grow and ensure equality in the…
Although many may argue that raising minimum wage should not be done because it’s just enough for people to provide their families many think that it isn’t enough and it needs to be raised. In the American Prospect they talk about how the minimum wage pay is way too low for people to live in a standard living environment. The author of this article is trying to express the fact that getting payed minimum wage is too little and it’s just enough for someone to pay the house bills and it’s not enough for people to get anything for themselves or even for their children. Although many think that it won’t help or benefit the poor it will because it’s giving them many more job opportunities and helping them provide for their families.…
I’M GOING TO BE HOMELESS!!!!!!! Now don't panic but this is what goes through most minimum wage worker minds. Its tough enough for them to work all the time to try to support their family and make ends meet. It will be even harder if minimum wage goes down. Many people will be on the streets or needing to get government help.…
As living expenses rise, and inflation takes its toll, it is merely common sense to raise minimum wage to help blue collar Americans cope with the everyday change in our currency. Raising the minimum would help cover the basic necessities of an average worker’s life, stimulate the economy, and help balance the growing gap between the middle and upper classes.…
The government redistributes income from business towards low wage workers to reduce inequality by the minimum wage laws. It also provides a boost to low wage workers to look for a job because the minimum wage is higher than the previous salary. Additionally, the increase of minimum wages can light workers’ enthusiasm to improve their productivity. As well, according to the survey, when American minimum wage raised by $7.25 per hour, more than 16 million low-wage workers directly benefit from the increase, and another 8 million slightly skilled workers get relevant benefits. This would increase $31 billion to the paychecks of families ranging from poverty level to the middle class to boost their spending power and add the nation’s economic output and total…
According to the Economic Policy Institute, if the minimum wage could be raised from $5.15 to $7.25 by 2008, then an estimated 14.9 million workers (11% of the workforce) would receive an increase in their hourly wage rate. This increase would affect 6.6 million workers (5% of the workforce) of these workers who currently earn less than $7.25. Consequently, The additional 8.3 million workers (6% of the workforce) earning slightly above the minimum would also likely benefit from an increase due to spillover effects (Facts at a Glance…
Minimum wage had been a huge problem in today's world. It affecting about 1.3 millions people a year and continues to grow. People been trying to raise minimum wage forever. Minimum wage is affecting the lower and middle class the most. Some people don't notice what's really happening because they're blinded to how much they really should be making. Inflation also has to do with minimum wage. We think we get paid more, but in reality we don’t. Raising minimum wage also means prices for good go up as well. Basically we still at the same place we started. That's how they get us, by making us think we are making more and were not.…
A study by the Economic Policy Institute found that not only can a family of four not make a living on minimum wage, but even a single person needs more than minimum wage to cover basic living expenses. It takes a typical family of four sixty-four thousand dollars a year for living expenses in an average area. This is far from being covered by a minimum wage job. This information is similar to that obtained by other organizations and makes a good case for raising the minimum wage. Another possible benefit is that it could help some low income workers making above minimum wage that still do not make enough to cover basic expenses.…
Life is getting more expensive and people have to gain more money for their life styles. Working people lives in the paycheck of the minimum wage. A Minimum wage is the minimum an employer has to pay an unskilled worker based on the regulations set forth by the Fair Labor Standards Act (FLSA) that was originally established in 1938. Over the years there has been much debate about raising the federal minimum wage. Some are against and some are in favor in raising the minimum wage.…
Firstly, the economy would be impacted due to job losses. Harris says, “The proposed increase in the minimum wage to $10.10 an hour would cost the economy 500,000 jobs”. An increase in minimum wage would negatively impact the flow of money in our economy. Secondly, minimum wage has already affected the food industry. Puzder describe food service jobs have plummeted in Seattle and San Francisco. In San Francisco 2,500 food service jobs have been terminated, and in Seattle 1,100 have as well. As you can see, raising minimum wage has already impacted jobs in large cities on the west coast. Thirdly, new businesses are discouraged because of larger minimum wages. Puzder continues to report, that new business startups were less than the number of business closures. Businesses are struggling to stay afloat in this economy. In sum, the economy in the United States would be negatively impacted by increased minimum…
Currently, twenty-nine out of the fifty states pay a higher minimum wage than the federal minimum wage requires. Some of those states are just barely over $7.25 an hour; contrarily, others have wages as high as $9 and $10 (“State Minimum Wage”). This means more than half of the country has already raised their minimum wage. $10.10 would help one in five Americans (Quinn). Even though certain states have higher wages, they do not match $10.10. $10.10 is even below what the wage would be if it had kept up with inflation…
One of the most commonly asked questions in our society is whether or not the government should raise the minimum wage. While raising the minimum wage would not only lift individuals out of poverty, but it would also put our economy in danger. Raising minimum wage in the United States will destroy the economy because it will increase inflation, raise the unemployment rate and decrease corporations’ fundings due to labor cost.…