Raising The Minimum Wage Analysis

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
Trugman, includes many supporting facts to support his argument on why a $15 minimum wage would hurt the economy and the society as a whole. The facts help the reader visualize Trugmans argument on how the rise of minimum wage will affect the poverty levels and economy itself. For example, when Jonathon M. Trugman writes, “Even President Obama has been calling for a more modest increase in the minimum wage, to $10.10 per hour. But even his plan will cost jobs and cut employment by 500,000, per the Congressional Budget Office’s own study. The estimates for the number of jobs lost or hiring put off due to a $15-per-hour minimum wage come in at 6.6 million, according to research done by Douglas Holtz-Eakin, the former head of the CBO, and Lawrence Mone, president of the conservative think tank Manhattan Institute.” (CITE) The essence of Jonathon M. Trugman’s argument is that with a slight increase there is much damage that can be