Raising The Minimum Wage Research Paper
Raising the Minimum Wage
COMM/215
May 05, 2014
Linda Camp
Raising the Minimum Wage
The Great Recession that began in late 2007 caused many downfalls such as real estate collapse, financial crisis, and major loss of jobs. This recession lasted until 2009 which to this day researchers say that the after math of the recession has yet to decease. The economy has not yet gone back to the way it was before the recession started. Did you know that during the Great Recession Australia was not fazed by this horrible time? There are many reasons why Australia did not faze this troublesome time, but one main reason why is because right before the Great Recession they had raised their minimum wage to $13.47 in 2006. Then they raised it …show more content…
again in 2007 to $13.74, which is a 27 cent increment.
When raising the minimum wage we think about what issues this can cause. The only issues concerned with raising the minimum wage is, “Would it cost a loss of jobs and will it make the economy better?” As we discuss this we will find that there will be no issues because raising the minimum wage will not only increase the job opportunities it will also allow workers to have more money to take care of their family’s financial needs. According to some political leaders raising the minimum wage will not help people out of poverty or even generate new jobs. That raising the minimum wage too high or too quickly will discourage business owners to hire more people, (“ECONOMIC PROSPECTS: Making the Federal Minimum Wage a Living Wage,” 2007).
When discussing the benefits of raising the minimum wage we find that it will provide financial stabilization for workers and their families.
Raising the minimum wage will allow low-income workers get off the poverty line. The Covert (2014) website says, that according to an economist known as Arindrajit Dube raising the federal minimum wage to $10.10 will take an average of 4.6 million people out of poverty. The poverty line for a family of two is $14,570 per year and if you take the current minimum wage of $7.25 low-income workers will make $15,080 per year which is just $510.00 away from being on the poverty line, ("Minimum-Wage.org", 2011). If the minimum wage is raised to $10.10 like President Obama said he would like the minimum wage to increase to in the next couple of year’s workers will be making $20,200 per year. Making the minimum wage $10.10 would benefit low-income workers by providing them with enough money to be taken off government benefits and charities such as welfare and food stamps. Workers will have enough money to pay bills and feed their families if the minimum wage is …show more content…
increased.
Another benefit of raising the minimum wage is that it will help the growth of the economy by providing more jobs and higher sale revenues for businesses because people would have more money to spend.
There will be more jobs because of the higher consumer demands. According to an analytic study of the Fair Minimum Wage Act of 2013, $30 billion in economic activity will be created and 140,000 new full-time jobs will be generated, ("Raise the Minimum Wage Rebuilding an Economy That Works for All of Us.", n.d). It is also said that 52% of small business owners see eye to eye when it comes to raising the minimum wage because it provides workers with more money to shop at local businesses which can help create more jobs, ("Small Business Majority",
2014). We should all vote for minimum wage to be raised so more people can be taken off the poverty line and more jobs can be generated to help the economy grow. If we raise the minimum wage we can completely get out of the recession that occurred in the year 2007. The National Bureau of Economic Research claims that the recession ended in 2009, but the economy has not been up to its original state before the recession started, ("Bls Spotlight on Statistics the Recession Of 2007–2009", 2012). Boosting the economy and helping workers earn enough pay to get out of poverty should spark your interests in raising the minimum wage. With that being said we the people should take every action necessary to get the minimum wage raised to improve our economy.
References
BLS SPOTLIGHT ON STATISTICS THE RECESSION OF 2007–2009. (2012). Retrieved from http://www.bls.gov/spotlight/2012/recession/pdf/recession_bls_spotlight.pdf
Covert, B. (2014). ThinkProgress. Retrieved from http://thinkprogress.org/economy/2014/01/03/3115831/minimum-wage-poverty/
Minimum-Wage.org. (2011). Retrieved from http://www.minimum-wage.org/states.asp?state=Texas Raise the Minimum Wage- Rebuilding an economy that works for all of us. (n.d). Retrieved from http://www.raisetheminimumwage.com/pages/job-loss
Small Business Majority. (2014). Retrieved from
http://www.smallbusinessmajority.org/small-business-research/minimum-wage/small-business-support-increasing-minimumwage.php?gclid=COHjsoTzkr4CFcNlOgodVisAeg
COMM/215
May 05, 2014
Linda Camp
Raising the Minimum Wage
The Great Recession that began in late 2007 caused many downfalls such as real estate collapse, financial crisis, and major loss of jobs. This recession lasted until 2009 which to this day researchers say that the after math of the recession has yet to decease. The economy has not yet gone back to the way it was before the recession started. Did you know that during the Great Recession Australia was not fazed by this horrible time? There are many reasons why Australia did not faze this troublesome time, but one main reason why is because right before the Great Recession they had raised their minimum wage to $13.47 in 2006. Then they raised it …show more content…
again in 2007 to $13.74, which is a 27 cent increment.
When raising the minimum wage we think about what issues this can cause. The only issues concerned with raising the minimum wage is, “Would it cost a loss of jobs and will it make the economy better?” As we discuss this we will find that there will be no issues because raising the minimum wage will not only increase the job opportunities it will also allow workers to have more money to take care of their family’s financial needs. According to some political leaders raising the minimum wage will not help people out of poverty or even generate new jobs. That raising the minimum wage too high or too quickly will discourage business owners to hire more people, (“ECONOMIC PROSPECTS: Making the Federal Minimum Wage a Living Wage,” 2007).
When discussing the benefits of raising the minimum wage we find that it will provide financial stabilization for workers and their families.
Raising the minimum wage will allow low-income workers get off the poverty line. The Covert (2014) website says, that according to an economist known as Arindrajit Dube raising the federal minimum wage to $10.10 will take an average of 4.6 million people out of poverty. The poverty line for a family of two is $14,570 per year and if you take the current minimum wage of $7.25 low-income workers will make $15,080 per year which is just $510.00 away from being on the poverty line, ("Minimum-Wage.org", 2011). If the minimum wage is raised to $10.10 like President Obama said he would like the minimum wage to increase to in the next couple of year’s workers will be making $20,200 per year. Making the minimum wage $10.10 would benefit low-income workers by providing them with enough money to be taken off government benefits and charities such as welfare and food stamps. Workers will have enough money to pay bills and feed their families if the minimum wage is …show more content…
increased.
Another benefit of raising the minimum wage is that it will help the growth of the economy by providing more jobs and higher sale revenues for businesses because people would have more money to spend.
There will be more jobs because of the higher consumer demands. According to an analytic study of the Fair Minimum Wage Act of 2013, $30 billion in economic activity will be created and 140,000 new full-time jobs will be generated, ("Raise the Minimum Wage Rebuilding an Economy That Works for All of Us.", n.d). It is also said that 52% of small business owners see eye to eye when it comes to raising the minimum wage because it provides workers with more money to shop at local businesses which can help create more jobs, ("Small Business Majority",
2014). We should all vote for minimum wage to be raised so more people can be taken off the poverty line and more jobs can be generated to help the economy grow. If we raise the minimum wage we can completely get out of the recession that occurred in the year 2007. The National Bureau of Economic Research claims that the recession ended in 2009, but the economy has not been up to its original state before the recession started, ("Bls Spotlight on Statistics the Recession Of 2007–2009", 2012). Boosting the economy and helping workers earn enough pay to get out of poverty should spark your interests in raising the minimum wage. With that being said we the people should take every action necessary to get the minimum wage raised to improve our economy.
References
BLS SPOTLIGHT ON STATISTICS THE RECESSION OF 2007–2009. (2012). Retrieved from http://www.bls.gov/spotlight/2012/recession/pdf/recession_bls_spotlight.pdf
Covert, B. (2014). ThinkProgress. Retrieved from http://thinkprogress.org/economy/2014/01/03/3115831/minimum-wage-poverty/
Minimum-Wage.org. (2011). Retrieved from http://www.minimum-wage.org/states.asp?state=Texas Raise the Minimum Wage- Rebuilding an economy that works for all of us. (n.d). Retrieved from http://www.raisetheminimumwage.com/pages/job-loss
Small Business Majority. (2014). Retrieved from
http://www.smallbusinessmajority.org/small-business-research/minimum-wage/small-business-support-increasing-minimumwage.php?gclid=COHjsoTzkr4CFcNlOgodVisAeg