What Are The Pros And Cons Of Raising The Minimum Wage
Abstract
The following report explores the topic of US government regulation of the minimum wage, and its advantageous or disadvantageous affects if the wage is raised. This report will also analyze the claims of the benefits and harms of raising the minimum wage by examining the validity and foundations for each argument, as well as provide alternatives to raising the minimum wage in order to help the poverty-stricken and low skilled workers that raising the minimum wage supporters are aiming to do. Minimum wage has been a subject of many debates since its creation in 1938 as a part of the Fair Labor Standards Act.
Pros and Cons of Increasing the Minimum Wage
Introduction
Minimum wage is a government-enforcedlaw …show more content…
This reasoningsuggests that if the minimum wage were raised, then those low-skilled workers would be able to afford essential everyday items andestablish a minimum standard of living. Another reason to support the raising of the minimum wage is that it would act as an economic stimulus. If the low-income families were to receive a salary increase, consumer spending would increase as well and pump money into the economy.
Introduction of the Cons of Raising the Minimum Wage
Those who oppose raising the minimum wage argue that increasing the minimum wage would lead to job loss and an increase in unemployment. If employers are forced to increase the wages for their employees, then the overall cost of labor will increase as well. In order to keep the business profitable, employers are then forced to lay off employees. Another reason to oppose a raise in minimum wage is that it will encourage students to devalue their education and quit school to work as a minimum wage employee.
Analysis of the Pros of Raising the Minimum
The following report explores the topic of US government regulation of the minimum wage, and its advantageous or disadvantageous affects if the wage is raised. This report will also analyze the claims of the benefits and harms of raising the minimum wage by examining the validity and foundations for each argument, as well as provide alternatives to raising the minimum wage in order to help the poverty-stricken and low skilled workers that raising the minimum wage supporters are aiming to do. Minimum wage has been a subject of many debates since its creation in 1938 as a part of the Fair Labor Standards Act.
Pros and Cons of Increasing the Minimum Wage
Introduction
Minimum wage is a government-enforcedlaw …show more content…
This reasoningsuggests that if the minimum wage were raised, then those low-skilled workers would be able to afford essential everyday items andestablish a minimum standard of living. Another reason to support the raising of the minimum wage is that it would act as an economic stimulus. If the low-income families were to receive a salary increase, consumer spending would increase as well and pump money into the economy.
Introduction of the Cons of Raising the Minimum Wage
Those who oppose raising the minimum wage argue that increasing the minimum wage would lead to job loss and an increase in unemployment. If employers are forced to increase the wages for their employees, then the overall cost of labor will increase as well. In order to keep the business profitable, employers are then forced to lay off employees. Another reason to oppose a raise in minimum wage is that it will encourage students to devalue their education and quit school to work as a minimum wage employee.
Analysis of the Pros of Raising the Minimum