Why Is The Minimum Wage Necessary
Raising the Minimum Wage: A Necessity
Most people can look back and remember their first job, the one that provided them the preparatory competence they required to excel and improve themselves in life. But several people remember their first job, unfortunately it’s the job they still have. These first jobs frequently start off on minimum wage. Having a low minimum wage averts people from improving themselves, therefore being stuck with a minimum wage job their whole life. Various people assume that most of the people who work in minimum wage jobs are teenagers, but the truth is that 88% of workers who would be affected by raising the minimum wage are at least 22 years old, and a third of them are a least 40 years old (Cooper).In 1938, congress ratified the federal minimum wage with two objectives in mind: Advancing consumer spending for financial recovery and sustaining workers away from poverty. Today there are many arguments on whether we should increase the minimum wage once more. …show more content…
Businesses could decide to deal with the raise in wages in a discouraging way, by raising their prices. If the price of goods and services goes up throughout the board to make up for higher employee wage it may not only contradict the wage hike for low-income workers, but also accidentally hurt middle-class Americans’ pocketbooks. Another probable consequence is that as an alternative for raising prices to oppose the higher cost of wages, businesses simply cut employees or reduce benefits. A CBO report from 2013 estimated that half a million jobs would be lost if the federal government were to raise wages (Wiliams). But as President Roosevelt said “It seems to me to be equally plain that no business which depends for existence n paying less than living wages to its workers has any right to continue in this
Most people can look back and remember their first job, the one that provided them the preparatory competence they required to excel and improve themselves in life. But several people remember their first job, unfortunately it’s the job they still have. These first jobs frequently start off on minimum wage. Having a low minimum wage averts people from improving themselves, therefore being stuck with a minimum wage job their whole life. Various people assume that most of the people who work in minimum wage jobs are teenagers, but the truth is that 88% of workers who would be affected by raising the minimum wage are at least 22 years old, and a third of them are a least 40 years old (Cooper).In 1938, congress ratified the federal minimum wage with two objectives in mind: Advancing consumer spending for financial recovery and sustaining workers away from poverty. Today there are many arguments on whether we should increase the minimum wage once more. …show more content…
Businesses could decide to deal with the raise in wages in a discouraging way, by raising their prices. If the price of goods and services goes up throughout the board to make up for higher employee wage it may not only contradict the wage hike for low-income workers, but also accidentally hurt middle-class Americans’ pocketbooks. Another probable consequence is that as an alternative for raising prices to oppose the higher cost of wages, businesses simply cut employees or reduce benefits. A CBO report from 2013 estimated that half a million jobs would be lost if the federal government were to raise wages (Wiliams). But as President Roosevelt said “It seems to me to be equally plain that no business which depends for existence n paying less than living wages to its workers has any right to continue in this