People are glad that the minimum wage is increasing. This new law, which requires for all employs to get paid ten dollars an hour, is going to help the economy out in many ways, but it can also hurt it. People state that the economy is going to start rising up and is going to be stable for a while, but others fear that it will bring the economy down. Trying to change the minimum wage can bring and start a division between the people’s point of view. Also, it brings a lot changes towards the country and people for the better or the worse.
Minimum wages has been an issue for a long time now. People have been fighting for a long time for the money they wish they should be getting. They feel that the hard work they put in, does not cover the
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People have been asked if they feel that the government is spending the money they take from citizens well enough. “The average taxpayer now believes that state governments waste 42 cents out of each dollar, while the federal government wastes 53 cents out of each dollar.” (Schiller 83) Taxpayers are noticing that the government is spending the people’s money in any right way. They feel like the government is taking their money only for to “waste” it on something unnecessary. Looking at the chart in page 83 in the book, we can notice that more people agree that the government is just “wasting” money since 1980. Since 1980 people know that the government is just taking their money for nothing, but surprisingly in the year 2002 we can see that the number of people lowered down. From that year on the number of people increased back up again. The more money people are getting, the more money they will need to give back to government. Workers are far well glad that this change is going to happen, but they just do not like the idea that everything or most things will be rise up on pricing. More money earned more prices go
Sherk states the cause of this would be because, from the increase, businesses “always respond to higher cost by economizing,” which is to reduce spending. Once Sherk explains the reasons for his position, he offers the reader evidence to support his claim. To support his claim, Sherk tells the reader that, based on a study, every “10 percent increase would cost 1.2 percent to 1.7 percent of low-income workers their jobs” and would reduce teenage employment by two sevenths percent (Sherk). Also, from the beginning of the recession and the increase, “unemployment among teenagers has risen 6.4 percent to 22.7 percent” and “the unemployment rate for adults without a high school diploma has risen 7.8 percentage points to 15.3 percent” (Sherk). Sherk supports his claim by offering the reader substantial amount of
the Pew Research Center found. The some corporations that don’t pay their fair share maintain of higher income families or also know as rich people. The lower income families were found to pay more than they should and that the Government bank on them more than the higher income. Finally, the medium income families present that the taxes should be reformed. What has this to do with the Government getting its’ power from the people?
Minimum wage would raise the wages of many workers and increment benefits what disadvantaged workers. An estimated 6.9 million workers would receive an incrementation in their hourly wage if the minimum rage were raised to $10.15 by 2015. Due to the spill over effect the 10.5 million workers earning up to a dollar above minimum wage would withal be liable to benefit from an incrementation. Women are the most astronomically immense group of beneficiaries from a minimum wage increase. Sixty percent of workers who would benefit from an incrementation are women.
One reason that raising minimum wage would help the economy is that it gives a change in income. Generally, an increase in income increases the demand for goods at all prices. If a worker has more money due to a raise
As the workers earn more money, the product they provide increases in worth. Large companies such as McDonald’s and Walmart charge more money for the products consumers buy due to the increase in labor cost (Hawkins). The consumers will have more money from their minimum wage jobs, but products they wish to purchase will cost more leaving the workers at the same place they started. Due to The United States’ supply and demand economy by raising the minimum wage the dollar will decrease in value. Large corporations will not cut their company’s profit or their own paychecks to pay employees more.
Throughout the years the United States’ economy has had to overcome many obstacles to get to where it is today, through good times and bad. One of the major topics that have been discussed for over the past decade is raising the federal minimum wage. This specific topic has been debated all up through presidential debates and congress meetings to where even voters are influencing their governor votes on rather if they will fight for raising the federal minimum wage or not. The desire to increase the federal minimum wage has been gaining momentum throughout the years “as a way to alleviate rising wage and income inequality”, especially within this past presidential debate between Hillary Clinton and Donald Trump (Neumark). Many states have already raised the minimum wage by their choice, but doing this to the rest of the country through law
Various arguments that have been put across for why the minimum wage should be increased will be explored. The research will provide an introduction to the issue with some historical background as well as the current dynamics surrounding the issue. After which, the direction of the paper will drive towards proving that the minimum wage should be increased by exploiting researched facts as well as evidence-based arguments that have been put forward by various experts concerning the issue. The paper will not include opposition arguments but it will focus on presenting a strong case as to why the wage should be increased as opposed to why it should not be increased or rather counter-arguing the facts presented by the other divide of the subject matter at hand. The research will use figures, numbers as well as other facts about the topic from previous research to build the case for increasing the
America one of the richest countries that prides itself on its buoyancy of capitalism, and by its very nature drives by a monetary system that enslaves the working poor. Corporations continue to lay off workers’ for larger profit margins; deliberately labeling and adding moderate jobs to the market, thus, avoiding higher wages that would interfere with their profit margins. Corporations have no fairness; there will always be winners and losers, or rather the rich, and the poor. Although at one time, a beneficial medium made for a strong middle class. The labor unions that protected the interest of the low- wage worker helped create a livable wage with benefits, but today the workers that make up the middle class are simply vanishing, because
Americans can all agree that America is struggling to keep unemployment rates low. If the government raised the minimum wage to $10.10, a projected 85,000 jobs will be created in the next three years. Along with the increase of minimum wage, everyone will be making more money, otherwise known as wage inflation. If the minimum wage goes up three dollars, people who make more than minimum wage will get more money to compensate for employees that make minimum wage. The modern economy is far too ahead of the measly $7.25 minimum wage workers make.
A minimum wage increase from “$7.25 to $10.10 would result in a loss of 500,000 jobs”. ("The Effects of Minimum-Wage Increase on Employment and Family Income”) This claim is better because it shows how raising the minimum wage will decrease job growth instead of increasing it. But, the minimum wage should be increased because increasing will also increase economic activity and spur job growth, decrease poverty, and improvements in productivity and economic growth have outpaced increases in the minimum
From the first glance, the rise of the federal minimum wage is beneficial to everyone. It will improve living standards and the country’s overall economy, create more job opportunities, and reduce the poverty rate. However, after analyzing some economic theories and reading presumption made by qualified economists the idea of increasing the federal minimum wage will not look as good as before. Oppositely to benefits the raise may adversely affect standard of living, cause layoffs and fewer hirings, or has negative effect on poverty rate. Both points of view show the significant impact that the raise of the federal minimum wage may cause and both of them are partly correct.
This is especially true due to the devaluation of the U.S. dollar in the last couple decades, which has left people in far worse financial distress then previous generations have had to contend with. Advocates claim that an increase in the federal minimum wage will actually boost job creation and growth in the U.S. economy by providing the common people with more spending allowances thus stimulating the economy. Supports further contend that the deteriorating value of the minimum wage is one of the main sources of income inequality between low and mid range employees; and that a majority of Americans, incorporating a thin margin of self proclaimed conservatives actually are in support of increasing the minimum
Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.
In conclusion, a federal minimum wage increase will significantly improve the standard of living of low-wage workers. To meet their basic needs, workers must be given a living wage. It is not only morally correct to do so, but also beneficiary to both ends. The increase in wages allows for a more supportable income, but it also stimulates the economy.
In the past three years, many politicians and labor unions have been pushing for an increase in minimum wage. Minimum wage is the lowest set wage by a law of a government body. An increase in minimum will benefit some people, and hurt others. An increase in minimum wage will cause benefit in the short run but will be very damaging to the economy in the long run. There should not be an increase in minimum wage because it is unhealthy to the economy in the long run and it will be the major cause of job loss, increase in inflation, competition, and the price level of goods and services.