Minimum Wage Raising minimum wage would affect the world all around but not so much as the people wanting it would like. It would mess up all of the economy; to prices going up, insurances, employment rate, and how many people per job site. Minimum wage has been a thing since 1938. It all started with the Great Depression in 1938. It started at twenty-two cents an hour. Minimum wage is not the same throughout the world, states have their own wage as well as companies have their own minimum wage. There is a lot of benefits to it being at $7.25. Although being at $7.25 is not mandatory, you could be better in life and go somewhere bigger and better with better pay. To start off with i 'm going to give you a basic understanding what minimum wage …show more content…
The point of a minimum wage is to help the poor to stay out of poverty. Statistically about 80% of The United States of America is covered by this law minimum wage, but minimum wage isn 't the same everywhere you go the overall national minimum wage is $7.25, but now some places have bumped up their minimum wage to higher. The reason for people having a higher wage is to recruit more workers or just simply because the job is harder and requires either more skill or some sort of a degree. Also just some states in general require its bosses to pay more. With that they also add in ages that you are allowed to work for minimum wage, and what age you 're allowed to work the spot that you want or desire. To me where it is now is where it needs to stay because if it goes up anymore it could be a disaster and we want to be lower that way the less skilled can get a job easier and allow their to be more jobs available that way we can keep the employment rate up. There are a lot of things that company owners or bosses are going to do if the minimum wage is to go up. The biggest thing already happening and that will get worse is people …show more content…
But yeah it is nice to have extra money by raising minimum wage but it is going to be the same thing overall, if not worse the bills are going to go up with it. Raising minimum wage could reduce the benefits you get such as insurance, vacation, and your future. Raising it as well means what about all the people that already have their worked their way to what the minimum wage wants to be set at. Do they expect them to stay at that same wage or go up as much as minimum wage raised. It is hard to raise the minimum wage therefore it shouldn 't. Raising it is a sensible spread. Plus when it is a lot lower there is more jobs and more wanting to hire instead of stacking others with a lot of tasks. It will also kill and put some small businesses out of order. Those small businesses are the ones that sometimes do a lot for us that being we need them. But the ones that are able to stand and stay going are not going to really want to hire. And if they do there might not be insurances, or good stuff to it. It highly discourages them to hire. Owners that still would hire are not going to hire low skilled and are going to make it hard for the high skilled. There are a lot of alternatives that the higher people could overdue if the minimum wage goes
Seven dollars and twenty-five cents an hour, or fourteen thousand five hundred per year, is the lowest amount the government deems appropriate to pay workers. This amount is sufficient for a single person with no extra expenses, but that is often not the reality of minimum wage workers. While some believe that raising the minimum wage would do more harm than good, increasing the minimum wage to a living wage would benefit society by reducing poverty, increasing productivity, spurring economic growth, and improving peoples’ quality of life. Some people say that paying workers a living wage would benefit not only the workers but the whole of society.
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.
Minimum wage should not be raised because it is not an income that someone sold live off of. Minimum wage in the country is currently $7.25 but some states have changed it in a way that is way too much. For example Washington state currently has the highest minimum wage at $9.32 that’s a $2.07 increase to the current amount minimum wage. Seattle is currently considering to raise their minimum wage to $15 it’s understandable that the city is very large and things cost more money but if they raise minimum wage to $15 that will only bring inflation causing things to cost only more money than it already does. If there is one thing that should not be done to the country it is to cause inflation.
Ever since the Great Depression, the minimum wage has been in effect in order to reduce poverty so that employees are paid a reasonable sum. Although the minimum wage can be beneficial and advantageous for individuals and to our economy as a whole, it can also be detrimental to our nation’s finances. The minimum wage was last increased on July 24,
The federal minimum wage should be increased because raising it would increase the economic activity and spur job growth, decrease poverty, and also improvements in productivity and economic growth have outpaced increases in the minimum wage. Increases in job growth and economic activity will happen when the minimum wage is elevated. If the minimum wage was increased it will “inject 22.1 billion net into the economy and create about 85,000 new jobs over a three year period”. (“Raising the Federal minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost") Thousands of new jobs will be created and it will put billions of dollars into the economy.
This would make it where people wouldn 't have to live paycheck to paycheck. Raising the wage slightly would also make it so the price of goods wouldn 't have to be raised. The Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. This raise increase would be easy to implement and would help the economy. By implementing this new minimum wage many problems in America can be solved.
This poses the question: “Is the current minimum wage a livable wage?” The answer, unfortunately, comes back negative. The current federal minimum wage, at $7.25, is worth nearly 38 percent less compared to 1968 when the federal minimum wage was valued at its highest ($11.72 in 2016 dollars). Given the facts, it is justifiable to raise the federal minimum wage as it would amount to a more livable wage, stimulate the economy, and provide better circumstances for workers of color and women.
Minimum wage should be raised to provide a livable income to low wage workers, reduce poverty, and allow people to have money to give back to the economy. Raising the minimum wage would help millions of people. $7.25 is not an adequate wage. It does not provide enough money to pay for basic things one needs to survive
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.
Minimum wage is inhumane and should be raised in order for the U.S to reduce poverty rates and help our economy grow. If there is lower poverty rate that most likely means a better economy for the U.S. Also if the minimum wage is raised employees with low incomes and minimum wage jobs would be able to feed and provide the simple necessities for their families . Raising the minimum wage will reduce poverty in the U.S making it a better country to live in. If the minimum wage is raised it would really help out workers working for this wage provide for their families and pay their bills which can be hard sometimes to some minimum wage workers.
If it were up to me to change the policy on this increase then I would first hire a team of economists and statisticians to see what the actual effects of the increase are. The thing is that we currently have a lot of conflicting evidence regarding the pro’s/cons of increasing wages. I think in order to make effective policy we need to look at what the root causes are of poverty and what we can do to change it rather than just looking at a short term solution that may or may not help the real issues at hand. Personally I think that increasing the minimum wage makes it very hard for those who make barely above that wage. I have a sister who is a single mother raising a family and makes barely above that wage.
America today is faced with its fair share of problems. There are low employment rates, debt, and inflation everywhere, riddling the economy with issues. There is absolutely no reason that any American citizen should want to pile upon the problem. Yet, some believe that it could be done by raising the federal minimum wage to fifteen dollars an hour. Fortunately, history, economics, and common sense prove the minimum wage raise proposition wrong.
Increasing the minimum wage would rise economic activity and spur job growth. It could also reduce government spending and lessen income, race and gender inequality. Despite the good intentions, it is ineffective and minimum wage is a uncertain policy that should be questionable for anyone concerned with the troubles of the poor. Minimum wage does not help to solve the poverty problem. If labor market has no restrictions, the wage would adjust so that anyone willing to work could find a job.
Minimum wage was first established in 1938 by Franklin Delano Roosevelt, in an attempt to stimulate economic growth and create a better standard of living for the lower class. This attempt was fairly successful, but also has many consequences. You may be asking yourself, “how on Earth could setting a limit on how little you can pay someone be bad?” On the surface this statement seems logical, but if we delve deeper we begin to see many negative effects on the implementation of minimum wage. In our nation the minimum wage law almost seems out of place, like it doesn’t quite fit in.
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.