Although there are many ways to look at minimum wage, such as the increase and decreases, and how it will affects today 's economy it has both negative and positive effects. I believe that the minimum wage has an overall negative impact because whenever the minimum wage is increased it only makes more people recede into poverty when it is supposed to do the reverse effect. Minimum wage was originally made for people just starting out or a pay for low-skilled employees. I believe that if people can 't afford the stuff they need because of a minimum wage, then they should work harder to either get a pay raise or move to a higher paying job. This would not only help our economy grow but help people out of debt and poverty.
These benefits would be only be available to the lower and middle class, leaving the rich without benefits, thus creating income equality. This is not the only time the rich will not receive benefits, but the poor will as Krugman says an increased minimum wage will raise the social status of the poor. Raising of the minimum wage, at the time when the article was written, would allow the lower classes to bring in an increased income annually. The rich are then forced to pay their workers more, which means less money for the wealthy annually. This means the poor would make more money, the middle class would stay the same, and the rich would make less annually, therefore bringing income equality.
Also because the economy is slacking businesses can’t raise prices for items they sell. The most important reason is that it would make it harder for people to create businesses if we raise the minimum wage. For example , say that you or a friend were looking for a job, what if neither of you can find a job because all of the once-were available jobs
The main reason for siding with Hanauer is that he is thinking about how many people can get an upper hand with a wage increase. His viewpoint is the minority of those in his status as a highly successful businessman, as when businessmen are questioned about raising the minimum wage, they mostly argue for the opposition. Their arguments usually state how their businesses will suffer; such as the fact they will be losing money due to the increase they’re being forced to pay workers. This most likely won’t be the case because money is forever changing hands and giving more money to minimum
It seems to me that most LAMC students support the minimum wage being raised. However, they are aware of the many downsides that come along with the increase. This leads me to believe that they want minimum wage workers to get better pay, their only hesitation is whether or not it would actually reduce employment or cause job loss. My conclusion is that the economy is not financially stable enough to increase the amount of every worker that gets paid minimum
Raising the minimum wage isn 't entirely beneficial. It could potentially lead to more unemployment as some businesses may reduce their number of employees or reduce their hours in order to offset the cost of paying a higher minimum wage. Some may also increase the prices of products or services offered. It can also possibly lead to a decreased interest in college education since minimum wage jobs are paid almost the same or can be more than what jobs requiring college education pay. On the bright side, there is greater purchasing power for workers with the revenue going back to businesses they patronize and products or services they avail of or purchase.
The wage rate would be so high employers would not be able to afford all the money they have to pay out to the workers, so they have to cut off some people. Contrasting that thought, a quote that states “increasing the minimum wage may also spur businesses to operate more efficiently and employees to work harder.”. This quote is stating that if there were less employees than the employees are going to work harder as it is technically more economically efficient that way .Yes, this is true, but they will “ have” to work harder to keep up with the same amount of output as before because 5 is more than 3 as hard as that is to picture. This also places a larger responsibility on the remaining few because now if there is a weak link then the ship is really going to sink. Plus, in the bigger picture people are losing their jobs from
The federal government and the state government spend a lot of money helping out the poor. They help the unemployed, the sick those who work full time jobs but cannot provide for their families. Raising the minimum wage would save the government money because a raise to $10.10 would take 1.7 million people off of various types of public assistance. The higher minimum wage would result in a less expensive food stamp program. Raising the minimum wage would result in a 6 percent cut in the amount of money the program needs to operate.
What new, Significant question do these texts raise for me? Is it too late to depend on the government to fix this problem? If minimum wage is increased will it put many lower-level wage employees out of a job (Saltsman 40)? Is it true that there is “little connection between a higher minimum wage and reductions in poverty” (Saltsman 40)? What are the real numbers regarding households in poverty in the United States and what is the best way to help those people and families out of poverty so they can stay out?
Minimum wage is the least amount of money per hour that employers are required to pay according to the law. The minimum wage is set to be the standard of living. Due to inflation, $7.25 an hour has become less than the minimum necessary, causing many Americans to fall well below the poverty line. The government should raise minimum wage to create more job opportunities, decrease government assistance, and increase the economy overall. The economy will raise as a whole when workers put their money back into the community.
The problem comes in when the protesters disagree with the federal systems choice in minimum wage. They believe everyone should be paid an equal amount. Although or nation is in a lot of debt the U.S. Government could help the situation and increase minimum wage and that will then slow many people to pay taxes. In some cases the federal system has some control but not all. Although the issue addressed is still underway if the protesters get their way it will serve the public good by allowing many of the people to pay taxes, put food on the table, and pay bills.
Raising the minimum wage, a topic that has been plaguing the nation for years has finally made its appearance in Los Angeles. Many people argue that raising the minimum wage is helping everyone, distributing the nation’s wealth more equally, but that is definitely not the case. Raising the minimum wage to $15 an hour in Los Angeles County is a double edged sword, helping many lower-income workers, but harming more middle class employees and employers. The intent of raising the minimum wage is to help many lower and middle class people. But, by raising the minimum wage to $15 an hour in Los Angeles County, the city is raising the standard wage by more than 50% within the span of 5 years.
If a company pays workers more than what they are valued for, the firm will not stand a chance of survival against its competitors. If there is a gain for the worker, it is also followed by a loss. So if the employees have a gain of the rise of the minimum wage, the company suffers on providing the superior insurances, proper training, equipment, or environment. You will have a gain from a raise of the minimum wage. Sure, that is if you manage to keep your job.
In the event that the lowest pay permitted by law is raised then low maintenance laborers, generally young people, would have all the more burning through cash and would along these lines help the economy. Expansion has consistently been on the ascent too since the last increment and with the late assessment climbs, it is important to build the lowest pay permitted by law. Additional pay in the pockets of somewhere in the range of 16.5 million specialists could stream down to retailers and give a support to the economy. This isn 't to say low-wage specialists wouldn 't spare some of their additional pay, yet given the poor funds rate of laborers in the U.S., we should simply say I wouldn 't be amazed to see utilization ascend, with vast distribution center retailers like Wal-Mart profiting bigly. According to CNBC news, Christian Weller, a senior fellow at the Center for American Progress said, “the U.S economy will benefit from the raise of wage.
Some people work their tails off for the $7.25 they make an hour, but others slack and still have those jobs, so raising the minimum wage would reward the hard workers and the slackers. Overall, raising the minimum wage could solve some problems, but leave others