The cost of housing has sky-rocketed across the country. Many other factors play into what is actually required to live on, let alone raise a family. Furthermore, at a time of record corporate profits and all-time high CEO compensation, it is cruel that we do this to the least well off of our citizens. According to the Pew research (pewresearch), the minimum wage should be at least $12 an hour: Adjusted for inflation, the federal minimum wage peaked in 1968 at $8.68 (in 2016 dollars). Since it was last raised in 2009, to the current $7.25 per hour, the federal minimum has lost about 9.6% of its purchasing power to inflation.
Increasing minimum wage will make workers more financially stable, if the wage doesn’t increase it will be harder for people to make a living. Many people in the United States continue to be in poverty even while working a minimum wage job. The Missouri minimum wage is $7.85, the national average nationwide is $7.25. With the minimum wage being $7.85 in Missouri a worker would only receive $1,256 a month. This income would be okay for the average high school or college student, but not for a parent who maybe didn 't finish high school and has a family to take care of.
With the increase in living costs, people are demanding that they receive a higher minimum pay to cover these expenses. In his article “Millennial Thoughts: Minimum wage and my take,” Will Perkins offers his opinion on minimum wage. There are many sides to the debate of whether to increase or not to increase minimum wage. Perkins, in his article “Millennial Thoughts: Minimum wage and my take,” discusses the controversial issue of raising minimum wage. He emphasizes that people who work full-time should “earn a livable wage.” In addition, he feels that it should not matter where you work, as long as you are providing people with a productive service, your hourly pay should be increased to where you can live reasonably.
If employers are paying employees more then they will raise costs to offset the added expenses. This will cause the buying power of the dollar to decrease, making it so people who received the minimum wage increases will not be making any more money than they otherwise would’ve, and people who did not have their pay increased, will be making even less money then they had used too. This would do nothing but increase the poverty rate even higher, doing exactly the opposite of what the counter argument says it would. The second way this counterclaim is disproven, is because of the increase people will see in the cost of living. With the price of housing, food, etc.
According to a professor named Robert B. Rich “$10.10 isn’t enough to lift all workers and their families out of poverty. Most low-wage workers aren’t young teenagers; they’re major breadwinners for their families, and many are women. And they and their families need a higher minimum wage.” Robert is saying that the minimum wage should be increased because for most people in a family that earns all of the money to support their family will need to get out of poverty. Therefore raising the minimum wage would be benefit.
“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” (ProCon). This quote shows that the economy will flourish from the increase of the minimum wage and that unemployment will decrease. Another quote that shows how raising the minimum wage will affect employment is “To the extent that through these contour effects it affords as much as 70 percent of the workforce greater purchasing power, it effectively increases aggregate demand for goods and services, which should ultimately lead to the creation of more jobs” (Challenger 19). Bryan Covert supports raising the minimum wage by
Kids aren’t the only ones getting underpaid. In 2010 minimum wage was $7.25. It’s 2018 and minimum wage is $7.70. “Raise the U.S. minimum wage by a lot-- lets pay $12 an hour” (Galbraith 1).They need to raise minimum wage. Because people need to make more money.
The people who make minimum wage very clearly express their theory that higher pay will benefit them and show many valid points on why it should be increased. Minimum wage workers work hard and "[s]ince the 1970s, productivity has risen dramatically...[y]et middle- and low-wage workers ' incomes have barely changed" (Dorn). These circumstances make it hard for low wage workers to stay above the poverty line when the average low wage worker makes only $15,000 annually (Dorn). Before inflation, the minimum wage was surprisingly much higher, "in 1968, the minimum wage was close to $10 per hour in today 's dollars" (Dorn). This provided workers a lot more money to live on, while todays workers are forced to rely on things like "food stamps or the Earned Income Tax Credit" (Dorn).
As for the salary of the field, mechanical engineers earn on average, about a salary of $68,268 per year. Most people in this career move on to a different job after 20 years. Experience does have an effect on the salary for this job ( “Mechanical Engineer Salary”). But for the majority of them, most of them create and develop mechanical systems for all of society. They use the principles of force, energy, and motion, in their thinking 's while they work.
This signified as a drop and it reflected on the World oil price market that alerted countries to tighten energy product supplies due to slow oil production. It was stated that the Iranian revolution was the closest cause of the highest price in post – WWII history. However, it could be argued that the revolution’s impact on prices would be temporary and it boosts Iranian oil production after the revolution to four million barrels per day. At the same time Organization of Petroleum Exporting Countries was trimming output as well as the companies and governments started to build reserves. With the combination of those actions causes an upward surge on oil prices which escalated from $14 per barrel of the beginning of 1979 to more than $35 per barrel in 1981.