Since the election and reelection of President Barack Obama the increase in minimum wage has been a major topic for the United States. His proposal to increase minimum wage has sparked a lot of controversy with some Americans. Many believing that increasing minimum wage will have a negative impact on our economy and even our educational system. They argue that increasing minimum wages will harm the very people it was intended to help because it will increase housing cost as well as the price of consumer goods. They argue that it will decrease the high school enrollment rates at the same time increase dropout rates.
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.
When you raise minimum wage you raise the price in everything else for instance if minimum wage was raised ten percent that also raises restaurant prices 0.7 cents that may not sound like a lot but it starts adding up sooner or later and who knows then it could raises prices a whole dollar. Some people think that because the cities they live in are so expensive that minimum wage should be raised but if you live in an expensive city and are also living off minimum wage and can not afford it then you should not be living there. Also women think that they can not have a good lifestyle for their children with what minimum wage is paying. If you are living off minimum wage and trying to raise children then maybe you should find a different job where you can afford a life for your kids. Minimum wage should be raised because the economy is at a point where if minimum wage is raised there would not be a drastic change.
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.
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.
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.
All right, fantastic. We are going to move on to this question here, do you do anything else right now to make money or is you’re your main job? Participant: Yeah.
If America raises the minimum wage to $9.00, it will help people in need or in poverty, but it also won’t hurt people in the workforce. If you increase the minimum wage to $15.00 it will make unemployment rates go high up. Which in the process, makes the homelessness rates go up in the country and in your community. If you keep the minimum wage at $7.25 people will stay in poverty and homeless or on the verge of homelessness.
Minimum wage and poverty With everything going on with the Walmart workers picketing for fifteen dollars an hour wages, the topic is widely discussed with many people taking many different sides. The essay “Raising the Minimum wage will reduce poverty” By Sharon Parrott and Jason Furman, They go into how they think the minimum wage should be raised in order to decrease poverty in america, Of course there are reasons to raise it and reasons to not raise it. Yet with the multitude of reasons for and against it, it’s hard to make a decision that makes everybody content, Some of the reasons not to raise it include, Raising it can make prices for everyday items go up, Why go and spend thousands of dollars on college when you could get a decent job right out of high school, and Why let workers who work at unskilled jobs make as much if not more than the military. Some reasons for minimum wage raising is, The fact that the cost of living is higher means people can’t survive with minimum wage without federal care, And just helping people get back on their feet when they couldn’t find a job. The reasons Minimum wage shouldn’t be raised outweigh the reasons it should.
Preventing Minimum Wage Speech Overview: General Goal: To persuade - to create, change or reinforce attitudes, values, beliefs and/or behaviors. Specific Goal: By the end of this speech my audience will believe that minimum wage in America should be raised all around the nation. Introduction: (This is where you start talking) Attention Grabber: How many of us have worked a job that pays $7.25 - $7.50 a hour?
Those affected by low minimum wage laws are not only limited to low income or middle class workers but taxpayers also. If a low income worker needs government aid that has to be paid for by taxpayers. Increasing the minimum wage comes with many benefits to workers and the government such as more income means more money individuals will be able to spend and families that rely on government aid because of low wages will ideally no longer need them because of higher payment they will receive. Many democrats and supporters have pushed to raise the federal minimum wage to better reflect the current cost of living, while other states have already taken initiative and increased their own minimum wage laws. The increase of the federal minimum wage is difficult to execute because of the republican political party, they argue that increasing the minimum wage will cause job loss, a rise in prices, and less hours an employee can work.
However, changes to the minimum wage may also have negative effects on the labor market and economy. When there is an increase in the minimum wage, the cost of living goes up which makes it harder for the lowest earners to pay for their basic necessities. When companies have to hire workers for a higher price, they are likely to pass at least some of the costs onto consumers since the marginal cost will be higher. It may also lead to unemployment in the
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.
There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.
J.B Maverick states that “for some unfortunate people it can also cause Job loss and a more competitive job market”. Companies are always looking for ways to save money, and if they are forced to give employees raises it will cause companies to fire employees that aren’t deemed necessary enough for the pay they would be getting. According to the congressional budget office, Some people could be heavily affected by the wage increase and stay unemployed permanently while others might come and go making a higher wage than they use to while they work. Raising the minimum wage will also cause a more competitive job market as people will be trying to get new jobs or are reinspired to get jobs after leaving the
I think the federal minimum wage should be increased. The minimum wage is basically the lowest wage permitted by law or a special agreement. In this essay, I will write about three reasons the minimum wage is good for us all. The first reason is because it helps those that are poor. The second reason is because it is good for the economy.