There is ongoing debate about the potential effects of raising the minimum wage. The debate has always been on the priority list for many groups, but since COVID 19, it has been especially important. Some studies have suggested that raising the minimum wage could lead to job losses, particularly for low-skilled workers. Other research has found that raising the minimum wage can have positive effects, such as helping workers' well -being and increasing the purchasing power of low-wage workers. Although some research supports increasing the minimum wage, there is more evidence against. Raising the minimum wage would result in major job loss, would hurt the economy, and would lower the working hours for a low-waged worker.
One reason to
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Raising the minimum wage hypothetically could help workers' well -being. Although they think this, there is a study conducted by a doctoral student in epidemiology, which “found that an increase in minimum wage really didn’t have a huge impact on health overall, which surprised us” (Buszkiewicz). This raise in the minimum wage isn't helping the health of the workers at all. These employers can't afford to give their employees any health funds or care so they are all on their own. Now that they have to buy it themselves they will start running out of money quicker. Another popular argument in favor of raising the minimum wage is that it will increase the purchasing power of the low-wage workers. Again, there is evidence that disproves this almost immediately. In the article “What Are the Pros and Cons of Raising the Minimum Wage?” the author states, “Raising the minimum wage would likely result in wages and salaries increasing across the board” (Maverick). As the minimum wage increases, employers have to pay more to low-wage workers. This will make them have to increase their product prices. This will make other workers (from higher paying jobs) request a pay increase. This inturn will not help the purchasing power of low waged workers, but will actually do the complete opposite. It will cause inflation and only hurt the people. The negative effects of raising the minimum wage are too big to ignore, raising it will hurt America and its people more than people
A pro of raising minimum wage could be that their would be reduced government welfare spending meaning more money for important things like our army. We would be able to build more schools and get everyone an education with all the extra money. With reduced government spending we would be able to put more money into food stamps so that less rich people would be able to supply more food to the house. Government welfare supplies things such as medicaid meaning
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.
According to William Dunkelberg, a writer for Forbes magazine, by raising minimum wage there could become less jobs than before. Though the people who have jobs would be making more money, smaller companies wouldn’t be able to pay for their employee’s, and would have to let people go. “Small businesses stay in business
The first reason to raise the minimum wage is it will reduce employee turnover. Yes, if employees have a decent paying job which they can pay their bills on time and still have some
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.
Higher wages attract more employees and reduces turnover, which results in company’s saving money. In addition to assisting employees to live above the poverty line, a minimum wage increase would benefit owners. A higher minimum wage would benefit people across the board, it should stop being politicized so
Just simply raising the minimum wage is like what Germany did after World War I. To pay off their debt they just printed off a bunch of money, but what they did not realize is that the value of their money dropped. Just raising the minimum wage is not going to magically help the United States economy. Raising the minimum wage also decreases employees work ethic and the use of incentives ("Seattle Wins 'Fight for $15,' but Low-Skill Workers Lose." A.7). If the minimum wage is raised then many companies will no longer be able to use a raise to promote their work ethic because they will no longer be able to afford the raise.
To try and help out the poor from becoming poorer, there has been a proposal of raising the minimum wage. The proposal has consequently brought lots of debate around the benefits and/or the drawbacks of raising the minimum wage. Whether it
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.
A higher minimum wage for workers would take families out of poverty and have a positive effect on the economy. The changes it can make in the economy would be that people paying taxes would not have to pay as much because minimum wage workers would not have to use the programs like (SNAP) that they
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.
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.
Many argue that an increase in minimum wage will help guide low skilled workers out of poverty and assist them into having a better career. That is not necessarily true, Many economists can agree that minimum wage jobs such as cashiers, host or a hostess are not jobs that meant to support a family. If anything by raising the minimum wage, it will put more people in poverty than guide them out of poverty. A raise in minimum wage will cause loss of jobs, an increase in the inflation rate, increase in