Around 13 percent of people are below the national poverty line which is over 40 million people so why is the minimum wage still far below $15 an hour? The main worries that people have about raising the minimum wage are inflation and more competitive job markets. While many companies already pay their employees $15 an hour, companies that don’t currently follow this will need to increase their prices or cut employees to make up for increased pay. On the other hand, increased pay would also help families below the poverty line and it also would help the economy by giving underpaid workers more money. With the extra money, it’ll allow underpaid workers to purchase things other than necessities. Furthermore, it will support Business and allow …show more content…
If companies raised their wages they would see some form of an increase in productivity. When pay was increased for a study that researched how pay affected work efforts it was found that with a higher wage “Employees work harder per hour,” (Nicol Persico). A higher minimum wage could also motivate unemployed people to work harder at getting a job. There are many people in the U.S. who don’t believes it is worth it to get a job and would rather try to live off of unemployment or other government support. Higher pay would make it more incentivizing to get a job which could help boost the economy. According to the congressional budget office, “Changes in employment would be seen in the number of jobless workers… those who have dropped out of the labor force (for example, because they believe no jobs are available for …show more content…
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
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.
It would make the united states a better place it would reduce crime and poverty the lives of many would change children would have a chance at education and wouldn’t be put at risk of doing bad things cause their parents don’t have enough money to put them through school and things like employees not always wanting to look for a better job would be eliminated the whole idea of America becoming a better place would become achieved. It all just starts with the raising of minimum wage and its just a domino effect once the parents have enough money to pay the bill and put some aside the kids live happy and once the kids are happy the employee/ the parent is happy and once that happens the employee become more productive and when the employees are more productive the business becomes more successful and when the business becomes more successful and expands they are going to need more employees and when they need more employees there are more jobs so in the end raising the minimum wage would make the United states a better place better as a
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.
Another plus for raising minimum wage is that people who don't have that much money that have families and can only get a job that makes them minimum helps them pay more pills and put food on the table. It would help many people out if we at least raised it by a dollar. That doesn't seem like much but after a while an extra dollar adds up
One reason that raising minimum wage would help the economy is that it gives a change in income. Generally, an increase in income increases the demand for goods at all prices. If a worker has more money due to a raise
Too the amount of government assistance can decrease. The decrease in government assistance could mean that taxes across the board can be lowered. Considering that taxes are a huge problem in this country i think that the minimum wage increase can mean happier people across the board. People don 't realize the massive amount of money we spend a year on government assistance. On average we spend $3.7 Trillion a year due to government assistance.
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.
Most workers wouldn’t receive they pay that they deserve. Third,If the minimum wage was increased they would need to give raises to everyone (‘’Moore’’).Everyone would have to get a raise because of the increase of minimum wage. Most companies won't be able to afford that because they have other things to pay. Not everyone will get a raise then everyone will start to quit then they wouldn't be in business.
The Federal minimum, as it sits, is $7.25 per hour. This wage is far too low, as it is impossible for a person to support themselves without outside assistance on this wage. Currently, the minimum wage in the U.S. is not a livable wage, so it must be raised. According to the Economic Policy Institute, a minimum wage adjusted to a living wage in the U.S. would be $10.10 per hour. This would return the minimum wage, adjusted for inflation, to roughly the same rate as in the 1960s.
Increasing the minimum wage only does positive growth because “...authors found little or no evidence of a negative association between minimum wages or employment”. ("How Does a Federal minimum Wage Hike Affect Aggregate Household Spending?”) Increasing the minimum wage will only cause positive growth in a topic of employment. Raising the
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
By minimum wage people would have a higher standard of living and a easier way of life. This will then help the economy and jobs in the