The minimum wage should not be raised because it would increase the price for the consumer, it could harm the small businesses of America, and it could cause millions of minimum wage workers to be laid off. If the minimum wage were to increase, consumers could see a rise in prices in their products. A majority of minimum wage workers are in a high competitive market, where the companies make smaller profit. In order for companies to
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.
America today is faced with its fair share of problems. There are low employment rates, debt, and inflation everywhere, riddling the economy with issues. There is absolutely no reason that any American citizen should want to pile upon the problem. Yet, some believe that it could be done by raising the federal minimum wage to fifteen dollars an hour. Fortunately, history, economics, and common sense prove the minimum wage raise proposition wrong.
One of the cons to increasing the minimum wage is that it helps larger corporations and hurts smaller businesses, therefore, competition is decreased. The bigger companies use raising wages acts as a barrier to entry to new business entering the market and create a monopoly for larger companies who have more profits to afford the increase. An example of this is Wal-Mart, who can afford to pay employees nine dollars and twenty cents an hour but a little store such as Meijer 's who does not make as much profit would limit their hiring of new employees and would cut hours to compensate. A family store might decide that the cost of entering the market is too high to endure as they build up their clientele and develop their business they decide not
Saltsman goes on to say that those who actually live in poverty need to find a job to help their situation before Congress touch the minimum wage. Raising the minimum wage will only increase the prices of everyday goods, especially since big corporations, such as McDonald’s, want to keep their profit margins large. On the other hand, Surowiecki explains that higher minimum wage remains only half of the problem; he suggests that Congress must expand earned-income tax credit and strengthen child and health care systems. In contrast, Saltsman refutes this statement when mentioning that unskilled workers will lose their jobs if the minimum wage is raised because their job will go to higher educated
“Raising starting wages to $15 could price americans out of work” (Sherk). We need the unemployment rate to stay down, and pricing americans out of work is not going to help. Especially the people who are struggling. If the people who are struggling are getting put out of work their going to become homeless along with a whole bunch of other people. Some people are still making more than minimum wage, depending on the job like being a personal trainer etc.
The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present. High attrition rate in their workforce in comparison to other organizations in the industry, Tyson Foods has a higher attrition rate and have to spend a lot more compared to its competitors on training and development of its employees. Investment in Research and Development is below the fastest growing players in the industry. Even though Tyson Foods is spending above the industry average on Research and Development, it has not been able to compete with
This means more profit for businesses because the rise on food and oil means more money in their wallet but less money in consumers’ wallets, “Similarly, when homeowners benefit from inflation because the price of their homes rises, while renters suffer because they are paying higher rent” (ch.8 p. 15). Hence government should step in to intervene in businesses, but it is a completely different story if we are running out of food and oil rather than just raising the price because they want to. When businesses are filling up their account with more money, but leaving their consumers with less money in their wallet there is a problem and it will hurt the supply and demand law. That being the case, government should be given the authority to regulate markets only to an extent to make sure the inflation level stays at a reasonable
Well I see where you’re coming from but, maybe the pay in their country isn’t as well as it is in ours. It’s expensive to raise a family low pay is even harder. They shouldn’t be making fifty dollars a hour, but $7.50 is a little low to raise a family on. Somebody has to pay the bills, buy groceries, pay for gas, buy clothes, and all the countless other expenses that a family requires. When they get into the United States and get a job, they work harder, they will work overtime for more hours of work and more pay on their paycheck.
In the end, the disadvantages far outweigh the benefits of raising the federal minimum wage to $15 an hour. The benefits will only help in the short term while the disadvantages will be longer lasting and will hurt Americans across the nation. Fixing a problem with a solution that will turn around to be the same problem is not beneficial to the people. Similar to the French Revolution where workers, experiencing starvation and harsh jobs, rebelled against the government, workers in the United States are standing up against the government to raise the minimum wage. Fortunately, the lid of the pressure cooker has not been fully lifted.
That’s why when the time comes, we should use similar solutions as the ones here to handle the complications. It would of been more suitable if the change was not instated, but now there is a lot of controversy. There are people protesting that the fifteen dollar increase in minimum wage will benefit overall. There are others, like myself, that believe that the increase will backfire on everybody by taxes increasing, product and items increasing, poverty increasing and unemployment increasing. With that being said, if nothing is done, there will be people going from riches to
The point of a minimum wage is to help the poor to stay out of poverty. Statistically about 80% of The United States of America is covered by this law minimum wage, but minimum wage isn 't the same everywhere you go the overall national minimum wage is $7.25, but now some places have bumped up their minimum wage to higher. The reason for people having a higher wage is to recruit more workers or just simply because the job is harder and requires either more skill or some sort of a degree. Also just some states in general require its bosses to pay more. With that they also add in ages that you are allowed to work for minimum wage, and what age you 're allowed to work the spot that you want or desire.
Argument against Minimum Wage Claim: Raising the minimum wage could lead to bigger problems. Support: The US would lose 500,000 jobs (Congressional Budget Office report, Economist and public policy experts ) Increased consumer prices, driven by companies offsetting increased labor cost (Econo-mist and public policy experts). A possibility higher minimum wage would attract more experience workers that would stay in a low paying wage longer, which makes young people and other people with lim-ited work experience not land entry-level jobs (Economist and public policy experts). Backing: Some think it will make skilled workers comfortable and stay where they are, and not want work their way up the pay grade. According to Allen Sanderson