The Benefits Of Minimum Wage

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.

Imagine an increase of unemployment, closing of businesses, and living costs. These would be results of an increase of minimum wage. The increasing change of minimum wage does not always result in beneficial ways. Would you want a hike in minimum wage if it could possibly raise the prices around you? Minimum wage is affecting employment, businesses, and how people live in ways that are unrewarding.

$15 an hour sounds great to almost everybody, but most people don’t realize that if we all made $15 an hour it wouldn’t be as great as it sounds.The federal minimum wage should not be raised and should be kept at $7.25 because its negative effects on people 's income, inflation of prices due to a domino effect and the loss of jobs in mass numbers. There is no reason to raise the minimum wage in the first place, one of the claims I have heard from you is the ”reduction of poverty.” The problem with this claim is that the majority of poor Americans do not work at all, for any wage, so raising the minimum wage does not help them. It is like giving extra milk to a lactose intolerant person, it has no effects and only takes milk away from the rest

Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.

In the year 1938, the federal government inaugurate a law called the “Fair Labor Standard Act”. The first time employers were legally required to pay their workers for overtime in certain jobs. The United States of America first minimum wage was $0.25 an hour. After the creation of social security, President Theodore Roosevelt saw minimum wage as an important piece of the new deal (Should). Currently, the federal minimum wage is $7.25 an hour, but there is a proposal of raising the minimum wage to $15 dollars an hour (Sessions). Many people are with or against the raise of minimum wage, should the United States of America raise the minimum wage?

The arguments against not increasing the minimum wage are rather straightforward. The main argument is individuals currently earning minimum wage are not receiving a living wage, therefore something must happen to help Americans currently living in poverty. Whether the changes made are for an increase in minimum wage or through alternatives such as an increase in EITC guidelines, it is a blatant issue needing resolve. The “Federal Minimum Wage: Is the Federal Minimum Wage Good for the Economy” article states that workers making the federal minimum wage are only earning about $15,000 per year on a 40-hour workweek. There are very few people who can earn such a small amount of money and can live comfortably.

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.

How has minimum wage affected the economy of the United States since its creation? Would raising the minimum wage to $15 per hour help our economy? The total U.S. labor force was roughly 158.7 million. About 47%, or 75.3 million workers, were paid an hourly wage. Of all hourly workers about 4.7%, or 3.54 million, earned a wage equal to or below the minimum wage. If you multiply the number of workers who earned the minimum wage by the current minimum wage, you’d get the total wages earned by this group (3.54 million X $7.25 = $26.1 million). If every one of these workers received an increase to $15 per hour, the total wage earned by this group would be $54.0 million. This represents an increase of $27.9 million. If 100% of this income was spent

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. And last but not least, the third reason for raising the minimum wage is because it puts more money in the government for low income programs.

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.

Seven dollars and twenty-five cents an hour, or fourteen thousand five hundred per year, is the lowest amount the government deems appropriate to pay workers. This amount is sufficient for a single person with no extra expenses, but that is often not the reality of minimum wage workers. While some believe that raising the minimum wage would do more harm than good, increasing the minimum wage to a living wage would benefit society by reducing poverty, increasing productivity, spurring economic growth, and improving peoples’ quality of life. Some people say that paying workers a living wage would benefit not only the workers but the whole of society.

Positive effects of raising the minimum wage to fifteen dollars in 2016 are that it boosts the economy, and creates a positive GDP. By increasing the minimum wage to fifteen dollars an hour, which is double what the minimum wage is today, you are increasing consumer spending which increases GDP. Studies have shown that low-waged workers put every dollar they earn plus more back into the local economy when they were given a raise. Workers strived to work harder as their wages were raised.

Raising the minimum wage will allow society to keep up with inflation, extract people out of poverty, and stimulate the economy. Even though there are some negatives to increasing the wage, many of the opposing arguments have been found to be false or even have had the opposite effect. Increasing the wage will be beneficial to the workers as well as the businesses, making the wage increase a positive change in the United States economy.

There are often many stereotypes about who is actually making minimum wage. Many will come up with stereotypical demographics to feed their agenda. According to the Minimum wage report, the majority of Pennsylvania minimum or below wage earners are 16-25 year old, white women. These women more often than not are un-married, and or non-high school graduates. 10 percent of workers making minimum wage in Pennsylvania are single parents, and another 10 percent have one or more children. The annual income for families earning the minimum wage or below fluctuate. Families earning minimum wage annual income can range anywhere between 100,000 or more, or 30,000 or less. In contrast, the demographic for Pennsylvanian earning above minimum wage are on

The minimum wage is currently a hotly debated policy area, and is frequently talked about on the news and in political spheres. Part of the reason why this debate gets so heated is that, according to Antony Davies, a Senior Affiliated Scholar with the Mercatus Center at George Mason University and associate professor of economics at Duquesne University, both those arguing in favor and against the minimum wage are trying to help the poor, and therefore assume that anyone disagreeing with them are trying to harm the poor. It is for these reasons that in articles and research papers Davies uses reason and empirical arguments to apply economic theory to the minimum wage debate.