15 Minimum Wage Would Mean For Your City

An increase in minimum wage will have a different outcome for each business. To cover the higher wages and payroll costs, businesses must reduce employment or find a way to adjust to the higher costs. History has shown that implementations of new techniques can take effect, such as raising the prices of the distributed products. By raising the prices slightly, a company can take the additional revenue to apply towards the payroll account. Some businesses already have a large profit margin; consequently, they can adjust their budgets to arrange the revenue to cover the increase in the payroll accounts without raising the prices of the products (Wicks- Lim). This adjustment would not affect the workers; however, the employer would take the deficit in the revenue. Unfortunately, some businesses must eliminate jobs and possibly turn to technological advances to avoid the increase in wages (Sherk). The funds saved from the turnover would then pay for the employees left on the payroll. Businesses should never see a drastic decline in revenue from an increase in minimum wage, so overall a business could argue they can still prosper, if the minimum wage rose to $15.

There is a lot of controversy over whether the minimum wage should be increased to 15$ an hour in all states. Proponents say that current wages in America are not livable because inflation is way higher than the current minimum wage; Minimum wage was 1.60 in 1968, which is equal to 11.60 today. Opponents say that many cannot afford this, will have to close down, make cuts, raise prices and lay off people because they will need to pay them more. Most economists believe that that high of an increase would hurt job growth. I believe that Increasing the minimum wage to fifteen dollars an hour nationwide will do more harm than good. Raising the minimum wage to fifteen dollars an hour nationwide is too big of a jump and would just cause businesses to cut off workers, force small businesses to close and increase inflation.

Ira Knight, who is an author of article “Let’s Make the Minimum Wage a Living Wage”, expresses an opinion that increasing the minimum wage would help all struggling workers and at the same time improve U.S economy. On the other side, Janice Steele in her article “Keep the Minimum Wage Where It Is” argues that raising the minimum wage would have bad effects on workers, consumers and small businesses. Ira Knight’s article seems to be the stronger of the two positions because her arguments are based on several recent studies, and last but not least, she had a personal experience with the minimum wage job.

Everyone agrees that it is time to raise the U.S. Federal Minimum wage, but if we listen to the ‘Fight for 15’ movement and increase it to $15; will that much of an extreme increase hurt more people than it helps? The current U.S. Federal minimum wage is set at $7.25 per hour and was signed into law in 2009 by then President Barrack Obama. An increase to $15 per hour would be more than double the current rate and would have to be implemented in stages or it could have catastrophic consequences for our economy and lower wage workers. The minimum wage is the basis for the wage structure across the states. The population could see a decline in their living standards if the minimum wage

Increasing the minimum wage to $15 per hour will cause more people to be laid off. Labor economist Joseph Sabia of San Diego State University went against the raise of the minimum wage because businesses will start cutting low-skilled workers and their decrease in income will result in poverty. Increase in minimum

The first reason that America should not raise the minimum wage to $15 per hour is that millions of jobs being potentially lost. Do you remember the great depression ? Do you remember how millions of people lost their jobs? My father lost his job and our family had to dig into our life savings to stay afloat. Millions of jobs were lost and many people were forced on the streets because they could not pay their bills. This is related to raising the minimum wage in the way that this same effect may happen. More than 8.4 million americans work for minimum wage. If the minimum wage is suddenly increased to $15 per hour people will be fired to pay for the raise of the other workers. That will then cause jobs to become tighter and many people will be forced on the streets because they don't have a job to pay their bills. That will then have an effect similar to the great depression regarding jobs.

Beside the increase in cost to businesses and customers, other people can potentially be hurt by this policy. By increasing the wage, small businesses will suffer a higher cost that can lead to cutting jobs, stalling new hire or even shutting down. On the other hand, the economic plight of these minimum wage workers should also be considered. Therefore, the $15 plan would produce unpredictable consequences, while not doing anything would doom minimum wage workers to live in in poverty and to consume public resources.

Written by Michelle Chen “No, Seattle’s $15 Minimum Wage Is Not Hurting Workers” discusses Seattle’s raise in minimum wage, and how the raise is not only benefiting employees but businesses are booming as usual. Currently Seattle is testing the $15 wage experiment and is showing that when wages go up "workers make more money". Seattle made the first wave in the "Fight for 15" campaign beginning their minimum wage raises in 2015. Seattle's gradual wage raises currently depend “on various factors," and have just recently began to hit their goal of $15 an hour. If the raises continue as planned Seattle's average minimum wage will reach $15 by 2021. While the process of having the average minimum wage raise is slow it will eventually reach its

In the article “No, Seattle’s $15 Minimum Wage Is Not Hurting Workers,” Michelle Chen claims that raising the nation’s minimum wage will improve millions of employees and their families and the only adverse effects are just temporary. Seattle enacted a law with the intention of increasing the minimum wage over a period of time to $15 per hour, which is just now, thanks to the efforts of “Fight for 15,” becoming beneficial to the restaurant industry. It has been found that employers are abiding by the new law and employees are profiting from the change, at least in the restaurant business. Chen claims that Research finds that the new minimum wage is benefiting restaurant employees that previously earned less than $15, and furthermore clarifies

A $15 raise in minimum wage may result in job loss. “A 2006 review of more than 100 minimum wage studies by David Neumark and William Wascher found

Raising the federal minimum wage to $15 an hour can have detrimental effects on society. Some issues that may arise are increases in unemployment and small businesses not being able to handle the financial burden, which will lead into job benefit cuts. Furthermore, a rise in minimum wage will cause inflation and businesses to raise the prices of their goods and services. People purchasing power will continue to stay the same; the struggle to close the gap between products and services will not

What if a 16 year old was making $18,000 a year after taxes, working only 25 hours a week? Most likely you would expect that teenager to have a pretty prestigious job at such a young age. However that is not the case, if the minimum wage is raised to $15 an hour, a 16 year old could make $18,000 yearly working only 25 hours a week at McDonalds. Now for teenagers that have goals for college or a car, that would money to set aside for the future, however most 16 year olds do not have those goals in mind yet, so that extra money turns into wasted money. As of February 2016 the minimum wage ranges anywhere from $7.25-$10 across the United States. Florida’s rate is at $8.05 an hour, however some believe the minimum wage should be raised to $15 an hour in all states(Raise).” People working in minimum wage jobs may feel as if this $7 bump would be a great advantage to them, but there are possible negative results of doing this too. As a manager of a restaurant where employees start at minimum wage, I can only imagine the effects our company would feel. Raising the minimum wage is not the solution to helping people out of poverty , I feel it will only be enabling them to stay in the same position they are in and give less motivation for teens to further their generation. Increasing the minimum wage will harm businesses and will decrease the motivation to get a further education.

"I guarantee you if a $15 minimum wage goes across the country you're going to see a job loss like you can not believe.’’ (“Mcdonald’s” 1)A higher minimum wage would create job loss,not gain. Another thing a higher minimum wage would do is destroy the economy.Some people might say the minimum wage would put more money into the working people pockets.Even though a high minimum wage would put more money into the pocket of working people,a high minimum wage would not work because of living costs, the economy and stock market would crash because of the money inflation and places like California have a higher population to support,so it can work for them.

The most prevalent and steadfast myth surrounding the raising of the federal minimum wage is that it will doom the economy. This might seem logical at first, but just think about it for a second. Why do minimum wage employees need more cash? The answer is simple: To spend it, to buy the things that they and their families need to survive. “Most minimum wage workers need this income to make ends meet and spend it quickly, boosting the economy. Research indicates that for every $1 added to the minimum wage, low-wage worker households spent an additional $2,800 the following year” (Fair). Furthermore, EPI estimates that if the federal minimum wage were raised to $10.10 an hour, it would result in over

However, it can obviously see that labor surplus in Diagram 3 is greater than Diagram 2. The plan to set the minimum wage at $15 an hour will increase the rate of unemployment by higher proportion if compare to minimum wage at $7.25. According to the article, this increment of wage floor not only affects the employment rate of workers but also influences the business profit of the fast-food sectors. Although a higher minimum wage benefits the workers with the higher cost of living in New York, but it also bring negative impacts to them. The unskilled workers tend to compete with those skilled workers, because more people look for jobs in the labor market. Meanwhile, the employers tend to choose those skilled workers which lead to many unskilled