Congress Should Raise The Federal Minimum Wage

The reason of the fall in oil prices are the constant change of demand. The need for the oil is actually stagnant. Crude oil is becoming a product of the past. Today, you can harvest energy from solar, wind, water, heat, and waves. According to The Economist, “The use of fossil fuels in the rich world is mostly falling. Emerging economies are not currently taking up the slack”.

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.

Next, another problem the rise of minimum wage poses is the rise of inflation. If employers are required to pay their employees more, then they need to do something to compensate for the extra money they are losing. With this in mind, employers would have to increase the prices of goods. But sometimes raising prices is not an option for employers. “If a business cannot simply pass along its new labor costs, it must somehow absorb them—by eliminating workers rendered unproductive by the new minimum wage, by replacing labor with more-productive machines, or by cutting production” (Intorduction 2). This brings back the issue of minimum wage causing a dramatic increase in unemployment. Sherk believes it is the wrong time to increase minimum wage, due to the fact that America is currently in a recession. The right time to think about raising minimum wage would be when the unemployment rate drops drastically. Sherk states “In 2007, Congress voted to increase the minimum wage, raising it in three $0.70 increments from $5.15 to $7.25 an hour. The final installment represents a 10 percent increase in the cost of hiring minimum wage employees” (Sherk 1). Seemly inflation and minimum wage increases influence each other.

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.

This paper will explore the pros and cons of raising the current minimum wage to $15.00. It will start with the history and reasons for the minimum wage. It will cite the positive aspects for raising it, as well as the negative consequences of that action. It will then touch on actual cases presently, within the U.S. economy. Finally, I will present my conclusion.

Raising the minimum wage has multiple benefits. As an increase to minimum wage moves families above the poverty threshold, their need for public assistance decreases. As wages increase, a family’s purchasing power increases for

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.

Raising minimum wage will have a big impact on individuals and business because in it will hurt more people will be without a job they won’t be able to provide for they family the way they need to like having a roof over they head and food on the table , shoes , and clothes tp were no one will have money because they will be out of a job if minimum wage go up from $9.25 to $10.10 cause they mean it will be less jobs out there .For businesses it will be a impact the reason they will have less works and they will have to make everything in they store a higher price because of the minimum wage and the infeltion , In document 6 it show a picture of a worker happy about getting paid $15 a hour

Currently the minimum wage is $7.25 an hour in most states. Recently, people have been lobbying to raise the minimum wage. Those petitioning do not recognize how raising the minimum wage will affect the economy and many people’s lives in a negative fashion. Endorsers believe that raising the minimum wage will help those who are poor, but in reality it will cause more people to succumb to poverty. For the sake of all Americans, we must educate the lobbyist regarding the effects of raising the minimum wage.

The minimum wage has constituted a hotbed issue in America ever since its beginning in 1938 via the Fair Labor Standards Act (Acs et al, 2914). Notably, in the past few years, fast food workers, service industry employees and American workers feeling the pinch of inflation have clamored for an increase in the minimum wage. The concept of a $15 minimum wage is a symbol for creating less disparity for minimum wage workers. However, while the concept is pure of heart and idealistic, it would be dangerous for the U.S. economy. This can already be seen in places like Seattle, Washington, Emeryville, California. Consumers would suffer as businesses would be forced to raise prices in order to make up the difference from the added human resources expenditures

The question that ponders many people’s minds is whether the federal minimum wage should be increased or not. The current U.S. minimum wage is $7.50 and this wage has not increased since 2009. Families with minimum income wages are suffering due to the fact that they cannot provide everyday needs for their families. This is the reason why many people are rioting. They are frustrated with the government’s nonchalant attitude towards the hard situations in which they are living in. A final decision must be made about this topic because at this rate people’s purchasing power will diminish while inflation will keep occurring. The federal minimum wage needs to be raised in order to help improve the living conditions of poor families, increase the economy’s stability, and decrease the unemployment rate. However, some people believe that increasing the minimum wage will cause small or large businesses to fire some of their employees because they are not able to pay everyone the same wage. This will stop economic growth causing an opposite effect than what was intended. These people need to realize that increasing the minimum wage will create more positive effects rather than negative effects. The federal minimum wage need to increase to at least $10 so families are able to keep up with inflation and the cost of living.

economy, decreases dependence on federal assistance, and is supported by our citizens. The minimum wage increase must be phased in over several years. The best plan is to increase the wage over time by increasing it 33% of the total change per year (roughly $2.58 increase in wages every year). Over 25 million workers would benefit from a fifteen dollar per hour minimum wage. United States workers who make between $7.25 and 9.83 per hour (first phase) would immediately get a boost in income. The workers just above the new minimum wage would also get an increase in wages to maintain internal pay scales, as would their superiors and so on (Pacitti, 2015). This ripple effect can lead to up to 25% more income for low-wage workers than the new minimum wage. This leads to an economic

Many people wonder if a raise in the federal minimum wage would help or hurt American. The federal minimum wage was introduced in 1938 during the great depression under FDR. It was initially set at 25 cents per hour and has been increased by congress 22 times. No we should not raise the federal minimum wage because it would hurt small businesses, increase competition between worker, and increase prices of good.

Proponents of raising the minimum wage claim that if the minimum wage was raised, then many economic and social problems would be alleviated. This contention is at odds both with economic principles and years of creditable research. The effect of raising or even having a minimum wage has been studied extensively and the majority of studies have proven that raising a minimum wage does not have the desired effect. Both micro and macroeconomic forces affect the results of raising the minimum wage. The secondary effects of raising the minimum wage are bad both for

Nearly everyone needs to have a steady, comfortable income to continue living a productive and healthy lifestyle. Thus, raising the minimum wage to fifteen dollars looks like a great idea on the surface but this would result in low-skilled workers earning less money than before, thus making comfortable living a more difficult task. We are of the age where most of us work and with many people fighting for a higher minimum wage we need to know the drawbacks and impact it will have. Being a business major, I have taken multiple Economics classes which help me develop a deeper understanding and passion for the subject. I have also done extensive research into the topic for more information. Raising the minimum wage would not be beneficial, actually