Effects of Increasing Minimum Wage Essay

One of the biggest political topics in today's society is the federal minimum wage and whether it should be raised or kept at where it is now at $7.25 an hour. Arguments could be made for both sides on whether it should be raised or left alone. The majority of minimum wage in today’s job market are unskilled positions. Minimum wage jobs were created for teenagers and colleges kids as a way to get into the workforce and to have a little extra money for themselves. It was not designed to be a wage for people to live on. Increasing the minimum wage would hurt the economy by hurting small businesses, a huge loss of jobs and it would increase the competition between teens and adults. Overall if the federal minimum wage is increased it will have many negative effects on the economy.

What’s in it to lose? Nothing because by doing so it can help to reduce the government welfare spending at the same time helping someone to at least make ends meet. Therefore, raising the minimum wage will help people to take of their family basic needs such as good nutritious food, instead of the unhealthy food, health assurance for them to go to the doctor and a place to stay. People that work minimum wages not always able to afford their basic needs. They sometimes prone to sickness because of their unhealthy lifestyle and with no health assurance they won’t be able to afford to go the doctor or their

To begin, increasing minimum wage would increase economic activity. With an increase of $1.75 hourly, it has been predicted that there would be increase of aggregate household spending to $48 billion the next year (Aaronson). This increase would boost the United States GDP and lead to job growth, which proves that higher minimum wage equates to higher economic activity. In addition, it has also been found that raising minimum wage would would benefit

In conclusion, debate over raising the minimum wage has been a hot topic. Raising minimum wage would reduce poverty, be better for lower paid workers, and to reduce expense for social programs. So, I believe we need to raise minimum wage from $7.25 to $10.10 because it will greatly benefit this

In today's society it's expensive to live in America and even getting day by day is very difficult if you are living on minimum wage, of course it's more difficult for some people than others depending on their situation and their living conditions. America should raise minimum wage because it would make things easier for people who are struggling. A higher minimum wage not only increases workers’ incomes, it will also be good for our economy. A quarter of people working minimum wage are at least raising one child. This change will help a lot of people it would make our country a better place.

Many argue that raising the minimum wage makes hiring workers more expensive, eliminates jobs at the bottom, slows growth and ultimately raises unemployment. Economic studies show that raising the minimum wage to keep pace with inflation creates little additional harm, but what the president is

There are so many benefits of Raising the minimum wage. Firstly, it will increase income of 28 million Americans. “A 2013 report from the Congressional Budget Office estimated that 16.5 million low-wage workers would benefit from a

⭐The minimum wage in the US is $7.25 an hour, and in more than 25 states it is even higher! This is a big problem and even though some think that raising the minimum wage is good economics, it actually would ruin the economy and many of the US citizens’ lives. This is because increasing the minimum wage would have negative effects like food price increases, loss of job opportunities, and less incentive for a higher education.

An argument on the pro raising the minimum wage side is by raising the pay for low income household employees, they will be able to spend more. This situation helps the individual household because it is now able to buy more necessities and or wants. The market is also benefitted because more spending is occurring which increases the overall market activity.

For the most part, those who approve the minimum wage are associated with labor, while those who have conflicting views are with business. The first advantage includes that employees who are able to cover the cost of living are highly confident and determined. Secondly, individuals are more productive with the implementation of minimum wage. Also, a minimum wage serves as an incentive for economic growth by providing employees additional money to spend. This essentially causes escalations in demand and business returns.

One of the advantages of increasing the minimum wage is that it will facilitate the lives of people, to manage, and support their families. In this case, people like Katrina will afford to pay for Health insurance. High paid salary, could bring enthusiasm for workers to give what they have and the capacity to be more productive, which will improve productivity. The disadvantages of raising the minimum wage will provoke business people to raise their prices for them to have their pay increased to be equivalent to their title and tenure. The boost in the price of goods could affect the low-income workers and hurt the middle-class Americans. Some of the job benefits such as paid vacation, gym membership, and reimbursement for parking could be cut if the minimum wage would increase. Also, some workers could lose their job as will not be possible for employers to pay

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

When it comes to the discussion of minimum wage, I would be for increasing minimum wage. However, by doing so could cause some conflict for many companies. I would think for some businesses this could hurt more than help. The advantages could help people with the high cost of living, taking care of their families and put food on the table for people who are having a tough time making ends meet. It could also be an incentive to people who otherwise thought there is no hope of finding a job. Maybe crime would decrease because more people would be working instead of sitting at home. It could boost the economy, the more money people make the more they will spend. However, there can be some disadvantages as well some companies may feel they can

The advantages of the raising the minimum wages is reduce the poverty level, increase the consumption and decrease the

Controversy over the minimum wage has been constant since it was originally instituted. The political parties still move to block the opposing party from successfully implanting their ideals, causing either nothing to be accomplished or the situation to worsen. B Solving the problems in our current minimum wage system presents a challenge because little agreement exists regarding the wage gap between the rich and the poor, allowing the minimum wage to fulfill its original purpose of protecting workers and keeping the economy in a healthy state, and .how increasing the minimum wage would allow for more advantages economically with a minute influence on employment rates.