High Minimum Wage

The controversy over minimum wage has been ongoing. However, as explained in a Time article by Chris Lu on the subject, now is the prime time to raise the federal minimum wage. “Three out of four Americans support an increase; the economy is healthy; and many employers are already raising wages.” It’s reasonable to be worried about the consequences that raising the minimum wage might have in a time of crisis or unrest, but this quote mentions a healthy economy that would be able to handle the shifts in wages if things went south temporarily. Another argument made by opposers of raising the minimum is that businesses will be unable to survive. On the contrary, a good business will find it beneficial. “‘It’s a simple, but critical, concept: take care of your people and they will take care of your customers.’ For &pizza, higher wages reduce employee turnover, increase productivity and improve customer service.” Rather than hurting the economy, raising the minimum wage will help workers, business owners and the economy itself. A higher wage for all is

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.

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.

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

How much would raising minimum really affect the world? Raising minimum wage would not help the world the way we think it would. Instead it would cause more negative effects over the positive. Minimum wage is now only $7.25 per hour but many people want it to be raised to $10.10 per hour or possibly more at $15 which is more than double of what it is now. Having minimum wage as high as $15 could have more negative issues. Minimum wage should stay the same at $7.25 because raising it higher will not help the poverty and economy, workers and incomes, and have negative effects in general.

Even though having a minimum wage helps in many ways and keeps a minimum to what people can work for, it also can do some harm. The minimum wage law does cost the economy thousands of jobs. The essential principle of economics is supply and demand and the minimum wage aspect goes hand in hand with it. In the sense of labor, this means the amount of workers increases and wages increase, and the demand for employees by employers’ decreases as the wage increases. For instance, if an office cleaning job was publicized for hiring. If the wage was $90 per hour, many people would be interested in taking the job. However, if the income was $2 per hour, there most likely wouldn't be anyone to want the job. On the contrary, if the government obligated the owner to pay at least $9 per

According to Jerome Fin minimum wage even at the federal level costs jobs ( Rotson 1). If a recession comes, higher wages will mean more layoffs (Alper 1) Although, this may not happen are you willing to risk it all? If a continuous amount jobs are lost not only will the lower class be affected ,but so will the middle class and upper class. “I feel every minimum wage, even at the federal level costs jobs”(Roston 1). Senate Minority Leader Mitch McConnell says “ The minimum wage is largely an entry - level wage and raising it to ten dollars and ten cents an hour would lead to destroying jobs for young people”(Raasch 16). After, Seattle raised their minimum wage to fifteen dollars an hour major problems started occurring. Adam Ozimek says “First wave of minimum wage increases appears to have lead to the loss of over one thousand one hundred food service jobs in Seattle's” (Puzder

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.

Raising the minimum wage would hurt the less fortunate families. It spreads income unevenly. Some people would receive more pay and others would lose their jobs making families and the economy suffer. If someone have a minimum wage job that pays $5.15 it is better than no job at $6.00 (Henderson). If someone has a job that does not pay well be thankful for it, it still provides for the

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 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

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

The main reason raising the minimum wage radically would kill the economy is the pressure it would place on small businesses. According to TheWashingtonPost.com article, Small Businesses are the backbone of the economy. They also cited that many studies from the U.S. Small Business Administration show small firms employ just

With the presidential elections right around the corner policy on minimum wage has come up for debate once again. William Hoar from The New American argues in his article “Misguided minimum wage mandate” that raising the minimum wage will only result in loss of jobs. According to the editorial board at USA Today, “ inflation adjusted income of the top 1 percent has grown by 58 percent and the remaining 99 percent has only grown by 6.4 percent”. They then state that a raise to 15 dollars an hour only comes out to an annual income of 30,000 a year. It is true that the majority of the minimum wage workforce is from ages 18 to 25 but considering the fact that that age group are the people attending college and paying off student loans, then it should be expected that they are unhappy with such a low salary. At the minimum wage of 7.25 that comes out to 1200 dollars per month for the cost of living. Therefore raising the minimum wage will not only increase morale, it will also reduce rates of poverty.

A portion of jobs affected by a minimum wage hike will inevitably go to robots instead of humans. Instead of hiring workers, businesses will invest in technology that is capable of doing tasks that would otherwise be done by human workers, such as cashiering at fast food restaurants and other establishments. In the long run, businesses that invest in technology sophisticated enough to perform these types of jobs will face lower costs than hiring actual workers. This is primarily because they will not have to be concerned about inputs such as wages and benefits given to workers and filing payroll taxes.