Minimum Wage Should Be Decreased

Many economists argue that this pay is too low and should be increased in order to raise the standard of living in the United States. The main argument for the increase in the federal minimum wage is that the current wage provides significantly less purchasing power than it did in the past. According to CNN News Reporter Tom Perez, the cost of food, utilities, transportation, and other essentials have gone up, however low-wage workers’ paychecks have remained the same. Perez states that the purchasing power of the minimum wage has been eroding steadily since its peak in the late 1960’s, and the wage today would have to equal over $10 per hour just to equal the purchasing power first established in 1968 (“Raise Minimum Wage”). According to the United States Department of Labor, raising the country’s pay to at least $10.10 would be an important part of strengthening our economy because then the purchasing power would be at the ideal level. This raise for minimum wage earners would put more money in people’s pockets, which will in turn be spent on goods and services, and thus further stimulate economic growth locally and nationally (“Minimum Wage Mythbusters”). In order for businesses to grow they need customers that have money in their pockets because increased incomes will boost consumer demand and the consumer spending that powers our domestic economy. Many experts agree that raising the minimum wage is a key strategy for

The case against raising the minimum wage is very simple: a higher wage will make it more difficult and expensive to companies to hire workers. What will be the consequences on the economy? Well, companies won’t be able to pay all of its workers which will lead to more unemployment. At the end, people who keep their job will have a higher profit, however those who lose their job will suffer.

The minimum wage debate has been a hot topic over the past year, especially with the Presidential Election. This is a divisive topic that people rarely agree upon. There are essentially two sides you can take when it comes to this argument. Either people are for minimum wage or are against raising, or even having, a minimum wage. Proponents of the minimum wage are typically politicians who are lobbying for the vote of the people who feel that a minimum wage is critical to their wellbeing, and those who sympathize with people who earn “minimum wage”. Minimum wage is destroying America’s free market economy and someone needs to take action and find a better solution to this problem. Without anyone acting on this problem now, it can potentially be worse in the long run. Raising the minimum wage in the United States will do more harm than good to society because of the long-term effects.

The United States economy is still soft and prone to falling apart, and there is a debate that is on going as to whether the minimum wage should be increased or decreased. The minimum wage is a well known price floor, and that is what we need for our economy right now . I personally believe that we should not increase the minimum wage, but decrease it instead. I would rather have the minimum wage lowered than increased because that will only lead to negative side effects. For example, if the minimum wage is increased then the government will need to mint more money and the effect of minting more money is inflation. This will cause the American dollar to go down and worsen the economy even more. Another thought is that what the United States needs now are jobs. If the minimum wage is increased then existing jobs will want their workers to have more experience and for those people that are in dire need to a job will have a lower chance of getting the job because they

Minimum wage is the amount of money that the government says is the least amount that a business can pay to an individual. The debate on raising minimum wage has been ongoing for a long time. In my opinion minimum wage should not be raised. If minimum wage was raised then there would be higher unemployment because businesses wouldn't be able to afford hiring someone. Raising the minimum wage would mean that the businesses will pay higher than equilibrium price and this means that there would be a surplus. Whereas if the price was below equilibrium price than it would cause a shortage. A business would have to increase the price of their products or services. This would be known as inflation. This would lead the unemployment rates to go up because

There are many people that feel minimum wage workers should have their salaries increased to benefit their lifestyle. However, at the same time others feel that the federal minimum wage shouldn’t be increased because it will have worsen the amount of poverty in our country. The main concerns of the opponents include the decrease in employment and the increase of prices.

You may wonder how the economy is affected negatively through minimum wage, so I’ll start there. The health of the economy is based upon an array of factors. Many people misconstrue this fact and think the economy is just based on the amount of money that the government have at their disposal and to be frank I can see why they do as such. The fact of the matter is that the economy and its health is based mostly on Gross Domestic Product or better known as GDP. The GDP alone does not indicate how well our economy is swaying, but change in it do. The goal for our economy and is to grow, have great price stability, and most importantly for this topic: have a high employment rate. Employment rate stand out most in this instance because of the power that minimum wage law has over it. One point that can easily be made that the higher the wage, the more people are going to want to get up and get up and work. The problem with that logic is that the demand for jobs will be high, but the supply for jobs will run out well before everyone is employed if the minimum wages was incredibly

There have been many arguments over the years stating that raising the minimum wage will greatly impact the US economy. Some of the arguments have been that this will stimulate the economy, a competitive wage for all, and capitalistic competition. Although raising the minimum wage might sound like more money in your pocket, it would not only increase the poverty rate but also would cause those in poverty to rely on the government for more assistance as the prices of goods and services would rise well above what they are now.

Minimum wage is a problem, but most don’t want to raise it. Raising minimum wage will be a big problem now and including the future. Raising minimum wage is a problem depending on a social hierarchy. For many years the U.S had had many protesters and this is a problem according to state officials. Family's around the world are surviving on as little as 4.25 an hour in this case people have to survive off of food stamps and family members. Job owners can choose to higher the pay due to a raise in the company or a downgrade will determine whether they will make below minimum wage. Minimum wage should be increased from 7.25 to 9.00 an hour because of the over qualified, educated, and experienced Americans who are now relying on minimum wage jobs as a result of the struggling economy. Also, increasing minimum wage could help stimulate the economy. But, in order to get the economy back on track the spending power must be in the hands of the Americans who in fact, spend. With today's tough job market most job seekers are willing to acquire positions they are considered over qualified for, even if it means taking a pay cut. Therefore, an increase in minimum wage will ensure that low wage over qualified workers have the means for vital necessities like housing, food, transportation and health care. Last year, more 200,000 Americans with college degrees were working minimum wage jobs due to our struggling economy. Furthermore, an increase in minimum wage would help stimulate the economy by multiplying consumer spending without expanding the state

When it comes to the issues of raising the minimum to better those middle and lower class workers, not everyone has that mind set to agree. Most people like the congress and other employers feel raising the minimum wage will have a negative effect on the economic. For some workers, the lowest pay permitted by law livelihood was an impermanent, young condition, as we cleared eating areas or addressed telephones or

Nevertheless, there is still the argument that raising the minimum wage will impact the unemployment rate negatively (Roberts). One concerns are that business may not have the necessary assets to pay their workers anymore than the current $7.25 an hour wage. Another concern is that a portion of businesses rely on cheap labor so that their profit margins are greater (Smith). Raising the minimum wage to $9.00 an hour various employers are forced to lay off workers, which increases the unemployment rate and hinders the economic growth. Furthermore, with people’s pay being increased they are now able to afford the current demands, which can cause prices of the demands to increase. Teenagers are also negatively impacted due to the increase of minimum wage because the demand for jobs will rise and employers will be more willing to higher an adult versus the teenagers (“Raising the Minimum”). Additionally, when a business is required to abide by the national minimum wage, there is a sense of government control over businesses. The United States offers a free market so businesses enjoy the luxury of being able to make their own choices. Businesses have the right to choose what they would like to pay their workers, but once the new minimum wage is set they will not be able to pay below that amount. A small business with 5 to 20 employees will not experience a noticeable impact from a

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

The different positive effects that would result from a higher minimum wage are clear. It would rise the earnings of hard working families, and economic growth, to create about 100,000 new jobs. In an economic climate in which wage increases for the most vulnerable employes are unusual, is an opportunity that families in society cannot looseProtecting workers from abuse is something positive about raising the minimum wage because it would help to reduce the abusive, exploitative employees whom take advantage of the currently low minimum wage to seek cut-rate help. Also, it will help people to get out of debt, when you make more money and you still paying the same amount of bills that you were paying before. That extra money can be use to pay

There are many people who will debate whether-or-not raising minimum wage will benefit our economy. Money is what helps us survive and acquire our necessities of life. Most children are instilled with the thought that going to school, getting a good education, and obtaining a good job would guarantee success and happiness; although everyone does not have that privilege, and may end up with lower paying jobs. Almost anyone can get a job at a fast food restaurant, clothing store, or any general job because his or her pay is a reduced quantity and was never set to support a person needs. If minimum wage is raised it could help build our economy and give those who don’t have educational backgrounds, or may not be a likely candidate for a professional job, the opportunity to still make a living. Minimum wage is not enough to pay for daily necessities, and is even less when you have a family to support; but if it is raised it would allow the workers to have better opportunity to provide for themselves and, or, their families. Sharon, a journalist, questioned whether raising minimum wage would optimally have a positive or negative effect. (Witke) Raising minimum wage may raise the cost of living and , but raising minimum wage can also help our economy thrive and lead us out of debt.

This is an effective way of increasing the incomes of the low paid, and therefore reducing wage inequality. Currently, the national minimum wage is $7.25, however some states have a higher minimum wage, with DC being the highest at $10.50 and Georgia and Wyoming being the lowest at $5.15 (“State”). The problem is that it may regrettably cause unemployment as employers may not be able to afford the workers, having an adverse effect. By raising the minimum wage, this will be an incentive, create jobs that will reduce unemployment, one of the significant causes of poverty. Remember, that even with growth and job opportunities, there will still be unemployment due to lack of skills and jobs that no one wants to do