Pros And Cons Of Increasing Minimum Wage

This means that the job market will grow and will allow the economy to improve as well.

Rex Huppke, a journalist for the Chicago Tribune, deftly discusses the pros and cons of raising the minimum wage in the last of a two-week series in “In the Minimum Wage Debate, Both Sides Make Valid Points”. Although I am for raising the minimum wage, Huppke’s presentation of the opposite argument does make one think beyond the gut reading that everyone deserves more money. Huppke’s argument that a large number of minimum wage earners are student of the elderly leads me to believe that a tier of wages would take care of the issue. For example, anyone working less than 35 hours a week would be paid at a certain rate; with full time getting an increase. I am not concerned by the argument that a higher minimum wage leads to lay-offs or price increases when most products sold in America are manufactured by cheap foreign labor. There is already a huge profit margin that could sustain such an increase. Rather than give discounts on goods and services, thus preventing employees from exercising the right to shop, stay or eat wherever the employee chooses, these employers trap workers into giving back the very money they have “slaved” for.

Consequently, high fees will make bosses decrease staff volumes and raise prices, however, may not be beneficial to both the citizens and employers. For instance, the latter may be compelled to change their currently offered health care. Small business’ bosses may face fines if their current healthcare meets not the affordable minimum coverage.

The idea of minimum wage is that workers are guaranteed enough money to live off of. The price of minimum wage is determined by the state, but a federal minimum wage is set. Some states choose to go above the minimum wage, while others, such as Alabama and Louisiana, choose to not have minimum wage at all (Root). Minimum wage is important to society, because it can affect many people’s lives. There are many pros and cons to having minimum wage in the United States. Furthermore, various stakeholders are also impacted by this policy in numerous of ways. Minimum wage is a microeconomics and macroeconomic problem that has many consequences. Therefore, minimum wage has been a great economic issue because of people’s support and opposition to the policy.

However, most small businesses would disagree. Even those in charge of larger corporations such as V&J Holding Co. Inc. Valerie Daniels- Carter, founder and CEO of the Milwaukee- based company, states that America has “enough small business that are on the bubble anyway, and for them to try to absorb a 35% increase in their labor line really is going to cause some businesses to fall out” (Hocker, 2004, p. 60). On the contrary, the White House claims that the increase of minimum wage will put more money into the hands of the consumers, who will spend it immediately, in turn causing inflation in the economy. However, The National Federation of Independent Business, which represents 350,000 small businesses, strongly refutes this argument from President Obama, claiming that “raising the wage will kill jobs by increasing costs for small- business owners without really helping the workers” (Voorhis, 2013). This claim is supported by the fact that half of the minimum wage earners are teenagers, and many of the half above the age of 25 have one or two other jobs on average. This support, in turn, leads to the point that raising the minimum wage will not change much of

President Calvin Coolidge said once in an address to newspaper editors that the chief business of America was business. Although his remark is often analyzed as the typical overconfidence that may have lead up to the Great Depression, Coolidge’s statement is clearly more valid now than ever. America’s standard of living is deeply affected by its businesses and their success, which translates to a monumental importance of need to ensure they are allowed to flourish. The minimum wage law hinders American enterprises in numerous ways. Ultimately, the removal of minimum wage will improve the country’s standard of living by creating more lucrative businesses and also by helping citizen’s needs to be met.

Now in United States many workers are protesting businesses to higher minimum-wage to an excessive amount of $12 -$15 dollars per hour. Businesses are already losing money over the change of minimum-wage which is causing many of businesses to fire people, over the circumstance of being in the edge of losing their businesses. If we higher minimum-wage our economy could worsen, we could experience loss of jobs, businesses running out of business, higher prices on merchandises. It’s something difficult to accept because a lot of things could change if you it gets higher, it’s good for people going from $7.25 – $10.00, but for the rest of the people already making a decent amount would make it difficult to live out of. Minimum-wage shouldn’t be raised do to loss of employment, company’s not being able to pay their current amount, plus having loss of jobs, which would be harder to find in the future for employees.

Contrary to these beliefs, I believe that raising the minimum wage will not only benefit the company and employee immensely, but overall increase the productivity of workers. The raising of the minimum wage will help these low income families support their families, which decreases the poverty level too.

The high cost of health services is caused by most hospitals charging high fees to their patients mostly because there is low number of qualified doctors. This is because most medical schools require one

Minimum wage laws essentially determine the lowest hourly wage rate that employers are required to pay to their employees to perform their labor. These laws are legitimized expansively in terms of their coverage and also provide exemptions and restrictions to their applicability according to different dynamics such as a worker’s age, a company’s size, the industry type, whether workers collect tips, the type of work that is being performed, etc. The minimum wage laws are applied regardless of whether an employee is paid by the hour, by salary, by piece, or by commission, except if there is a specific exception that can be applied. (employment law handbook) The state minimum wage rate requirements are fundamentally governed by legislative actions

Most new hires are attracted to the high basic salary or hourly wage. Therefore, employee benefits need to be

Workers that are paid the Federal Minimum wage are in a constant state of stress, and are trying to make ends meet by working a job that requires much more than just showing up to work for most of them it is cleaning, or working fast food which can be physically and mentally draining even though it does not seem like a tough job it is. For example, say you’re a McDonald’s employee, and you see hundreds of customers a day and are constantly filling orders or having to listen to complaints of angry customers complaining about their burger that they spent a whole dollar on while you have to stand there and listen to them. Now think about this, all of those workers come in every day and have to do that while making probably half of the average American salary, they hardly ever get overtime and feel as they are worked to death, yet they have no choice except to keep working because many of them dropped out of school when they were younger or just simply lack the skills needed for a higher paying job.

The minimum wage is the lowest possible wage that employers can legally pay their workers. Today, it seems like everyone has their own opinion on the minimum wage. Should it be abolished, raised, or should it remain the same? I will talk about the pros and the cons of raising the minimum wage as well as my own opinion if it should be raised or if it should stay the same.

Health benefits or insurance coverage being one of the most valuable and expensive benefit employers especially small businesses are increasingly struggling to fund it. I am currently taking a Healthcare Accounting class and one of our recent lectures was on reading and analyzing financial statements. One thing I noticed when looking at Income Statements of various healthcare organizations is that employee salaries, wages and benefits expenses are the biggest expenditure.

The main reason for business is profit, and if workers ' comp. Costs are at