Raising The Federal Minimum Wage

889 WordsNov 10, 20144 Pages
In my report, I will go into detail and show how raising the federal minimum wage would positively effect the economy. In doing so, I will be discussing how an increase in the federal minimum wage would make a vast improvement on the way many low income families live, and also how raising the federal minimum wage would boost the economy as it desperately needs. In raising the federal minimum wage, one might argue that it would cause a spike in the unemployment rate. The reasoning is that it would force employers to balance the increase in wages that they would have to pay out by cutting their employees to make up for the increase. These claims are debunked in the article “An Increased Minimum Wage is Good Policy Even During Hard Times”. This article was written by Professor T. William Lester, an assistant professor at the University of North Carolina, David Madland, the Director at the Center for American Progress Action Fund, and Nick Bunker, a Special Assistant at The Center for American Progress Action Fund. The article can be quoted as saying “There is a growing consensus among economists and academics that raising the federal minimum wage does not kill jobs even during periods of recession” (Lester, Madland, & Bunker, 2011). Lester, Madland, and Bunker also talk in their article about the many different studies that were carried out in all different areas of the country and during differing times. These studies were all pretty conclusive that an increase in the
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