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Minimum Wage
When approaching the subject of minimum wage increases, we consider the topic to be extremely controversial. Both proponents and opponents argue what impact it will have on the economy and how to bring low-income wage earners out of poverty. Some claim it will have a negative impact on small business and decreased employment rates while others think, it will improve low-income families’ standard of living and boost economy. Increasing the minimum wage assists in decreasing poverty but more support programs are need.
Summary
Michael Strain’s article “Don’t Ignore the Costs of Minimum Wage Increases When Celebrating the benefits” questions what the true benefits are. Strain expresses that although the minimum wage has increased, it reduces the number of jobs available for low-income people. This reduction in jobs is due to business owners need to compensate for loss profit margins. He also explains
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Strain received a score of 4 is because he “identifies the most important argument (reason and claims) pro and con” (Facione 12). This skill is shown when Strain addresses the statistic on how much money from low wage workers actually go to low-income families. The second aspect of HCTSR used in analyzing this article is rule “thoughtfully analyzes and evaluates major alternative points of view” (Facione 12). This is revealed when Strain agrees with the opposition who state, “advocates of minimum wage discusses the cost of minimum wage being absorbed by decreased turnover rates, higher productivity, and lower profits” (Strain). He then justifies the cost cutting in the following paragraph. Strain explains his research into the same subject of businesses’ withstanding costs of paying higher wages by employing fewer staff. The author utilizes the critical skill of interpretation and explanation when reviewing data displayed in the
Poverty continues to grow in America. The average minimum wage in the United States is $7.35 an hour- far too low in today’s society. Key expenses, for example, gas and housing prices, have gone up significantly since the minimum wage was last changed in 2007 (Wagner 52). The laws creating the minimum wage were intended to improve the standard of living and decrease poverty. Raising minimum wage is a vital step in decreasing poverty and giving every family the opportunity to survive and succeed. Millions of hard-working Americans are below the poverty line and need an increase in pay. Minimum wage must be raised because it will diminish poverty and assist the working class to support their families.
When the question is asked "Who benefits and who loses when it comes to the minimum wage" there are really 2 ways to look at it, the short term effects and the long term effects . While the minimum wage laws usually aim to prevent poverty among lower income earners sometimes it create it rather than help prevent it.
Well, raising the minimum wage has both the pros and cons. Still, the fact that increasing the minimum wage nationwide would increase millions of workers’ earnings is deniable. I suppose that’s why some people advocate raising the minimum wage will grow the economy for everyone. In 2014, the president of the United States, Obama, called on the current Congress to raise the national minimum wage, which proves that Obama actually supports raising the minimum wage. ‘February 2014 Congressional Budget Office Report The Effects of a Minimum-Wage Increase on Employment and Family Income is the latest attempt to do so, in this response to Members of Congress with respect to an increase in the federal minimum wage from $7.25 to $10.10 per hour.’
Many people against raising the minimum wage create arguments such as, “it will cause inflation”, or, “ it will result in job loss.” Not only are these arguments terribly untrue, they also cause a sense of panic towards the majority working-class. Since 1938, the federal minimum wage has been increased 22 times. For more than 75 years, real GDP per capita has consistently increased, even when the wage has been
In recent years the minimum wage has been a heated topic. People want to hike it up to 15 dollars an hour which they call a living wage, while others just want to keep it the same. There are also others that suggest to bring the minimum wage to around $10.78 an hour, which should be around the minimum wage now if we account for inflation from the 1960’s. I agree with that to a certain point. We as a nation need to bring up the minimum wage only up to ten dollars so that less people are living in poverty, and not any higher so that states with smaller economies don 't crash and burn.
Let’s just say you have t wo children, you are a single parent and are reliable for everything in the household but only making minimum wage. Do you think you would be able to handle the pressure put on you and provide? Well, there are many single parents out there with children and a lot of those families are living in poverty because of the lack of money reachable to them. With wages being as low as they are it makes it harder on those parents because money just do not grow on trees. The minimum wage should be raised due to the many people in poverty already and not all people get paid what they deserve.
One way raising minimum wage will be beneficial is that it could lift many Americans out of poverty. Raising the minimum wage in Illinois, would help the families of more than 1.1 million workers who work to meet their children’s basic needs and “reduce the adverse effects of poverty on a child’s well-being” (Fiscal Policy Center). Studies have shown that raising the minimum wage would help 1 in 5 Illinois families who are in poverty. By raising the minimum wage in Illinois, it would help workers with families spend money on food, housing, gas, and other needs without going into poverty. Along with puling Americans out of poverty, raising the minimum wage could also stimulate economic growth. Raising the minimum wage, is stimulating economic growth by worsening the income inequality and substantially reducing the employee turnover for the business. Increasing a person’s income would raise their yearly earnings by $3,640 and “Improve the economic security and reduce the economies poverty rate” (Fiscal Policy Center). Low-wage workers spend most of what they earn on their basic needs, which is quickly spent and does not leave the worker with much money left to spend on other needs. This boost in the minimum wage will stimulate the economy and help create opportunities for more people, by hiring more workers to keep up with the
Minimum wage has been around for ages. Minimum wage employment was a temporary condition for people earning little payment until they moved on to a better paying job. These jobs helped build résumés, experiences, and skills for a better career. It has become the easiest way for people to receive easy pay. As years went on that idea began to demolish into a job that many families can get to survive and pay for their expenses. There have been many arguments going on, "Should minimum wage be raised or should it be lowered or eliminated altogether?" This action has its pros and cons. It can benefit many families as living cost has gone up, price for education is rising, and college students are in huge debts. It may increase poverty, but those
On the other side of the argument Americans believe that with the increase of minimum wages it would help Americans out a lot more. One possible way that the increase in minimum wage may help an individual out is in the article Minimum wage Pros and Cons, “The Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. Though this may be true, one problem
The minimum wage being too low has been a public issue in America for generations. Basically, the debate includes two different opinions. Firstly, people who want to raise the minimum wage, and second, people who would rather is stay the same. The overwhelming majority of liberals are on the side that favors a raise. Additionally, a somewhat smaller proportion of conservatives favor the change as well, but for different reasons. The liberal opinion on raising the minimum wage is based on the idea that putting more money in the people’s pockets, will stimulate the economy, and decrease poverty. The problem that conservatives and liberals alike have with this, is that a few direct consequences are proven to apply when raising wages. Some proposed consequences include unemployment, inflation, and unfairness to higher educated people. Another main point is that raising the minimum wage is thought to helps small business by increasing worker satisfaction. This issue of minimum wage has become increasingly popular and important in current times, as president Obama has proposed the idea of raising the minimum wage of contract workers to 10.10$ per hour (about a 30% increase from the current 7.25$ per hour minimum wage). A large number of people consider this wage hike unnecessary due to the fact that today’s value of minimum is higher than it has ever been since the 80’s, and because the wage hike comes at too high of a cost. All things considered, the issue of raising minimum wage is not a battle of political parties and their agendas, its really a debate between everyone.
For many people in the United States, life is no more than a regular work cycle. Members of working class usually have a High School diploma and may work in a low skilled occupation or manual labor. Most of the enjoying age of this people is spent in working, as they don’t want their new once to have a life they struggling through. Therefore, this essay will argue that minimum wage should be increased federally to $15/hour by 2017. Firstly, if taxes touches the sky, why should the minimum wage be on the ground? Increasing minimum wages would also create new opportunities for education as the students wouldn’t have to work crazy hours. Likewise, many couples won’t have to work multiple jobs in order to manage the household. Lastly, it will lift
Unrewarded Success The issue I am presenting is the question of whether or not a person’s salary should be limited; if having the opposite of a minimum wage, maximum wage, is something that would benefit the economy. The fundamental problem with this idea is that it takes away citizen rights and is actually a loss for those who worked hard enough to make a success of themselves. Many believe that the affluent handfuls are greedy and the drive they have for power is dangerous.
"Raising the wage can profit regarding twenty eight million employees across the country. And it'll facilitate businesses, too - raising the wage can place extra money in people's pockets that they're going to pump into the economy by disbursement it on merchandise and services in their communities." -- President Obama The wage should be raised as a result of the value of living has gone up significantly. Education is important if one desire to figure, and also the price of education has accumulated drastically within the past twenty years.
Bernstein, Jared. “Would Raising the Minimum Wage Harm the Economy?” The CQ Researcher 16 Dec. 2005:1069.
For the past three decades minimum wage has been seen to rise several times. Only helping some but more than anything harming most. So who are the ones feeling the effects? Certainly not the wealthy, it never is them, mainly it would be the working poor, unskilled and teenagers. Raising minimum wage would cripple the public even more than what it would actually help.