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Minimum wage debate-argument essay
Minimum wage debate-argument essay
Positive effects of minimum price wages
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In the past four years, Florida has cut their Unemployment rate in half. In 2010 the unemployment rate was at 11.4%; in January the unemployment rate for Florida was at 6.1% (Statistics 1). In this research paper I will be explaining why raising Minimum Wage will cost more to society than gain in the long run. WHile many people are happy that they are looking to raise minimum wage, more people are highly infuriated with the concept behind it. most people have questioned the idea behind it. For example; if the minimum wage goes up, what else will go up in prices? Or what prices go down? Will the people that are unfortanate and need help that get food stamps and WIC still get the amount they have been getting or will they get less? WIll they gte more? Will buisinesss let more people go due to the cost of employment? I will be showiing my research behind every question that came to mind and every aspect behind the Raise of Minimum wage.
Have you ever thought how fast food resstaraunts keep their food so cheap? The current wage of a fast food restaraunt - such as McDonalds - is $7.25 an hour(Kim 1). If the wage is just as cheap as a BIg mac, how could you keep the wage high but the prices low. When it cost a company more to pay the employee than they can get from a paying customer, the price of the item being bought has to go up or they have to get rid of the high cost. WHich would be the associate. Which then brings us right back around to unemployment rate. According to the huffington post, if minimum wage raises then the price of a big mac at mcdonalds can go from $5.69 plus tax to $6.66 plus tax and the dollar menu can go from $1 plus tax to $1.17 plus tax. If the prices at mcdonalds has the ability to raise than you would thin...
... middle of paper ...
...oing to raise. Its like climbing a ladder. Sooner or later your going to be higher up, your fear is going to raise and the roof is gunna seem like its lower. Its the same when you raise minimum wage. The wage is gunna get higher, cost of goods go up, and unemployment rate will raise
Works Cited
Fairchild, Caroline. "Errors in McDonald's Wage Analysis." The Huffington Post. TheHuffingtonPost.com, 29 July 2013. Web. 24 Mar. 2014.
Fox, Emily J. "States Aren't Waiting for Congress on Minimum Wage Hikes." CNNMoney. Cable News Network, 06 Mar. 2014. Web. 24 Mar. 2014.
Kim, Susanna. "Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles." ABC News. ABC News Network, 31 July 2013. Web. 24 Mar. 2014.
Statistics, U.S. Department Of. "Databases, Tables & Calculators by Subject." Bureau of Labor Statistics Data. U.S. Department of Statistics, n.d. Web. 24 Mar. 2014
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
"Bureau of Labor Statistics Data." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 04 July 2017.
"Summary." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 19 Mar. 2014.
The United States minimum wage is not indexed to inflation. Due to this fact, the purchasing power of minimum wage falls as the price of consumer goods increases. The current hourly minimum wage is set at $7.25, however many states do pay above this rate. One example of this is in Michigan, the current hourly minimum wage is $7.40. The last time a change occurred to raise minimum wage was in 2009. President Obama has put out a proposal that is designed to raise the federally required hourly minimum wage to $10.10 in 2015. The public opinion of this proposal is all over the board ranging from a positive outlook to a negative one. Some of the negative remarks are that it would dampen the economy and shrink the hiring done by small businesses. “The Household Survival Budget for the average New Jersey family of four is $58,500 and for a single adult is $25,368 in 2010. These numbers highl...
Minimum wage is a topic that has been popping up since the 1980s. From whether we should lower it, or even raise it, but now in the 2000s minimum wage has been the center of attention more than ever. There are two sides to this topic of minimum wage; whether it creates more jobs or does not create jobs. Those who argue that raising minimum wage will create more jobs will have a rebuttal which is that it does not only cause the loss of jobs but that it would make things much worse and vice versa for those arguing raising minimum wage will cause loss of jobs. There will be two authors representing opposite views, Nicholas Johnson supporting minimum wage will not cost jobs with his article “ Evidence Shows Raising Minimum Wage Hasn’t Cost Jobs”
"Summary." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 30 Apr. 2014.
"Summary." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 20 May 2014.
Cooper, David, and Doug Hall. "Raising the Federal Minimum Wage to $10.10 Would Give Working Families, and the Overall Economy, a Much Needed Boost." N.p., 13 Mar. 2013. Web. 01 Dec. 2013.
A raise in the minimum wage is only a temporary solution to fixing the problems in the United States. The federal minimum wage was introduced in 1938, during the Great Depression, and has already been increased 22 times. There are already 19 states that pay their employees well over the federal minimum wage. The highest minimum wage in the United States is in Seattle, Washington, and is set at fifteen dollars an hour. Interestingly enough, if minimum wage followed inflation, then it would be set at $4.24 an hour, which means it is already $3.01 over that amount that it should technically be (James Sherk 2013). Continued increases of the minimum wage in the United States need to be stopped as it will result in devastating impacts on low-skilled
While some might argue that raising the minimum wage would provide for a 'living wage', the raising of the minimum wage would result in significant inflation, which, in turn, would increase the cost of living; offsetting any wage increase. According to the Wall Street Journal, economists struggle to agree on whether or not 'wage floors', (e.g. the Federal minimum wage) stimulate, or suppress economic/job growth (Morath). However, the point of view of those favouring a raising of the minimum wage is incomparable to the reactions of businesses to both enactment of minimum wage legislation, and discussion of minimum wage legislation (that is, legislation raising the minimum wage). For example, in response to California's raising of the minimum wage to $10.10 an hour by 2016, the fast food chain Jack in the Box announced that it would 'increase menu prices either 1.4 per cent just in California or a little less than one per cent across all its restaurants'. To put this amount into perspective, the Cheesecake Factory announced that amongst its California restaurants (accounting for one fifth of their total restaurants), it expects to sustain a two to thre...
About eight million Americans go to work every day, yet they are still living below the poverty line (Camden and Stern). More than one million of them are retail workers. If the minimum wage was to escalate, 734,075 people would be lifted out of poverty. Also the 769,191 people that are living on or near the poverty line would see their incomes go above it by 150 percent. These workers are struggling to provide basic necessities for their family and themselves. If minimum wage was increased poverty could be reduced. Most families are relying on government assistance to provide things such as food by using an EBT food stamp card and Medicaid because they are making minimum wage. Also if a minimum wage worker is only making $5.15 per hour, it will be impossible trying to afford health insurance. Sometimes the benefits workers receive don’t always cov...
Now, President Obama is advancing the novel economic theory that modest increases in the minimum wage will have no impact whatsoever on employment. This proposition is based entirely on the work of three economists: David Card and Alan Krueger of Princeton, and Lawrence Katz of Harvard. Their studies of increases in the minimum wage in California, Texas and New Jersey apparently found no loss of jobs among fast food restaurants that were surveyed before and after the increase [ l "card-92b", l "krueger", and l "katz".
Employment status of the civilian noninstitutional population by age, sex, and race. (n.d.). U.S. Bureau of Labor Statistics. Retrieved February 2, 2014, from http://www.bls.gov/cps/cpsaat03.htm
Contingent upon the labor market conditions, a rise in minimum wage can raise or lower the unemployment rate. Policymakers should consider the likely response of workers and employers. Employers are hesitant to recruit more employees when there is a rise in wage levels, and a few workers may look for a higher paying occupation in the same industry or another. Regardless, it is noteworthy that the wage level should not be punitive to employers or make employees live undignified when they cannot cater for their fundamental
"Summary." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 09 Apr. 2014. . (5)