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Effects of increasing the minimum wage
How demand and supply are affected by an increase in minimum wage
Effects of increasing the minimum wage
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If we raise the minimum wage we wouldn't have to struggle to make payments. My mom struggles to make payments because she gets payed the minimum wage ,and it's not enough. My Mother works at irvine and every three days she has to refill her tank and gas is at a high price. My sisters both got jobs to help my mother pay the house bill. Minimum wage has to go up because I know theres families out there that feel the same as we do. If we raise our minimum wage of about $7.25 an hour, many states vary, that means more people will be earning more money and the more money people earn, the more money that they spend. This helping our economy.” Having a healthy economy can keep our country stable, and that is what we want. “According to an article in The Law Dictionary. …show more content…
This will also help people lay off government and state sponsored financial aid programs, thus making people more independent. This can also offer more jobs to many other people. If people are spending more money, then businesses will be earning more money and they will need/to hire more people to keep up with the increased sales. An increase in minimum wage can help boost our economy and help many Americans at the same time. If we increase this, many people will have a healthy economic life and more. This can help many people become a better person making our nation stronger. Raising the minimum is a horrible idea because everything will go up in price. If the wage goes up we're going to see an increase of price in stores, food ,and gas. Not only that but small businesses will perish because they don't have enough money to pay all the workers. Many people that work in small businesses will be unemployed and will have to struggle to find a job. We all have to be equal with the minimum wage or else many people may end up losing their
Imagine a world where you are working overtime, seven days a week, yet your kids are starving. You can’t get the education you need because you don’t have the time and money to afford it, and you can’t change jobs because this is the only one you can get. Unfortunately, this is the reality for millions of Americans living today. The federal minimum wage is too low to help families, and actually mathematically speaking, too low to survive on. The quality of life for minimum wage families is terribly low, and that is unacceptable. As humans, we should be looking after others and helping the poverty come out of their continuous cycle. Raising the minimum wage would not only help families be able to afford a better quality of life, but help them to afford healthy food, get an adequate education, and invest in the necessary health care they need.
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.’
Minimum wage should be raised to at least $15 an hour. Doing so would benefit lower classes of people greatly. Higher minimum pays will keep people from doing illegal things for money, give them more money to spend, and it would make minimum wage do what it’s intended to do.
This article gives you a yes and no opinion on whether or not the F...
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
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 we talk about the kind of folks whose lives will be made better by raising the minimum wage, we're not talking about a couple teenagers earning extra spending money to supplement their allowance. We're talking about providers and breadwinners. Working Americans with bills to pay and mouths to feed."
Raising the minimum wage up to about three dollars should be done in increments of over a few years so it doesn’t shock the economy in any unpredictable way. Some states like California, won 't be affected that much, but where the minimum wage is $7.25 an hour that three dollars more will make a difference. We have to take into consideration how smaller economies and small business owners will be affected by
The minimum wage today has a lot of issues; some people say it is not enough to live comfortably. Many agree that there needs to be an increase in minimum wages and by doing that it can help with our issues of poverty. Statistics show that a worker who is full time and earning minimum wage makes only $15,080 a year, which is under the federal poverty line for a family of two. (Gitis, 2013) The problem with that is $15,080 is not a sufficient amount that a person can live and grow on. “A family of two can consist of a mother and son or daughter, father and son or ...
There are indeed risks of raising the minimum wage, but the rewards outweigh those risks, so the minimum wage should be raised. Some people who are against this may say ...“But other economists say raising the minimum wage actually hurts the very people it's designed to help: One of the basic laws of economics is that if you raise the price of something, there will be less demand for it. In this case, if you raise the price of workers, the demand for workers will decline. That could mean companies cutting the hours of employees, laying them off, or hiring fewer workers in the future.”... Yes, it could hurt the people it is designed to help, but different states have done this and found the opposite to be true. With America’s still fragile economy we need a boost, a helping hand; And this could be it. So next time you go down to vote on a mayor or maybe even the next president, remember that raising the minimum wage is a good thing, and you should be supporting
Raising the minimum will end up hurting Americans more than helping them. The people that are for raising minimum wage are people who believe that increasing minimum wage can help those people who are unskilled and need an income they can live on. Yet, raising minimum wage would do the opposite and make employers have to fire people who earn minimum wage, because they can't afford the higher wages. People need to realize that increasing the minimum wage would hurt people more than help them. In the end increasing minimum wage would result in some people being let go, for the reason, businesses can't afford paying them minimum wage anymore.
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
Since its inception, the minimum wage has been a hotbed for debate. If today’s leaders could manage to increase minimum wage, millions of families would benefit.
The minimum wage must be raised because the cost of living has gone up considerably. Education is essential if one wishes to work, and the cost of education has increased drastically in the past twenty years. Companies should be requied to pay workers what they deserve, and that is more than minimum wage is now. With our new technology and the technology in the future work is harder and more complicated. A minimum wage increase would raise the wages of many workers and increase benefits to those disadvantaged workers.
In the 2014 State of the Union address, President Obama called on Congress to raise the national minimum wage from $7.25 to $10.10 an hour, and soon after signed an Executive Order to raise the minimum wage to $10.10 for the individuals working on new federal service contracts. An increase in the minimum wage has been a topic of discussion for many years now, and it looks like this year will finally see the first increase of minimum wage in 10 years. Not everyone agrees that there should be an increase, but many states have already raised their minimum wage rates because of the federal government’s inaction. Iowa raised the state’s wage, and it will rise again in 2016. Clearly there are benefits to a higher minimum wage; the current minimum wage in the United States should be raised because it helps the economy by increasing employment, and it is now at the lowest value it has been in more than 50 years, causing hardship for earners of minimum wage.