Inflation Essay

976 Words2 Pages
bulb-icon

Recommended: Positive and negative effects of minimum wage

Inflation is one of the main reasons for the minimum wage being at a low level. In the United States workers are earning less than they did in the seventies. Last year in the United States approximately three million people of the working class dropped below the national poverty level. Minimum wage laws are established by the federal and state governments to help balance out the amounts of money people earn. It prevents one person or persons from making all the money, and some making very little. The term income distribution is where everyone would earn the same amount of money. This is not something that could really happen because everyone has different levels of education and different trades. Minimum wage is a way to try to keep the income distribution fairly equal. The views on raising the minimum wage are very different from person to person. Minimum wage is basically a stepping stone for employers. It sets the least possible amount an employer can pay an employee. In a minimum wage model the quantity demanded is less than supplied labor. Minimum wage helps keep these two factors balanced. It is a very important number because it assures that everyone gets payed at least that. Employers cannot pay anyone less than that amount. It is against the law and a fine comes with it. Congress is against raising the minimum wage in fear of negative outcomes. Really only the government would feel the affects. Raising the minimum wage would help this economy greatly. It would help make more jobs attractive to people. This would be a tremendous help to some of the poverty levels in the united states. It would help with violence by allowing many more people to receive an education. Families could afford to send more children to scho... ... middle of paper ... ... is a lot of money, just because minimum wage will be raised. Another con would be that employers might hire fewer workers in the entry level jobs needed to begin a career. This means that many starter jobs will be taken away, only allowing jobs for the professional workers for a specific job type. This would affect the economy greatly, because there would be less jobs for lower and middle class Americans, and more jobs for the already rich community. Raising the minimum wage sure does have its pros and cons, but it is believed that the pros outnumber the cons tremendously. Overall, the minimum wage should be increased, and it is expected to increase sometime before 2020. The minimum wage is a hugely debated topic, and there is good points for both sides. In most Americans eyes, however, it would be extremely beneficial, and it may even end the current recession.

Show More
Related

  • Barbara Ehrenreich: The Minimum Wwage Is Not A Living Wage

    1295 Words  | 3 Pages

    Should we have the minimum wage rise? Nowadays, many people argue that we should increase the minimum wage because we haven’t had an increase since 2009. People who are living on the minimum wage struggle a lot raising their families. (Webster) Minimum wage means the lowest daily or monthly remuneration that employers may legally pay to workers. On the other hand living wage means the minimum amount that a worker must earn to afford his/her basic necessities, without public or private assistance

    Read More

  • Persuasive Essay On Raising Minimum Wage

    1668 Words  | 4 Pages

    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.

    Read More

  • Pros And Cons Of The Minimum Wage

    711 Words  | 2 Pages

    All in all minimum wage should be increased. Every decisions made by the federal government has its disadvantages. What action doesn’t have its disadvantage? Raising minimum wage benefits majority of the population and that’s what everyone should be thinking about. This has been an argument for years and some states in the United States has raised their minimum wage, all we need is for other states to do the same, so everyone can benefit from it

    Read More

  • The Benefits Of Raising The Minimum Wage

    698 Words  | 2 Pages

    Minimum wage is a difficult number to decide on because it affects different income earning citizens in different ways. According to Principles of Microeconomics, by N. Gregory Mankiw, minimum wage is a law that establishes the lowest price for labor that and employer may pay (Mankiw 6-1b). Currently, the minimum wage in the United States is $7.25 per hour. For many years politicians and citizens have argued on what should be the minimum wage that would benefit the economy and society in general. A minimum wage was first established in 1938 to increase the standard of living of lower class workers. To discuss what is better for the country and its citizens, people have to understand what is a minimum wage and what are its effects.

    Read More

  • The Minimum Wage Must be Raised

    961 Words  | 2 Pages

    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.

    Read More

  • Should Minimum Wage Be Increased

    1403 Words  | 3 Pages

    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

    Read More

  • History of Minimum Wage

    1128 Words  | 3 Pages

    The definition of Minimum Wage is “an amount of money that is the least amount of money per hour that workers must be paid according to the law” (Minimum wage). Minimum wage, like other laws, are used to keep the economy in line. Minimum wage laws were invented in Australia and New Zealand with the purpose of guaranteeing a minimum standard of living for unskilled workers. (Linda Gorman) Minimum wage puts a price on the services one offers. Many different principles can be used to explain Minimum wage and explore the different aspects of it. Including what minimum wage does for our economy and the current status of it.

    Read More

  • Minimum Wage In America Essay

    1621 Words  | 4 Pages

    Since the cost of living has gone up drastically, raising the minimum wage is the right thing to do to boost the economy, lift workers morale and productivity, and improve the self sufficiency of potentially millions of American workers. Raising the minimum wage is a vital step in decreasing poverty and giving every family the opportunity to survive and succeed. Even businesses agree raising the minimum wage would give many customers more money to spend in turn increasing sales and higher profits for the companies. Therefore, raising the minimum wage would help and not hurt the economy and it would give many Americans a better livelihood and a more secured life. In today’s society it is very expensive to live in American and even getting by daily is difficult if you are living on minimum wage. Therefore, anyone who thinks the minimum wage should not be raised should try living in

    Read More

  • Raising Minimum Wage

    781 Words  | 2 Pages

    Minimum wage was created as a price floor to protect workers from employers that wanted to provide them with low paying jobs. Cooper explains that “during periods of high unemployment many workers are forced to take lower paying jobs.... because there simply are no other options available to them.” Workers do not have any power during periods of unemployment. Employers can easily abuse their power and they will. Businesses try to make the most amount of money possible, meaning they will pay their workers little to nothing to increase their profit. Thus, the idea of Minimum wage contradicts itself because it is the reason for the high unemployment rate in America. Consequently, forcing workers to take low paying jobs because the supply of jobs is so

    Read More

  • We Should NOT Raise the Minimum Wage

    1177 Words  | 3 Pages

    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.

    Read More

  • The Minimum Wage Should Be Increased

    1846 Words  | 4 Pages

    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.

    Read More

  • The Minimum Wage Must Be Increased

    1491 Words  | 3 Pages

    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.

    Read More

  • Minimum Wage Argumentative Essay

    1423 Words  | 3 Pages

    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.

    Read More

  • Inflation And Inflation Essay

    1766 Words  | 4 Pages

    Inflation is the rate at which the purchasing power of currency is falling, consequently, the general level of prices for goods and services is rising. Central banks endeavor to point of confinement inflation, and maintain a strategic distance from collapse i.e. deflation, with a specific end goal to keep the economy running smoothly.

    Read More

  • Effects Of Inflation Essay

    1615 Words  | 4 Pages

    Inflation is one of the most important economic issues in the world. It can be defined as the price of goods and services rising over monthly or yearly. Inflation leads to a decline in the value of money, it means that we cannot buy something at a price that same as before. This situation will increase our cost of living.

    Read More

More about Inflation Essay

Open Document