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Effects of increasing the minimum wage
The effects of raising the minimum wage
Effects of increasing the minimum wage
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Minimum wages should not be raised. Raising minimum wage will cause employers to decrease their employees working hours which affect the employee and the business. Also, there would be an impact of job losses on a still-fragile economic recovery. Although some may argue that no one who works full-time in America should have to live in poverty, Americans are paid higher wages than the average employee in Mexico. The main reason Americans who work full-time may live in poverty is because of how they spend their money. Minimum wages are fine the way they are and should not be raised. Raising the minimum wage would increase the cost of doing business, which would have a negative effect on the still-fragile economy. The unemployment rate in America is 6.7 percent, which translates to eleven million Americans looking for jobs. With a hike in the minimum wage it would be harder for businesses to hire new employees or even keep the ones they already have. As an affect of the minimum wage hike, businesses would have to raise prices, hire fewer workers, reduce the number of hours employ...
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
On April 4, 2016, California Governor Jerry Brown signed a bill that would significantly raise the minimum wage for California workers. By 2022, California 's workers will receive a minimum wage of $15 per hour (Kurzweil, Anthony, Sara Welch, and Kareen Wynter). Brown signed this bill because employees cannot live above the poverty line if their minimum wage is not proportional to the cost of living (Scheiber, Noam, and Ian Lovett). The purpose of the minimum wage is to ensure that workers can provide essential amenities for themselves and their families. Many economists have been in a debate about this topic with mixed feelings, whether increasing the minimum wage would be a reasonable legislation or not. For most average American workers, at first, the idea of raising their salaries might make them feel thrilled and optimistic. However, increasing the minimum wage will have its pros and cons effect on the economy. Despite numerous of arguments from both sides, a compromise can be met regarding minimum wage.
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.
The hard workers of the great state of California deserve a livable wage, but they won’t be receiving their living wage until 2016. Governor brown signed into law bill AB10 which will raise the minimum wage in California to $9.00 per hour beginning July 1, 2014, and then to $10.00 per hour beginning January 1,2016. The minimum-wage was adopted in California as part of the Fair Labor Standards Act of 1938 during the Great Depression. Ever since then the minimum-wage has slowly been growing. According to The California department of industrial relations the California minimum wage has been steadily increasing since 1918. It has gone from .21 cents to 10 dollars an hour. Increasing the minimum-wage does many things; it stimulates the economy, allows people to live in better conditions, and helps level out the problem of income inequality. The minimum wage also helps in indirect ways. The raising of minimum wage achieves a domino effect, it allows for new job growth since people have more wants, it also helps to reduce crime, people that are able to pay their bills with what they have and don’t need to go and steal just to feed their families. It is commonsensical that the minimum wage be a living wage not a subpar amount that causes people to work double the amount just to make ends meet.
"The minimum wage is something that F.D.R. put in place a long time ago during the Great Depression. I don't think it worked then. It didn't solve any problems then and it hasn't solved any problems in 50 years."
Minimum wage is the biggest debate that United States has to go through throughout the last century. But recently our leaders are having arguments on weather or not we should raise the minimum wage for hard working people. Oklahoma's Gov. Mary Fallin is having to the answer the question to raise the state's minimum wage higher than it is recently at with $7.25. There are many concerns that owners of businesses have about if the government is going to raise the minimum wage. As of 2014 Gov. Mary Fallin signed into a law a bill that would banned cities within Oklahoma from creating a mandatory minimum wage and employees benefits. The minimum wage issue is a microeconomics issue because it mainly effects a single individual of a household, a group of consumers, and businesses.
A while ago I was told by my parents that I got a call from (my now boss), Donald Makepeace, asking if I was still interested in a job. We played phone tag for the longest tag, but finally I was hired at the local Dairy Queen. My parents originally said that I was supposed to contribute some money to help pay for insurance, gas ,and ect. After, seeing how much money I brought back week after week, they ignored that request. The truth of the matter is, it’s hard to live on a minimum wage job. In fact, many individuals must have at least two jobs to keep the bills meet. So, President Obama is trying to get Congress to pass an increase in the minimum wage. However, Congress refuses to raise the minimum wage. I agree with Congress, that we should not raise the minimum wage because these jobs are mainly for high school students and more people wouldn’t be able to hire people.
There are opportunities to better the economy of America. Raising the minimum wage is one of those opportunities. Raising the minimum wage can have a positive effect on the country. The minimum wage is not where it ought to be. The minimum wage was higher in the 50’s and 60’s in today’s dollars than it is now. With an increase in minimum wage, people will make more money when working low income part-time or full-time jobs; giving workers more financial stability. The paychecks and yearly salaries of the average low income American family would began to rise. It is an advancement in a conclusively good direction, but it will take time and progressive steps towards a better minimum wage that meets the cost of the necessary standard of living.
President Obama has approved a plan to increase the Federal minimum wage to $10.10 an hour by 2016. There are those that believe raising the minimum wage will benefit low wage earners and boost their families over the federal poverty line. However, others believe that it will negatively affect the same group of people it is proposed to help. Many believe unemployment will increase due to less job opportunities and employees being let go, and businesses will be put in danger. Small businesses will be in more danger than large business will be. Majority of small company’s pay their workers the minimum wage, while employees at large businesses are paid by salary. Due to the increase in the federal minimum wage, small businesses will receive less profit for their company, will have to lower their employee count and teenagers will have a decreased opportunity to get an entry level job.
Unemployment, minimum wage increases and the stock market all play key roles in our economy. Currently in New York, Governor Cuomo has signed legislation to raise the minimum wage to $15 per hour. Now everyone starting out a new employment option without a degree will start at a wage close to that of some employees who have attended a two-year college to earn a degree. Take my degree field for instance, the starting minimum hourly wage is $14 and averages around $17 after two years of paid studies and passing state boards. So, this is where I find the wage increase incredibly unfair, I paid for the schooling and the cost of taking my boards. I started out at that minimum and worked my way up but with this wage increase, I am excluded just like
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.
I think both sides support good facts as to why the pay should increase and why it should stay the same from tipped to non-tipped employees. The cost of living is higher now a days, but the pay is staying the same meaning you have to work double to make ends meet. Servers depend on tips as a major part of there income, if the people being served don't tip or don't give generous tips. It's a possibility that servers may not have enough to make ends meet as far as cost of living. Being paid a well enough hourly wage will ensure the servers will be able to make ends meet with the cost living rising.
On the 1st of April 1999, the National Minimum Wage (NMW) was introduced in the UK at a rate of £3.60 per hour for workers aged 21 and older, and at a rate of £3.00 for workers aged 18-21. Since then, it has grown steadily to reach a rate of £6.31 per hour today. The NMW is “the minimum pay per hour that almost all workers are entitled to by law” (www.gov.uk). In 1999, 1.9 million people were paid less than £3.60, sometimes even below the Living Wage due to the dismantling of unions by the Thatcher government. The idea of a minimum wage then came up, supported by the Labour Party, in order to reduce the increasing poverty and to prevent low wages workers from being exploited by their employers. The Conservative Party, supported by employers, was strongly opposed to this project, arguing that a minimum wage will damage the economy and create poverty due to higher unemployment levels. So, how does the NMW really affect poverty and employment in the UK?
Minimum wages is a legality that is imposes by the government in the labour market which means employers are not allowed to pay the employees under the wage impose by the government. This is happen to the workers in Minionland where the minionion government announced the minimum wages to be increases to M$900 per month due to the increase of living cost of the country. The new rate of wage represents 18.8% increase that affecting 128500 low-skilled workers in Minionland .
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.