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Positive and negative effects of minimum wage
Effects of rising minimum wage
Negative effects of minimum wage
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"Raising the minimum wage will benefit about 28 million workers across the country. And it will help businesses, too - raising the wage will put more money in people's pockets, which they will pump back into the economy by spending it on goods and services in their communities." -- President Obama 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. Because the cost of living has sky rocketed, it has become almost impossible to raise a family on a minimum wage job. A person living on his or her own cannot survive on minimum wage job either. Their living expense would just be too much. The earnings of minimum wage workers are crucial to their families well being. Evidence from 2013 and 2014 minimum wage increase shows that an average minimum wage worker brings home more than half of his or her family's weekly earnings. In 2013 one million single mothers with children under 18 would have benefited from a minimum wage increase to $10.
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.’
This article gives you a yes and no opinion on whether or not the F...
Currently, in the United States, the federal minimum wage has been $7.25 for the past six years; however, in 1938 when it first became a law, it was only $0.25. In the United States the federal minimum wage has been raised 22 times since 1938 by a significant amount due to changes in the economy. Minimum wage was created to help America in poverty and consumer power purchasing, but studies have shown that minimum wage increases do not reduce poverty. By increasing the minimum wage, it “will lift some families out of poverty, while other low-skilled workers may lose their jobs, which reduces their income and drops their families into poverty” (Wilson 4). When increasing minimum wage low-skilled, workers living in poor families,
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."
There have been many arguments going on whether minimum wage should be increased. 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. Minimum wage has been around for ages. Minimum wage employment was a temporary condition for people to earn little payment until they moved on to a better paying job. These jobs helped build résumés, experiences, and skills for a better career. As years went on that idea began to demolish into a job that many families can get to survive and pay for their expenses. It has become the easy way for people to get easy pay.
In the 2013 State of the Union, President Obama proposed raising the minimum wage from the current $7.25 to $9.00 by 2015. This has caused arguments between the rich, small businesses, minimum wage workers, and the unemployed because it affects each of them differently. Obama’s plan is to bind the minimum wage to the cost of living, which ensures that minimum wage goes up with inflation. In general, this benefits minimum wage workers by improving their standard of living.
Over the years the cost of living has been on the rise. Therefore, it is only right for minimum wage to increase as the cost of living increases. Many states and even some individual cities have taken the first steps toward raising the minimum wage. States like Washington and cities like San Francisco have already raised their minimum wage above the federal minimum wage. This is a very good start as it is becoming harder and harder for Americans to start and take care of their families. We need more states and cities to follow their lead some more Americans can feel more financially stable. This will make a better America for us all.
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 ...
"No family gets rich from earning the minimum wage. In fact, the current minimum wage does not even lift a family out of poverty."
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
Having minimum wage causes many people to become jobless all so a certain amount of people could live comfortably. Cooper believes that today’s workers are “stuck in jobs that pay so little they struggle to afford basic necessities.” Yes, some people may have trouble affording basic necessities, but at least they have some money that will help them out even if it’s just a little. A low paying job can make a difference between having nothing to eat at all or three small meals every day. If minimum wage increases, than the lives of many people would become even more difficult, and unbearable. A job that pays a little money is better than no job at all.
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
Today the federal minimum wage is $5.15, but should be about $8.50 if Congress had adjusted it for inflation over the past 35 years. While $5.15 may not seen that bad, when factoring in such variables as sky rocketing gas prices, budgets can get pretty tight. David Shepard, a sophomore at Wayne State University, worked at a Meijer Retail and Grocery Superstore for over two years while in high school. At the time Shepard lived with his parents and didn’t have to worry about paying rent or buying groceries, all that he had to pay for was filling up his gas tank and paying for his car insurance. Shepard recalled, “It was all I could do to pay for the basics like gas and bill’s, I barely had any money to have fun on the weekends”. This is only an example of a high school student that can nearly slip by on minimum wage with only a few expenses. There are 1.8 million people in America with children under the age of 18 that would benefit from an increase in minimum wage (Minimum).
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.