Should the Minimum Wage Increase?

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Many dissatisfied people suffer in the economy due to their incomes and the minimum wages. In an article, under CNN, the story of Kevin Burgos, an employed American father who’s suffering financially in the current state of the economy is used as an example to support the idea of increasing minimum wages. Kevin works full-time as a fast food assistant manager, earns above minimum wage, and brings additional money to his home on the side. However, his salary and extra money doesn’t fully pay off his simple living expenses. In fact, he is $600 short every month, which makes his family of five suffer. His story points out income inequality and how the minimum wages don’t cut it for many. Kevin and many others that can relate, join him on strikes, so lawmakers could bridge the income gaps.
With that article being said, a debate of whether or not the minimum wages should increase occurs. I think the minimum wage shouldn’t rise currently because it would increase chances of structural unemployment, cyclical unemployment, labor costs, and more. I will be stating arguments from both sides as well as their pros and cons. As Amy, Glasmeier, a professor of economic geography at MIT said, “The minimum wage was never meant to be something for people to live on.” 1 Living wages and the minimum wage aren’t parallel together. The economy could deteriorate from increasing minimum wages depending on time.
First thing to look at is how the minimum wage is actually determined. There’s no specific formula for it to be determined. It is determined by a group of lawmakers, business leaders, and economists who consider the current social and economic standings to make an adjustment if needed to.2 Factors that would play a big role in finding the lowe...

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...met, while maintaining stable prices.
In conclusion, a response to Kevin Burgos, adjusting the minimum wage by increasing it even more would help him in the short-term, but cost him even more in the long run. Especially for teens and young adults, who will find it the most difficult to get hired as a low-skilled worker, would decrease the chances for his three kids growing up in the recession to even get hired. The best suggestion to prevent poverty is to look into earned income tax credit, but Kevin will need to pursue more experiences to fill his own income gap. A whole economy can’t change to improve a small percentage by deteriorating the majority of people who are above the poverty line. The economy is best when it’s self-regulating and not controlled. Right now with your wages rising, your cost of living is also rising, so in actuality you are spending more.1

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