Essay on A Government Mandated Minimum Wage

Essay on A Government Mandated Minimum Wage

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In today’s world, fast food industry workers all over the world are protesting for higher wages. In the US, these workers are demanding an increase in their salaries from $7.25, the federal minimum wage, to $15. Meanwhile, CEOs of big businesses are spewing prophecies of economic doom, and researchers gripe about methodology in academic journals. Convincing publicly held fast food businesses to more than double the base salaries of its employees might be a dream. But there 's a government-mandated minimum wage hike is on the table. A proposal from our president and congressional democrats would raise the federal minimum wage from $7.25 to $10.10 an hour. That 's a 39% increase, which might sound like a lot, but in actuality it would make the minimum wage about the same as it was in the late 1960s. Local campaigns are seeking even higher minimums in 23 major cities, like Seattle, where the mayor has been debating a $15 minimum wage to be implemented for several years. Business groups oppose the hikes, and even the legally mandated minimum wage increase altogether. Aside from moral issues, both sides argue that raising the minimum wage would have far reaching effects on the economy. Proponents on one side say it will help ease our worsening income inequality and revitalize consumer spending. In December of 2013, the progressive Economic Policy Institute released a report claiming that the president 's proposal would create 85,000 jobs. The very next month, 600 progressive economists signed a letter calling for the increase to $10.10, in part because it “could” have an invigorating effect on the economy. Meanwhile, opponents of the other side warn of sky rocketing prices, drastic job losses, and small-business collapse. “A $15 hourly...

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...hing in our economy as a country. “I don 't think the center of this should be the macroeconomic debate. The center should be, is there a group of people out there who really deserve a leg up? I think the answer is yes. But I can 't believe the junk that comes out on both sides of this thing." (Thornberg) But I would also like to justify the fact that many states of the country have already set minimum wages to that of a higher level. In a study conducted by the National Conference of State Legislatures, 29 states, plus the District of Columbia and nearly two dozen cities have set their own higher minimums wages for workers. (Legislatures) So this study projects the image that the minimum wage of a worker isn’t dependent of the national government, but is dependent of state’s decision to raise the minimum wage as they see fit for the workers that live in their state.

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