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The effects of the minimum wage in the united states
Affects of minimum wage on supply and demand
The effects of the minimum wage in the united states
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While it is not uncommon for individuals with minimal income to have more health issues than those earning more income; however, an increase in wages could help minimize the cost of healthcare and medical prescriptions. (Qin & Chernew, 2014) The current minimum wage level compared to the poverty threshold, is inadequate to support minimum wage earners and their families. This is a phenomenon that has been lingering for decades, due to changes in the economy. Furthermore, due to the cost of healthier food sources, many low income workers cannot afford a healthy eating lifestyle. Without being able to afford a healthy living, minimum wage earners chances are increased for various medical conditions, which they cannot afford treatment, due to out of pocket cost of health care and the lack of health insurance. Another stress factor is traveling to and from work, and depending on the work environment, this can be additional stress. The amount of stress that an individual endures, should include a pay increase. …show more content…
The continuous amount of stress associated with earning a low income is limitless and the negative impact can be unbearable for many adults. (Sharma, 2015) Some minimum wage earners become withdrawn from others, which increases their risk of depression. In addition to becoming anti-social and an unhealthy lifestyle, many low income earners spend just as much time at work, as they do at home, if not more. This can also increase the stress level of most minimum wage earners. While spending many hours at work can be stressful for everyone, doing so have more of a negative impact for low income
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.
The minimum wage has always been a controversial subject that has more and more people debating about the subject. While the talk about minimum wages are highly popular it is an important subject to get informed about if you’re an employee or employer because it has to deal with your money. What is minimum wage? Minimum wage is the hourly wage an employer can pay an employee for his or her work. While the talk about raising the minimum wage has caused some attention in both negative and positive. Nevertheless, the topic that the minimum wage offers substantial benefits to low wage workers without any negative effects to business owners has a growing view among economists.
The working poor are defined as people who are employed but have incomes that fall below the poverty line . The families classified as the “working poor”, make up about 72 percent of low income families . It is common misconception that those families who live in poverty so not work enough to provide for their families. Those more unfortunate people who work for low wages are often blamed for not being more conservative in their spending habits. It is also assumed that these people do not work long enough hours. These viewpoints are often false for many working poor families. This can be seen by the fact that the average low income family has a work effort of around twenty-five hundred hours or the equivalent of one and one-quarter forty hour a week jobs .
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.
In recent years the minimum wage has been a heated topic. People want to hike it up to 15 dollars an hour which they call a living wage, while others just want to keep it the same. There are also others that suggest to bring the minimum wage to around $10.78 an hour, which should be around the minimum wage now if we account for inflation from the 1960’s. I agree with that to a certain point. We as a nation need to bring up the minimum wage only up to ten dollars so that less people are living in poverty, and not any higher so that states with smaller economies don 't crash and burn.
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 ...
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.
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,
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
It is very difficult to live in America if you are living off of minimum wage, and many Americans are living off of it today. Raising minimum wages has its benefits like gaining more money to live better, but people do not see the down side of the increases in wages. With the increase in minimum wage, it also causes the cost of living to increase. How can this help the economy or help people? Minimum wages in America should not be increased because it will cause cost of living to increase, reduce employment, and cause businesses to lose money and workers.
The minimum wage being too low has been a public issue in America for generations. Basically, the debate includes two different opinions. Firstly, people who want to raise the minimum wage, and second, people who would rather is stay the same. The overwhelming majority of liberals are on the side that favors a raise. Additionally, a somewhat smaller proportion of conservatives favor the change as well, but for different reasons. The liberal opinion on raising the minimum wage is based on the idea that putting more money in the people’s pockets, will stimulate the economy, and decrease poverty. The problem that conservatives and liberals alike have with this, is that a few direct consequences are proven to apply when raising wages. Some proposed consequences include unemployment, inflation, and unfairness to higher educated people. Another main point is that raising the minimum wage is thought to helps small business by increasing worker satisfaction. This issue of minimum wage has become increasingly popular and important in current times, as president Obama has proposed the idea of raising the minimum wage of contract workers to 10.10$ per hour (about a 30% increase from the current 7.25$ per hour minimum wage). A large number of people consider this wage hike unnecessary due to the fact that today’s value of minimum is higher than it has ever been since the 80’s, and because the wage hike comes at too high of a cost. All things considered, the issue of raising minimum wage is not a battle of political parties and their agendas, its really a debate between everyone.
For many people in the United States, life is no more than a regular work cycle. Members of working class usually have a High School diploma and may work in a low skilled occupation or manual labor. Most of the enjoying age of this people is spent in working, as they don’t want their new once to have a life they struggling through. Therefore, this essay will argue that minimum wage should be increased federally to $15/hour by 2017. Firstly, if taxes touches the sky, why should the minimum wage be on the ground? Increasing minimum wages would also create new opportunities for education as the students wouldn’t have to work crazy hours. Likewise, many couples won’t have to work multiple jobs in order to manage the household. Lastly, it will lift
Of the people who would be affected by an increase in minimum wage, approximately ¼ of those are classified as poor. While this would be great news in the fight to lessen poverty, it is offset by the fact that those same exact people are the ones who would be the ones experiencing the negatives job effects, nearly half of those losing their jobs would be poor people. Not only that, but it was found that only roughly 30% of the earning gains from the increase would actually go to those who were poor, the other 70% of course being those in the upper classes. 4.
Unrewarded Success The issue I am presenting is the question of whether or not a person’s salary should be limited; if having the opposite of a minimum wage, maximum wage, is something that would benefit the economy. The fundamental problem with this idea is that it takes away citizen rights and is actually a loss for those who worked hard enough to make a success of themselves. Many believe that the affluent handfuls are greedy and the drive they have for power is dangerous.
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.