Minimum Wage Hike in the Future?

833 Words4 Pages
An increase in the federal minimum wage, currently at $7.25 per hour, was recently proposed in congress by the Democratic party. Now, a group of 75 leading economists gave their support to the Democrats, by explaining that raising the minimum wage could help people who depend on these jobs make ends meet, especially those with families to care for. The Fair Minimum Wage Act was introduced by Rep. George Miller in the House, and Sen. Tom Harkin in the Senate, last March, and basically outlines the suggestion of raising the minimum wage. The Act would amend the Fair Labor Standards Act of 1938, by increasing the federal minimum wage of employees to $8.20 on their first hour of their third month working, $9.15 per hour after their first year on the job, $10.10 an hour after two years, and finally the amount set by the Secretary of Labor after three years. The group supporting the Act consists of seven Nobel laureates, including Joseph Stiglitz and Peter Diamond, as well as multiple former Clinton and Obama administration economists. Not everyone is exactly gung-ho about the idea. Many critics claim that raising the minimum wage will ultimately hurt the economy, by slowing job growth. An increase in minimum wage could spell fewer hours, or less people being hired because of the lack of available funds for an employees pay. Another potential problem with this would be that businesses would have to raise prices of their goods to compensate for the higher pay the staff is receiving. Either way, most experts are not worried about anything passing this year, and it is seen by some as an attempt by the democrats as a way to boost their popularity in the elections.
Initially, I heard about the idea to raise the minimum wage and thought of on...

... middle of paper ...

...mum wage is to ensure a fair amount of pay for everyone, regardless of your job. It helps to prevent employers taking advantage of their workers, and to help people struggling to get by make ends meet. But too many people these days are too worried about what everyone else can do for them, instead of being concerned about how they can buck up, take responsibility, make the hard choices, and do the right thing. Raising minimum wage won’t help in the long run. If we want a better economy, better jobs, and ultimately a better standard of living, people need to take responsibility for themselves and their families, and they need to learn how to work again.

Works Cited

"Beta." S.460. N.p., n.d. Web. 13 Jan. 2014.

The Group Includes Seven Nobel Laureates. "Minimum Wage Hike Gets Boost by 75 Economists." CNNMoney. Cable News Network, 14 Jan. 2014. Web. 14 Jan. 2014.

More about Minimum Wage Hike in the Future?

Open Document