Raising the minimum wage will not help the economy
The issue of whether or not to raise the minimum wage has been a subject that has been in the forefront both politically and socially as of late. A minimum wage is the lowest hourly rate of pay that employers must pay their workers and is mandated by the federal government. Raising the minimum wage would actually hurt the economy because doing so would do little to lower the poverty rate, would increase unemployment for less-skilled workers and result in higher prices for goods and services.
Businesses prices of their products, operating, and services are majorly affected by the minimum wage increase. As you may think that raising the minimum wage will play a big role with workers receiving more money, but what about the companies that have to pay more to their workers. Do they get a positive effect from the raising of the minimum wage? Well, to tell you the truth, businesses get negatively affected by this. One outcome from the raising of the minimum wage is: the minimum wage will increase the expenses for operating for businesses. It also increases the prices of their products, services, so they can cover their costs for labor. Lastly, for minimum wage, labor market competition will increase. This proves that raising
Raising the minimum will end up hurting Americans more than helping them. The people that are for raising minimum wage are people who believe that increasing minimum wage can help those people who are unskilled and need an income they can live on. Yet, raising minimum wage would do the opposite and make employers have to fire people who earn minimum wage, because they can't afford the higher wages. People need to realize that increasing the minimum wage would hurt people more than help them. In the end increasing minimum wage would result in some people being let go, for the reason, businesses can't afford paying them minimum wage anymore.
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.
There are indeed risks of raising the minimum wage, but the rewards outweigh those risks, so the minimum wage should be raised. Some people who are against this may say ...“But other economists say raising the minimum wage actually hurts the very people it's designed to help: One of the basic laws of economics is that if you raise the price of something, there will be less demand for it. In this case, if you raise the price of workers, the demand for workers will decline. That could mean companies cutting the hours of employees, laying them off, or hiring fewer workers in the future.”... Yes, it could hurt the people it is designed to help, but different states have done this and found the opposite to be true. With America’s still fragile economy we need a boost, a helping hand; And this could be it. So next time you go down to vote on a mayor or maybe even the next president, remember that raising the minimum wage is a good thing, and you should be supporting
Today, people cannot fathom the minimum wage that was set in the previous years. The United States has come along way in terms of the minimum wage. In 1938, the federal minimum wage was set at $0.25 by President Roosevelt during the time of The Great Depression. The current minimum wage is set at $7.25 and 29 states have increased their minimum wage to exceed that number. Many say that the $7.25 minimum wage is too low for any person to live off of. Another statement that usually trails along with that is jobs will be created and our economy will gain strength with a raise of the minimum wage. This act would cause more problems than it would solve. Some of these problems would entail forcing businesses to lay off employees and increase poverty and increase the price of consumer goods. Raising the minimum wage would make most tangible and intangible objects out of reach for many. Will the number of
The continuing demand of more money for less work has forced Uncle Sam to raise the minimum wage innumerable times in the last half century, which results in higher prices for the rest of us. Another raise in the minimum wage would, as all the others before it, raise prices for consumers, which would again result in another demand for a raise in the minimum wage. It's a viscous cycle that must be stopped before it loses control. Not only does a raise in minimum wage result in a raise in the cost of living, it also causes the dismissal of hardworking people who are happy with their current income. When the firing axe starts to fall, seniority often determines who goes and who stays. The more a single employee costs a business an hour, the fewer employees the business can afford to employee an hour.
Raising the minimum wage is making a big problem for the united stated society. The American society needs focus on helping their people have a better life for their families and erasing minimum wage is not necessary at this time for many reasons. One of the reason is the economy is major area all the countries, so if the economy shutdown nobody can survive and the country can broke somehow. The united stated the governments must find the best solutions to boosting the economy, so increasing the minimum wage can make problem bigger such as losing the job for low wage worker. The United Stated economy needs time and it is not growing yet, if the people want to change the minimum wage, this is not just right time. Tom Price is a Washington-based
"If we took away the minimum wage, we could wipe out unemployment completely because we would be able to offer jobs at every possible skill level."
Critics assert that the real effects of minimum-wage increases are negative. The prime effects are: they hurt businesses, raise prices and ultimately are counterproductive for the working poor, as they can lead to unemployment.