The wage of the federal money is actually $9.80 per hour so no more high limits so said in the webset; http://www.epi.org (Pg.3). Minimum wage has money problems and as it goes from laying off workers, high incomes, better services, to high prices and less government help it boost the earning of working families hardest and hitting... ... middle of paper ... ...ng pay in low age will help restore the consumer spending that provers our economy and not to mention that local businesse need in order to grow. A robust minimum wage is a key building of sustainable economic recovery. As it states in http://www.minimumwage.org Mike states, ”because of the additional labor cost to businesses, raising the minimum wage can fact lead to companies simply to avoid giving raise” (pg.2) in other words, the people need and are working harder than most should get the raised that they need for thier family. However it has been strongly pushed to $10.. per hour and making it a priority during the second term.
The income inequality during this time was at a low which made the American economy stronger than today. 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.
On Thursday March 27 Two Ohio state representatives introduced a bill that if passed would raise the minimum wage in Ohio to $10.10 per hour. In my opinion, I think the minimum wage must be raised today, since the cost of living has gone up drastically, as a result this will lessen income inequality among Ohioans, and furthermore it will increase the economic productivity of the state as whole. According Associate Professor of Economics in UMass Amherst Arin Dube, argue in his research paper titled “Minimum Wages and the Distribution of Family Incomes”, that there are no adverse employment effects from small increases in the minimum wage. He cont...
Ordinary taxpayers would also be beneficiaries. They would save tens of billions of dollars each year in payments for Food Stamps, the Earned Income Tax Credit, housing subsidies, and other social welfare programs that are necessary due to a minimum wage that is too low. Senators, I need you to vote against the “Federal Minimum Wage Act of 2014” so that we can create a minimum wage that will actually solve the economic problems in the United States. Opposition to this bill will help raise more Americans above the poverty line, stimulate economic growth, and help decrease the wealth gap. Senators, it is important you understand that raising the minimum wage to ten dollars and ten cents simply will not be enough to help Americans, those working in low wage jobs or ordinary taxpayers.
Raise it to 10 dollars an hour such so we don 't hurt virtually anyone then states or cities should raise it to where it helps the maximum amount of people without hurting any company 's. It 's always better to weigh your pros and cons and in this case there are so many pros and so little cons to raising the minimum to at least ten dollars it would be stupid not to raise it. There will always be people who say raising the minimum wage will only hurt us. That 's true but only when you raise it to high and raising it up to 10 dollars is just high enough to give states wiggle room to actually help their citizens. Also it will give bigger states with bigger economies to allow for an increase while smaller states with smaller economies can still grow without being damaged .
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. Raising the minimum wage is a temporary fix to a long term problem.
Many supporters of minimum wage say that it increases the standard of living and keeps people out of poverty. Those who are opposed to it tend to believe that it increases unemployment and could potentially harm the lower class people. The minimum wage should not be raised to fifteen dollars in hour because it could resolute in fewer jobs, raise taxes, poverty and expensive living standards. Although the raise in
It is important to notice that most labor unions consist of all skilled workers! So in a way, a few skilled labor unionists could be in direct competition against many unskilled workers. By pricing the unskilled workers out of the market, skilled workers win in the end (Block 231). All in all, the minimum wage poses many problems and creates unnecessary complications in society. It contradicts free market values and prices out unskilled or inexperienced workers by forcing employers to look for workers with higher productivities.
We would be paying more money for less products or services to compensate for the higher wages paid. A study done by the Employment Policies Institute, found that each 10% increase in the minimum wage boosted quick-service menu prices by 1.6% and could reduce employment by as much as 2.5% (Hsu 2013). Based on those figures, a higher minimum wage could cause as much as a 17% surge in fast-food prices and a nearly 27% slide in employment (Hsu 2013) Should minimum wage be higher? The debate of the ages that I feel doesn’t have a right or wrong answer. Everyone has their own opinions, views, and thoughts about who benefits from a higher minimum wage, who is harmed more by higher minimum wage, and the list goes one.
However, the issue has split into a bipartisan debate in Washington. Liberal ideals stem from the belief that raising the minimum wage is positive and helps close the income gap; alternatively, conservatives feel raising the minimum wage causes unnecessary harm to employment demographics. Raising the minimum wage is a necessary course of action to aid the bottom half of an economically dynamic society. Raising the minimum wage is a simple and effective way to reduce income inequality. Over the past thirty years, the depreciation of the minimum wage has contributed to a ten to twenty percent increase in income inequality (“President Obama’s” 12).