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Raising minimum wage effects
Benefits of minimum wage
Benefits of minimum wage
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A single mom with two kids gets her paycheck every two weeks. Since she can only work minimum wage with her new job, she makes short of eight dollars per hour. For a teenager, $7.25 per hour may seem like heaven. But for an adult, that little amount of money is not enough to live off of. For this single mom, she can barely get by. Raising minimum wage will provide safety and basic needs for minimum wage workers, and it will actually help the economy. Low incomes plague many homes of America. It can cause a family of four to live in a small one bedroom apartment, along with living in poverty. Raising the wage will put millions of workers into a safer, more secure situation. On average, a minimum wage worker makes $14,500 a year, or $7.25 an hour (Raise the Wage.) The Bureau of Justice Statistics states that people below the poverty line have more than double the rate of being victims of violent crimes (Bureau of Justice Statistics.) Raising the minimum wage will put these people into a much safer position, as well as allowing them to live easier lives. With people making a decent living, they are able to buy basic necessities in order to live a happy and comfortable life. Raising the wage just to $10.10 per hour will put 900,000 workers above the poverty level (Motley Fool.) Some economists suggest that it can even raise 4.5 million people out …show more content…
When people earn more money, they naturally spend more money as well. People in America will be buying more things, and faster as well. The more the people buy, the better businesses do. More Americans will also be looking for jobs. The jobs that need to get done but aren’t will be more appetizing than ever before. People will also only need one job, instead of two part time jobs. More jobs would then be available, and there is an unemployment problem in America. With people taking jobs and businesses making money, America’s economy could really
Well, raising the minimum wage has both the pros and cons. Still, the fact that increasing the minimum wage nationwide would increase millions of workers’ earnings is deniable. I suppose that’s why some people advocate raising the minimum wage will grow the economy for everyone. In 2014, the president of the United States, Obama, called on the current Congress to raise the national minimum wage, which proves that Obama actually supports raising the minimum wage. ‘February 2014 Congressional Budget Office Report The Effects of a Minimum-Wage Increase on Employment and Family Income is the latest attempt to do so, in this response to Members of Congress with respect to an increase in the federal minimum wage from $7.25 to $10.10 per hour.’
Minimum wage is a topic that has been popping up since the 1980s. From whether we should lower it, or even raise it, but now in the 2000s minimum wage has been the center of attention more than ever. There are two sides to this topic of minimum wage; whether it creates more jobs or does not create jobs. Those who argue that raising minimum wage will create more jobs will have a rebuttal which is that it does not only cause the loss of jobs but that it would make things much worse and vice versa for those arguing raising minimum wage will cause loss of jobs. There will be two authors representing opposite views, Nicholas Johnson supporting minimum wage will not cost jobs with his article “ Evidence Shows Raising Minimum Wage Hasn’t Cost 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.
It will lead to the scarcity of human resources for the work in the tight labor market, which ultimately results in slow economic progress. As Paul Davidson says that,” The immigrants protected by DACA no longer would be around to buy homes, cars, and TVs, hurting consumption, which makes up about 70% of economic activity in the U.S”. Many skilled and trained Daca immigrants are working, making wages, buying cars and houses, starting a new business, which means more tax revenue. Thus, Daca immigrants play a significant role in maintaining country’s GDP. It illustrates that no Daca recipientss mean less consumption of goods which means less tax revenue, which leads to a devastating loss on the economy.
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.
It will offer job opportunities for upcoming generations. There will be increase in national income
This will be a new evolution for the young people now and the young people to come, this means more educated people, which will change the way our jobs, economy, and development of our countries can be. More young people will explore their horizons and develop to be the best they can be instead of being forced to work a full-time low paying job and hit a dead end.
One way raising minimum wage will be beneficial is that it could lift many Americans out of poverty. Raising the minimum wage in Illinois, would help the families of more than 1.1 million workers who work to meet their children’s basic needs and “reduce the adverse effects of poverty on a child’s well-being” (Fiscal Policy Center). Studies have shown that raising the minimum wage would help 1 in 5 Illinois families who are in poverty. By raising the minimum wage in Illinois, it would help workers with families spend money on food, housing, gas, and other needs without going into poverty. Along with puling Americans out of poverty, raising the minimum wage could also stimulate economic growth. Raising the minimum wage, is stimulating economic growth by worsening the income inequality and substantially reducing the employee turnover for the business. Increasing a person’s income would raise their yearly earnings by $3,640 and “Improve the economic security and reduce the economies poverty rate” (Fiscal Policy Center). Low-wage workers spend most of what they earn on their basic needs, which is quickly spent and does not leave the worker with much money left to spend on other needs. This boost in the minimum wage will stimulate the economy and help create opportunities for more people, by hiring more workers to keep up with the
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.
will all be out of jobs. This is important because there is a lot in
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.
Raising the minimum wage can be very helpful and beneficial to low-wage workers, but unfortunately their job could be at risk because of it. Raising the minimum wage rate is only one part of any solution to improving low-wage earnings. Although it plays a big part in it, the problem is not necessarily getting enough pay as much as it is not getting enough hours.
Increasing the minimum wage will benefit not only the employees but the employer as well. The level of work effort will increase and the attitude and drive will change completely. Employees will feel their value to the company is appreciated and not taking advantage of. They will also feel as if they do not need to struggle to live outside of poverty. The thought of bills, food or even clothing should not become a burden to someone working a nine to five every day of the week.
Abstract Many people live poorly due to low incomes. It is every government’s major obligation to ensure that their subjects are living a good life. Poverty line is determined through a proper analysis of an individual’s or family’s earnings and spending. Arguments always arise when it comes to raising the standards of the masses. For the discussion at hand, minimum wages seem to have a major impact on the people’s life styles.
Raising the minimum wage will prove to be detrimental as it will take away opportunities for high school students to gain insight and explore different career options. Additionally, it will also reduce the unemployment rate, making it harder for the working poor to meet their basic needs in order to survive. Thereby, raising the minimum wage is not a feasible option because it will only deteriorate situations for the labor force.