The higher the minimum wage would make it almost impractical for American companies compete with other low-paying foreign countries. Another reason raising the minimum wage would decrease unemployment because according to High Pay, Fewer Jobs (Douglas Holtz Eakin and Ben Gitis) “The other two models point to even bigger losses, indicating that a $15 an hour minimum wage would lead to 432,200 and 588,000 fewer jobs under the “medium impact” and “high impact ”scenarios, respectively.” Additionally, according to COUNTERPRODUCTIVE: The Employment and Income Effects of Raising America’s Minimum Wage to $12 and to $15 per Hour (Douglas Holtz-Eakin &Ben Gitis) “$15-per-hour minimum wage could mean the loss of 6.6 million jobs” which in that case would not help the economy or the
The economy is in question of how we can deal with a minimum wage. Raising the minimum wage isn't the fix; it’s trying to create more jobs. Increasing our minimum wage will not help but hurt our economy. Recently, there is a push for trying to increase minimum wage to accommodate low income earners to help them achieve a sustainable wage. This sounds good, but if you take into the economic effects, it looks like a bad idea on paper.
A raise in wages will make cost in products go up, so then employers will not be able to afford to pay employees the higher minimum wage. This being said, another issue would be that it will cause an increase in job loss. “Raising wages would boost employee paychecks, but it could cause cost-conscious companies to reduce hiring”
Prices have been going up without the increase of minimum wage so imagine when if I does happen to go up. Increasing minimum wage will definitely hurt small businesses more than
lowering the minimum wage would bring as many problems as solutions. For example our youth would be employed and our unemployment rate would go down, but the people that currently have jobs will be short on money. This is why minimum wage should stay where it’s at because weather you want to increase it or decrease it both will have a negative effect on our economy. However we could steadily lower it by small amounts which would have less of a negative effect it would give our economy a change to adjust to the changes without major
For many, this much of an increase in pay, could result in job loss because of the lack of money the business is bringing in, comparing to the amount needed to pay the employees. Meaning that, raising minimum wage does not all come with positive effects. Some businesses would more than likely shut down because they are unable to continue paying their employees what is now required, this means costing people there jobs. Increasing minimum wage may have a negative effect because by raising the base pay for a lot of people, would help them tremendously. But, some may not be as lucky and it could cost them their
People will lose their jobs to keep businesses running. Teens and college kids will not have a place in the workforce causing them to start off with financial problems. The economy could fall apart from the cost of living increasing too much too fast. People would argue that it is better to raise the minimum wage but they are misinformed. They want change but the wrong kind.
As said on the book, How Can The Poor Be Helped (pg. 52) by Thomas Gale, it quote, “..at best living wage laws bring about modest benefits at a higher cost to businesses and taxpayers..”so in other words the better the wage the better it helps workers in there needs. Today minimum wage is a very economic problem to this world wide as some people would rather pay a bit extra more because of the way or how much the people may work at the employment, though some want to be equally fair others think otherwise. It actually determined to the economy as a whole so we are talking lots of money to one single person to all working stations. 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).
While having a higher income would be beneficial to some, “those who lose their job because they’re now more expensive to employ are most certainly worse off.” (Saltsman) And those who do keep their jobs aren’t always the ones struggling to make ends meet; “the average household income of workers earning the Federal minimum wage is $62,507 [per year].” (Sickler 25) That’s because most minimum-wage-earners are not the primary source of income for their families but, rather, young people with little to no experienc... ... middle of paper ... ...and demand, the decaying economy of the United States will stop festering and even begin to heal. Certainly, the drawbacks of a minimum wage plan are far more severe than first imagined. It would not create jobs but destroy them, as well as the lives of thousands of Americans currently living in poverty. Consequently, such a decision as rash as raising the minimum wage is out of the question when the topic of unemployment arises. Works Cited Weinstein, Robert.
Some factors that suggest why Millennials are not buying houses include the fact that a substantial number of Millennials cannot afford to own homes, may be moving around a lot depending on their jobs, have not yet started a family, etc. There are many factors as to why Millennials are not rushing to buy houses. Part of this is because Millennials are redefining the American Dream. However much of the reason is due to experiencing the hardships of the Great Recession. From the perspective of Millennials, the pro of owning a home is just that – owning a home.