The Benefits Of Raising The Minimum Wage

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There are opportunities to better the economy of America. Raising the minimum wage is one of those opportunities. Raising the minimum wage can have a positive effect on the country. The minimum wage is not where it ought to be. The minimum wage was higher in the 50’s and 60’s in today’s dollars than it is now. With an increase in minimum wage, people will make more money when working low income part-time or full-time jobs; giving workers more financial stability. The paychecks and yearly salaries of the average low income American family would began to rise. It is an advancement in a conclusively good direction, but it will take time and progressive steps towards a better minimum wage that meets the cost of the necessary standard of living. …show more content…

In 1956, the minimum wage was worth $7.93 in today’s current currency ( Sklar,Holly), and in the 1980’s it was worth $8 compared to $7.25 wich is the current minimum wage (“Minimum Wage Mythbusters.”). According to the Economic Policy Institute, about 30% of families have annual incomes less than the standard income for all lively necessities (Sklar, Holly). It is no wonder that poverty, unemployment, and low income have become such a problem. How can the nation be strong economically with 1950s working wages? It is a shame that our current minimum wage is worth less than it was in 1968- which had a purchasing power of $9.92 when you calculate for inflation- the same year Martin Luther king was assassinated in memphis; a time in which he was fighting for living wages of sanitation workers (Sklar, Holly). We live in the twenty first century; we should not be going backwards, nor be bound to the twentieth century’s wages. The minimum wage doesn’t keep up with inflation, because the cost of living is continually growing; which makes the value of the minimum wage fall behind (“Minimum Wage Mythbusters.”) Raising the national wage is a step towards going forward in order to accommodate the growing cost of living, while pushing many out of

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