The Pros And Cons Of Raising The Minimum Wage

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Everyone wants money, and one topic about it has been debated for over 75 years, minimum wage. Minimum wage was established as a result of the Fair Labor Standards Act and in 1938, it was $0.25 an hour. Over many years it has been raised up to $7.25, where it has been since July 2009 (Elwell 2). The minimum wage is here to protect people from the employers power and to help even out the playing field a little (N.Y. Times Editorial Board). Many people over the last 75 years have debated about minimum wage, and some think it should stay where it is, some say it will be better if we raise it, what do you think? The gap between the top 1% and the bottom 40% is immense; and raising the minimum wage, I believe will help the poor and get the distribution of wealth a little more even. In 1998, statistics show that the top 1% are making way more than their share at 40% of the nations wealth, while the bottom 40% are taking about 200 times less at 0.2% of the nations wealth. Another statistic that shows the inequality of money is that the top 1% are making so much money that if they wanted to, they could live on a regular household budget in one year for about 555 years; the difference is colossal (Wolff). That was back in 1998, 16 years ago, the amount is probably even more far apart now and the past shows it that the distribution of wealth is getting more and more uneven. If we raised the minimum wage, it would help many people and families who earn minimum wage get them above poverty level. Right now, earning minimum wage will not even allow one two person family of one parent and one child to be out of poverty. Raising the minimum wage will help 30 million workers and about a quarter of the workers have children (Cooper, Hall.) Rais... ... middle of paper ... ...n an increase in food by only 4% and the general overall prices by 0.4%, both percentages are less than the 10% increase in minimum wage, so it would help out some of the people who are making less. An example is that if minimum wage increased and a person were to be earning $10.10 an hour, a Big Mac would only go up by $1.60. What that would mean is that the minimum wage person would be making about $2.50 extra, while the burger would only go up $1.60. In conclusion, it would help people who are making very little without hurting the prices too much. Raising the minimum wage could have a good impact; it benefits many people, helps the economy, increases productivity and evens the economic distribution a little without hurting the prices too much. In conclusion, I think it could be good to raise the minimum wage. The time is come for the United States to raise it.
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