From 2007 to 2009, the minimum wage increased from $5.15 to $7.25, where is still ... ... middle of paper ... ...ect all Americans, those making minimum wage and those with salaried jobs making above the bare minimum. Even though people are making more money, they will be spending more money on the necessities for life. Raising the minimum wage to the proposed level would be crippling to the American economy. Research shows that it would help many people greatly, but rid many more Americans of a job entirely leaving them no way to support themselves and their families. The same scenario would reoccur just as it did when the minimum wage was raised before: jobs would be lost.
The current minimum wage is impairing those who are doing their best to support themselves and if they have them, their families. Based off of studies and a 2010 census cost of living index, Benefits of Raising the Minimum wage, composed a setting of a life of individual trying to support a family on minimum wage. “The average worker, working two-hundred and fifty days, forty hours per week will earn about fourteen thousand five hundred dollars a year on minimum wage… The monthly expenditures don’t come even close to covering cost of living in most areas.” If the f... ... middle of paper ... ...ecause by increasing the minimum wage, you also increase the chance of consumer spending. With a higher minimum wage and people able to support and pay living expenses, they have more income to spend elsewhere. People tend to spend more if they have the money to do so, which contributes to the GDP, which helps kick start the economic recovery.
To begin with, the government in the US needs to raise the minimum wage in order for people to rise above the poverty line, which will result in reduced government expenditures. Millions of people every day are working to support one’s family, but the Federal minimum wage is not enough money for families to spend on food. With 46.5 million people living in poverty in the United States, the government is f... ... middle of paper ... ... help improve the economy. Therefore, raising the minimum wage is beneficial to the economy as it creates jobs and raises the income of millions of people across United States and Canada. The government needs to raise the minimum wage as it raises the income of people, which saves the taxpayers money and allows it to be used on things such as schools and fixing roads.
The money that people are spending will actually help the economy,because now they will be able to buy expensive and in... ... middle of paper ... ... the cost of living in the U.S. Hopefully if they raise the minimum wage, it will keep up with the cost of living. “The minimum wage has just not kept pace with cost of living for people in this country” ( Maxwell 3). This means that items are too expensive for people to buy with what they are earning. They are getting paid too little to afford anything. People do not have enough money to buy basic food supplies, even people who are working full-time or multiple jobs.
This also means more taxes can be claimed back at tax time. Lower minimum wage means that there is less time for employee’s families and self-time, because they will have to work more overtime just to get that extra money on their paychecks. Having little family time due to working day in and day out, could cause families to fight and end up splitting. All-in-all raising minimum wage will provide happy employees, because they will be able to have more family time. No overtime would have to be worked unless they absolutely wanted to work more.
Thus, this might be possible, but many say not without some serious consideration. There will be many consequences with increasing minimum wage. Although increasing minimum wage will give workers more money, minimum wage should not be increased because it will increase prices, cut jobs, and hurt national budget. While some may feel increasing wage will create additional financial issues, others feel that increasing minimum wage will give workers more money. The national minimum wage in the United States is $7.25.
Since the Federal minimum wage is already a high rate, it would be pointless to make it even higher when our country is already in debt. It is true that people with minimum wage jobs will have more money to spend on more things. It will help low income family’s pay some bills and not have to have a stressful job. However, $10.10 an hour is still not enough money to support a family or afford house or car payments as well as electric and water bills. “A 1997 National bureau of economic research study estimated that the federal minimum wage hike of 1996-1997 actually increased the number of poor families by 4.5%”(Henderson 54).
But there are also a lot of housing problems in california, unemployment, and homelessness. In this paper, I intend on writing about the problem and solutions this act brings. In my opinion, raising minimum wage will do a lot more good than bad and will help the people of California. Raising the Minimum Wage helps the economy, if people make more money, they will spend more money, which benefits the encounter. One of the problems people getting paid with minimum wage encounter is with the housing expenses in the state are increasing, it 's hard for minimum wage workers to make ends meet.
In the United States there is a problem. People are working minimum wage jobs and are not being able to pay for basic needs such as rent and food. According to the Low Income Housing Coalition, Today, in the United States a person earning the Federal minimum wage of seven twenty-five an hour would have to work around eighty-six hours per week to be able to afford a one-bedroom apartment at the Fair Market Rent, of eight hundred and six dollars (“Out of Reach”). People are working and need government assistance to help them pay for basic needs in life. Raising the national minimum wage to fifteen dollars an hour would allow people to live a life where they don’t have to worry about not having enough money for food, rent, or other basic needs
A person living on his or her own cannot survive on minimum wage job either. Their living expense would just be too much. The earnings of minimum wage workers are crucial to their families well being. Evidence from 2013 and 2014 minimum wage increase shows that an average minimum wage worker brings home more than half of his or her family's weekly earnings. In 2013 one million single mothers with children under 18 would have benefited from a minimum wage increase to $10.