Essay about The Minimum Wage Should Not Be Made On The Basis Of Economic Analysis

Essay about The Minimum Wage Should Not Be Made On The Basis Of Economic Analysis

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"A decision to raise the minimum wage cannot be made on the basis of economic analysis alone; it also requires the value judgments of elected officials. "- Preston J. Miller Vice President and Monetary Advisor Federal Reserve Bank of Minneapolis (Miller 1995 Pg 1). Many questions in this world are never capable of solving with a unanimous answer because everyone is an independent thinker. Each person has his unique value and opinion with others. When the final solution has developed, these people with the different opinion must make a compromise, and there are definitely demand some tradeoffs for what is gained and is lost. Some of the people who advocates the minimum wage believe some economic sacrifice are worth making. Since we are holding a leader position of today’s economic world, we should support and advocate together for our lowest income workers. Another reason that people argue for the increase in the minimum wage is that current minimum wage is even less than the average of the states’ minimum wages. So, in fact, this argument is not base on the level of the unemployment, what is the living wage that worker must be earn, nor the poverty line. It just simply states that since many states raise their own minimum wages, it represent the heart of most American citizen is toward an increase in the minimum wage, and therefore, this increase should be also admitted by the federal government. Today there are more than 30 states already set their minimum wage higher than the federal government. Many supporters of minimum wages state that “It is time for the federal government to step up and even out the playing field a little bit.” (US DOL) The conventional view of the economic advocates to let all factors to state conserve...

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... the hotly- debated minimum wage issue. While, near the entire of the arguments from the opponents side area consider of a negative effect on the economic system, as legislation on the national economy and its workers with low-income. These people argue that the increase, or the existence, of the minimum wage, will definitely cause the increase of unemployment at the same time. Moreover, they believe that there is more beneficial way for solve the problem since the increase in minimum wage gives a negative effect on the working class as a general and even makes the entire economic system suffers with it. On the other hand, the social welfare is the only major support for people who support the minimum wage. Besides the social welfare, all other support are about moral and ethical convince. Since both sides seem to make a strong point, I personally go with the opponent

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