Raising Minimum Wage Should Be Lowered Essay

Raising Minimum Wage Should Be Lowered Essay

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Imagine the challenges and obstacles individuals face when they only receive $7.25 an hour to help support themselves and their families. Raising minimum wage could potentially have positive effects on individuals and businesses, but it could also have a negative effect on employment and production costs. Many people argue over the effects of raising minimum wage and how it will affect individuals and most importantly businesses. Many individuals consider raising minimum wage could potentially affect unemployment and how it will increase the prices of production. Others argue that increasing minimum wage is a good idea because it will help many individuals financially and help our economy grow. Also, Others argue that minimum wage should be lowered because it will convince young individuals to stay in school to get a higher education to receive a better pay and also it would reduce the production costs of goods and services.Due to the lack of evidence of lowering or keeping the minimum wage law the same, minimum wage should be raised because it will have a significant impact on individuals and the economy as a whole.
Increasing the minimum wage could help many individuals financially by allowing them to have higher wages; as a result, they will not have to rely on any federal assistance programs. According to the Congressional Budget Office, which is a federal agency that provides budget and economic information to congress, states that increasing minimum wage increases the overall real income by $2 billion and real income would increase, on net, by $5 billion for families whose income will be below the poverty threshold under current law, boosting their average family income by about 3 percent and moving about 900,000 people ab...

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...xes which could help recover the economy.
There are many arguments over the minimum wage issue and how it should be adjusted to benefit individuals and businesses. Increasing minimum wage could lead to a positive impact on individuals financially and help recover the economy because people are getting paid more;therefore, they will have more money to spend on good and services. Also, less money will be spent on welfare, which could be used on other projects. Also raising minimum wage could lead to many job losses and an increase of production costs because the only way businesses can maximize their profits is by cutting down on workers.The other side to the argument is by lowering the minimum wage, businesses will save more money; as a result, they can hire more individuals to produce more good and services.

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