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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