Raising The Minimum Wage Essay

Karl Marx’ capitalism theory goes hand in hand with the minimum wage issue. Declining wages and growing inequality are the world’s central economic challenges. In modern day America, where the cost of living is constantly on a gradual increase, the question arises: Should the minimum wage be increased? After doing some research, reading works by authors such as: Jordan Weissmann, Jared Bernstein, and Brad Plumer. I have come to the conclusion that, although increasing the minimum wage will have various effects on diverse demographics, increasing the minimum wage will ultimately benefit our nation.
How would raising the minimum wage affect employers? On first thought, raising the minimum wage sounds like a no-brainer, but after looking at

Although it may seem as if raising the minimum wage will be detrimental to the success of employers, According to Brad Plumer, chief editor for The Washington Post, there are many ways firms can work around this proposition. Plumer states that “There are lots of possible ways that companies can adjust to modest wage hikes besides hiring fewer people,” He proposes ideas for employers such as: cutting back on hours, reducing wages of other high paid workers, raising prices, and settling for fewer profits. In the end, it really comes down to the companies being greedy, and the nation accepting their greed. The ideas proposed by Plumer are high plausible, and would greatly benefit the lower, and middle class of society. The only thing holding employers back from this is that their profit margin will

Raising the minimum wage sounds like a great proposal for the lower and middle classes, more money! Why not? Because people lose jobs. According to research conducted by Jared Bernstein, a fair argument presented by those who don’t want the minimum wage increased is that about 500,000 workers would lose their jobs. In actuality, that is about 0.3% of the total employment in the United States, which comes out to about 500,000 out of 16.5 million people who would lose jobs. On the other hand, he states that “It estimates that 16.5 million low-wage workers would directly benefit from the proposed increase to $10.10 by the second half of 2016,” He also states that 900,000 people in the U.S. would be lifted above the poverty line; this can benefit the U.S. internally and externally. Internally people will be more content with their wages and how the economy is working, and externally the U.S. will have 900,000 less people in poverty which will make our country look better as a