PROS AND CONS Supporters of the Fair Minimum Wage Act have insisted that raising the minimum wage will benefit a
PROS AND CONS Supporters of the Fair Minimum Wage Act have insisted that raising the minimum wage will benefit a
As stated in the pros column written by David Cooper, minimum wage should be raised to help people in poverty, help people pay for education, and to allow people to have some assurance when it comes to money. A raise in the minimum wage would help many people.…
I have many reasons why I do not think minimum wage needs to increase at this time. We need to look at the reasons for minimum wage. We must look at the amount of time the current minimum wage has been in effect. The affect on the economy needs to be well thought-out. The impact on businesses should be analyzed. Additionally, the individuals receiving minimum wage should be considered. At one time in my life, I received minimum wage. I understand the struggles one must make to survive on low income.…
$7.25 equals two gallons of gas, one fast food meal, or a simple school supply. With the minimum wage at the current rate you must work one hour to earn the seven dollars and twenty-five cents that only supply you with small necessities for everyday living. This problem was encountered before and was resolved with the agreement to higher the minimum wage from $5.85 to the current $7.25. Although that was a big increase in salaries, was it truly enough? This controversy can lead to a major change in everyone’s everyday lives and boost our economy to a period of prosperity. The minimum wage should be increased to bring our economy out of a recession, bring families together, and to create a country of prosperity.…
In President Obama’s 2013 State of the Union address, Obama advocated for increasing the federal minimum wage to $9 per hour. The timing of Obama’s speech comes at a time when income inequality has become the biggest economic issue in the United States of America. During the Great Depression, The United States of America designed a minimum wage as part of the Fair Labor Standards Act. Since its inception, the government required minimum wage has grown from 25 cents to $7.25 per hour. Unfortunately, the erosion of consumer buying power has decreased at a compounding rate and in America’s consumerist society the expected standard of living has also gone up with inflation. In response to rising inflation with the Federal minimum wage, states should be allowed to make the decision on price floors such as minimum wage.…
The issue of minimum wage in the United States of America has been turmoil in the recent past and up to this date. Minimum wage is the lowest amount permitted by the law or by a particular agreement such as that of the labor union. The concept of the minimum wage was established in 1938 by the federal government. The law was called the Fair Labor Standards Act and it also indicated the initial time that employers were legally required to pay his employees overtime pay for certain jobs. During that period, the law was passed the first minimum wage was $0.25 and it later on increased as time progressed. The current minimum wage is $7.25 per hour. However, over the recent past, the working class in America have been complaining about this amount and demanding it to be raised. Many political bodies have tried to give the appropriate responses to this challenge but have borne no fruits. The increase in the wages will enable the citizens to meet their daily needs more efficiently. Hiking the minimum wage will increase not only…
Minimum wage laws set legal minimums for the hourly wage paid to certain groups of workers (Gorman). Minimum wage laws were invented in Australia and New Zealand with the purpose of guaranteeing a minimum standard of living for unskilled workers. In the United States, workers are generally entitled to be paid no less than the statutory minimum wage. In the United States, amendments to the Fair Labor Standards Act have increased the federal minimum wage from $.25 in 1938 to $7.25 in 2013. Some states and municipalities have set minimum…
Many people are rebutting that the increase in minimum wage would raise the incomes of around 17 million Americans, so the 500,000 jobs would be a reasonable loss. Economists are saying this is untrue. Although, it would help more people than it would hinder, it could potentially put our entire economy off balance. Raising the minimum wage has more negatives than it does positives, but the positives that are there seem to be convincing people that this is a good…
This reasoningsuggests that if the minimum wage were raised, then those low-skilled workers would be able to afford essential everyday items andestablish a minimum standard of living. Another reason to support the raising of the minimum wage is that it would act as an economic stimulus. If the low-income families were to receive a salary increase, consumer spending would increase as well and pump money into the economy.…
I think that raising the minimum wage is more beneficial to workers and the economy since it would help those individuals that can barely make a living. Furthermore, not only would it provide aid to the employees, but it would also be good for the economy. It doesn't really affect the person's income when the minimum wage is increased. This are the reasons why I think that raising the minimum wage would be good.…
“Americans overwhelmingly agree, no one who works full time should ever have to raise a family in poverty…”, said the State of the Union in 2014. In 2014, fifty-three percent of all people, that worked full time jobs, year-round, that were between the ages of 18 and 64, were living at poverty level (U.S Census, 2014). People are working their hardest and still not being able to get by. A minimum wage increase could prevent this. With the wage increase, people will be able to afford more and their income would be higher, so there will be less people that need government assistance. In 1950, the minimum wage went up 88% and it only bettered the economy and people’s lives. What is to say a minimum wage increase up to fifteen dollars an hour, in small steps, would not better the economy? When doing the increase in small steps, it will slowly help people rely more on themselves and less on government assistance, as well. Some people think with a wage increase, there…
What are the positive aspects of a higher minimum wage? A pro to increasing minimum wage is that it will stimulate the economy. According to Economists from the Federal Reserve Bank of Chicago “a $1.75 rise in the federal minimum wage would increase aggregate household spending by $48 billion the following year”. The reason for this is that people will now have more disposable income, because they are now earning more money then they did before increasing minimum wage, this then leads to them to spending more, thus increasing economic activity. Another pro in theory is that it will increase employment, the reason behind this is that because people are spending more on goods (as stated previously), business are now receiving more money in return. This gives business an incentive to hire more not just because of the increase in money they have received, but also to keep up with the increase in sales. The final pro in theory is that it will decrease the expense of social programs. Many of the people who rely on just…
Those pro-minimum wages argue proliferate the standard of living of workers, eases poverty and inequality which by extension assist in enhancing morale and businesses efficiencies. The cons or opponents argue the opposite. The argument goes on further to say that exceptionally high minimum wages require businesses having to raise the costs of their merchandise or service to accommodate the additional expense involved in being paid a higher…
Employees benefit from a minimum wage as it gives them an income, a fair rate of pay that will able them to afford to live, buy things and filter money back into the economy.…
On the other side, lots of people disagree that raise the minimum wage. As reported in Sacramento Bee, “Assemblyman Donald Wagner, R-Irvine, said “the bill drivers up labor costs to the detriment of business owners. That combination can hurt job creation in the state.” It let us know, no employer no workers. Raise the minimum wage couldn’t keep low-wage workers’ job and life, it will hurt them. They will lost their job and hard to find jobs. Raising the minimum wage will make the business of low margin are difficult to operate. Their will cut the…
The Fair Minimum Wage Act of 2013 will help restore much of the lost value of the federal minimum wage. The act is to provide America’s lowest paid employees with a much needed pay raise while boosting the consumer spending that fuels the economy. The Fair Minimum Wage Act of 2013 is projected to raise the federal minimum wage to $10.10 by 2015, adjust the minimum wage to keep pace with the rising cost of living, and raise the minimum wage for tipped workers to 70% of the full minimum wage. This will increase more than 30 million workers’ wages. Consumer spending accounts for 70% of the United States economic activity. Wages and salaries now make up the lowest share of national income since 1966, while corporate profits are now the largest share of national income since 1950. With the Fair Minimum Wage Act of 2013 we will start to see a boost in consumer demand. The Act will…