Increasing Minimum Wage Research Paper
Minimum Wage is Causing a big Rage
Increasing minimum wage would force companies to lay off employees, raise prices on products, and eventually force companies to close.
I think that we shouldn’t increase minimum wage. It doesn’t do any good to anybody, it actually makes things worse. $15 an hour is way too much. People should care because it’s your money that you could be losing and also your society and economy that could be taking a hit. In Minneapolis there recently a protest at a fast-food restaurant and these people don’t realize that the ones that are getting the higher wage are actually losing money. Raising the minimum wage would decrease employee benefits and increase tax payments. According to James Shrek’s “What is Minimum Wage: It’s History and Effects on the Economy,” a single mother working full time making $7.25 would be over $260 worse off if minimum wage was increased. Her income rises by $494 so she loses $71 in EHC refunds, she pays $37 in payroll taxes, $45 in income taxes, she loses $88 …show more content…
The higher costs of production are, the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them. Another thing a person might say is that improvements in productivity and economic growth have outpaced increases in minimum wage, Except teenagers and young adults may be shut out of the work place if minimum wage is increased. According to Drew DeSilver, "Who Makes Minimum Wage?," 16-24 year olds make up 50.4% of minimum wage earners. One other thing people say is that increasing minimum wage would reduce inequality. Raising minimum the would disadvantage low-skilled workers. A study by Jeffrey Clemens, PhD, and Michael J. Wither, PhD, found that minimum wage increases result in reduced average monthly incomes for low-skilled
Increasing minimum wage would force companies to lay off employees, raise prices on products, and eventually force companies to close.
I think that we shouldn’t increase minimum wage. It doesn’t do any good to anybody, it actually makes things worse. $15 an hour is way too much. People should care because it’s your money that you could be losing and also your society and economy that could be taking a hit. In Minneapolis there recently a protest at a fast-food restaurant and these people don’t realize that the ones that are getting the higher wage are actually losing money. Raising the minimum wage would decrease employee benefits and increase tax payments. According to James Shrek’s “What is Minimum Wage: It’s History and Effects on the Economy,” a single mother working full time making $7.25 would be over $260 worse off if minimum wage was increased. Her income rises by $494 so she loses $71 in EHC refunds, she pays $37 in payroll taxes, $45 in income taxes, she loses $88 …show more content…
The higher costs of production are, the higher prices are. The higher prices are, the smaller the quantities of goods and services demanded and the number of workers employed in producing them. Another thing a person might say is that improvements in productivity and economic growth have outpaced increases in minimum wage, Except teenagers and young adults may be shut out of the work place if minimum wage is increased. According to Drew DeSilver, "Who Makes Minimum Wage?," 16-24 year olds make up 50.4% of minimum wage earners. One other thing people say is that increasing minimum wage would reduce inequality. Raising minimum the would disadvantage low-skilled workers. A study by Jeffrey Clemens, PhD, and Michael J. Wither, PhD, found that minimum wage increases result in reduced average monthly incomes for low-skilled