Minimum wage has become a large topic of discussion among workers these days. While some want to raise it up to $15 an hour, many don’t agree. Millions of Americans struggle in poverty with how much they receive at the moment, despite having a full-time job. Federal minimum wage should have increased since 1968 to be at least $17 per hour today. Many workers in fast food positions are there to gain experience that can make them more productive and get better jobs but it will be harder to advance when they don’t have enough stability in their lives.
The increase of minimum would help the economy by generating more money in to the society, boosting the economy, and eliminating the demand for jobs. Raising minimum wage will have a great and long lasting ending. The United States would see a flow of money that they haven’t seen in years. This flow of money would show immediately giving the consumers more money to spend since 78 percent of the working force are minimum wage employees. Business owners will appreciate more money being spent in their fast food restaurants, grocery stores and clothing stores etc.
In these last few months the debate on raising the minimum wage has skyrocketed. President Obama said on his most recent radio address that American’s deserve a raise for their hard work. That a raise in the federal minimum wage would bring over 28 million American’s out of poverty and be beneficial to the economy. That mothers and fathers would be able to support their families. Businesses would benefit by middle income people spending their wages quickly because of basic needs.
I chose this topic because it is a major issue in today’s economy. Many people are for raising the minimum wage. On the other hand, there are those who reject the idea of raising minimum wage. The suggested price to raise the minimum wage is ten dollars, but would that be enough to satisfy today’s economic living standards?
Minimum wage keeps increasing when there are more workers to help people have an efficient life with a fair pay, but also it can increase for some workers to lose their jobs. The increasing of a minimum wage can benefit a lot of workers by having a better life. Wages can increase the pay of workers without any experience.
Currently there are many teenagers working. Many are working after school and on the weekends. With the minimum wage increase there would be a number of teenager layoffs, because workers are going to be looking for full time workers in order to reduce the amount of money they are paying in the amount of employees they have. “In a free labor market, wage rates reflect the willingness of workers to work (supply) and the willingness of employers to hire them (demand). Worker productivity is the main determinant of what employers are willing to pay.
Increased minimum wage for teens without a high school diploma was responsible for over 114,000 fewer employed teens (Even, 2010, p. A15). III. Dependency on the welfare system increases due to the increase demand for more skilled workers. A. Mothers on welfare in states that raised their minimum wage remained on welfare 44 percent longer than mothers on welfare in states where it was not raised (Garfield, 1996).
With this in mind, Barack Obama and John McCain both have many similar views on this topic. The economy is surprisingly America’s number one concern for the upcoming year, and both nominees are striving for votes. Both want to do what is best for the country, like lower gas prices, give jobs back to millions of Americans, and make lives better for the average middle class working family. Obama and McCain would both like to expand unemployment benefits making those who lost their jobs better off. Each of them plans to provide for the jobless and make room for many more opportunities of employment.
Financial Services Department 12 January 2014 Raising Minimum Wage and Its Impact on the Economy Raising the minimum wage has been heavily discussed by the federal government, from President Obama's call to raise the minimum wage to The Fair Minimum Wage Act of 2013. So as raising the minimum wage gains more coverage, several economists and small business owners have argued that overall, raising the minimum wage will have a large negative effect. However with further research, raising the minimum wage actually has a positive effect on the economy, more specifically, on small businesses, unemployment, demographics, and the price level of consumer goods. With the idea of raising the minimum wage, a large focus has been placed small businesses.
Raising that wage could mean a raise for millions of workers. Childcare support shows that a lack of access or ability to afford childcare can be one of the most significant barriers to getting a job and staying in it. But if government fully funded childcare programs, mother’s overall employment would increase. By getting women to brave discrimination and socialization to take these jobs, and getting these employers to reach out to women, and getting more men into low-pay service jobs, and getting women the training and education they need for male-heavy jobs should all be a pretty easy to accomplish. Works Cited 50 Years After the Equal Pay Act, The Gender Gap Persists: http://www.npr.org/2013/06/10/189280329/50-years-after-the-equal-pay-act-gender-wage-gap-endures 10 Things You Didn’t Know about the Gender Gap: http://healthland.time.com/2013/11/11/ten-things-you-didnt-know-about-the-gender-gap/ Freakonomics: Women are not Men: Gender Gap Program on NPR: http://www.wnyc.org/story/301155-freakonomics-radio-women-are-not-men/ The Man Box: Tony Porter: A Call to Men, video on men and masculinity: http://www.ted.com/talks/tony_porter_a_call_to_men.html