The Pros And Cons Of Raising Minimum Wage

804 Words4 Pages
Should the minimum age be raised? One very important controversy most people all over the world are dealing with involves money. There never seems to be enough of it. Minimum wage in the United States is approaching an all-time low. Some believe that raising the minimum wage would hurt people by making it harder to find jobs, when it actually will create more job opportunities for Americans. How does our economy expect families to live comfortably making $7.25 an hour? With inflation constantly on the rise the worth of money is becoming less and less valuable. Why can we not raise the minimum wage if everything else is increasing in price? The minimum wage needs to be updated to correlate with the times and value of the American dollar. The positives that will come from increasing the minimum wage are the following: it would help middle and lower class families survive, it would improve and stimulate economic recovery, and it will also help people get out of debt. Raising…show more content…
If minimum wage was increased more money would be flowing to the pockets of working families, resulting in more people spending extra earnings on products and services contributing to the economy. By increasing consumer spending this would create more job opportunities. Minimum wage has not kept up with inflation over the year which causes the dollar to lose value. Many people are beginning to realize the importance of the minimum wage controversy. There are still many people who criticize and oppose the raising the minimum wage. Many believe that increasing the minimum wage would maximize the unemployment rate when in reality it would actually create more job opportunities. This is because increasing the minimum wage will require high relative price for unskilled labor which concludes that firms will have a high demand for skilled labor. The increase of minimum wage increases earnings and reduces

More about The Pros And Cons Of Raising Minimum Wage

Open Document