Should Minimum Wage Be Raised?
Every penny counts. I believe the minimum wage should be raised because the minimum wage isn’t enough to support workers and their families, and it is good for economic recovery.
Primarily, Majority of low wage workers are not teenagers, which means they have to provide for their families, and many are women. There are many expenses involved in taking care of a family, from groceries, to utilities, to entertainment. Low wage workers have a hard time with providing sufficiently for their families. Henry Ford once said, “Low wages are the most costly any employer can pay. It is like using low-grade material—the waste makes it very expensive in the end.” This quote is just as accurate today as it was back then. For many years productivity for the average worker was doubled, but the income decreased after adjusted for inflation. If workers are struggling to make ends meet it would affect productivity tremendously, ultimately leading them …show more content…
If low income workers are paid more they will spend more, and on a wider variety of products. If businesses have an increase in customers, that would cause the economy to grow. Consumer spending makes up about 70 percent of the United States economy, this percentage will likely to increase if more people have money to spend. If it stays stagnant then workers will rely on the government to assist them financially to get ahead. Also, raising the minimum wage would increase earnings and workers will be willing to put in more hours because they know that would be taking home more pay, making them feel more satisfied. This will give them a chance to put some money aside for the future. Although, critics claim that raising the wage would not be as beneficial, forcing businesses to limit staff, cut hours or rise prices, research has shown that hiking up the minimum wage has little to no effect on employment or that affected businesses can engage with slight price
Primarily, Majority of low wage workers are not teenagers, which means they have to provide for their families, and many are women. There are many expenses involved in taking care of a family, from groceries, to utilities, to entertainment. Low wage workers have a hard time with providing sufficiently for their families. Henry Ford once said, “Low wages are the most costly any employer can pay. It is like using low-grade material—the waste makes it very expensive in the end.” This quote is just as accurate today as it was back then. For many years productivity for the average worker was doubled, but the income decreased after adjusted for inflation. If workers are struggling to make ends meet it would affect productivity tremendously, ultimately leading them …show more content…
If low income workers are paid more they will spend more, and on a wider variety of products. If businesses have an increase in customers, that would cause the economy to grow. Consumer spending makes up about 70 percent of the United States economy, this percentage will likely to increase if more people have money to spend. If it stays stagnant then workers will rely on the government to assist them financially to get ahead. Also, raising the minimum wage would increase earnings and workers will be willing to put in more hours because they know that would be taking home more pay, making them feel more satisfied. This will give them a chance to put some money aside for the future. Although, critics claim that raising the wage would not be as beneficial, forcing businesses to limit staff, cut hours or rise prices, research has shown that hiking up the minimum wage has little to no effect on employment or that affected businesses can engage with slight price