Minimum Wage: Is raising it really beneficial?
In recent years, minimum wage has been a popular topic of debate. It is an impactful topic and is very relevant because it affects every person. This includes even those who do not have a job that pays them the minimum wage. It even spans across the world affecting people because of the multiple results of raising it. An increase or decrease in minimum wage affects the prices of goods, as well as inflation. There are many split opinions on the basis of minimum wage. Although many believe it is beneficial to raise minimum wage, there are those that believe, it is detrimental to the nation. The benefits and downsides of both raising minimum wage and keeping at its current state, makes for a large debate.
Raising minimum wage comes with an abundance of benefits. By increasing the minimum wage, there would be an economic stimulus. Raising minimum wage would generally mean that those who work for these wages would have more money to spend into small businesses, businesses in general and that putting their money back into the community would help the economic downfall (List). Along with this comes more job opportunities. If minimum wage is raised, people are able to spend more money. This in turn causes …show more content…
The cons outweigh the pros. Raising minimum wage, would just increase businesses prices. This would lead to people spending the same amount of money and ultimately having the same income. Although there are an abundance of great benefits, in the long run, it will ultimately be the same as it is now. States may try to raise the wages of workers slowly, as in New York City, to see the effects of the ensurance. The restaurant/food service industry is the single biggest employer of near-minimum-wage workers. Our analysis also found that 3.75 million people making near-minimum wages (about 18% of the total) worked in that industry (Desilver
In recent years, minimum wage has been a popular topic of debate. It is an impactful topic and is very relevant because it affects every person. This includes even those who do not have a job that pays them the minimum wage. It even spans across the world affecting people because of the multiple results of raising it. An increase or decrease in minimum wage affects the prices of goods, as well as inflation. There are many split opinions on the basis of minimum wage. Although many believe it is beneficial to raise minimum wage, there are those that believe, it is detrimental to the nation. The benefits and downsides of both raising minimum wage and keeping at its current state, makes for a large debate.
Raising minimum wage comes with an abundance of benefits. By increasing the minimum wage, there would be an economic stimulus. Raising minimum wage would generally mean that those who work for these wages would have more money to spend into small businesses, businesses in general and that putting their money back into the community would help the economic downfall (List). Along with this comes more job opportunities. If minimum wage is raised, people are able to spend more money. This in turn causes …show more content…
The cons outweigh the pros. Raising minimum wage, would just increase businesses prices. This would lead to people spending the same amount of money and ultimately having the same income. Although there are an abundance of great benefits, in the long run, it will ultimately be the same as it is now. States may try to raise the wages of workers slowly, as in New York City, to see the effects of the ensurance. The restaurant/food service industry is the single biggest employer of near-minimum-wage workers. Our analysis also found that 3.75 million people making near-minimum wages (about 18% of the total) worked in that industry (Desilver