Negative Effects Of Raising Minimum Wage
The hardest hit by the minimum wage hike were young black male and it shows that the jobless rate been increasing over the years. For that reason, the blacks did not want more minimum wage increase. Unemployment rates over the years had been a driven factor to increasing minimum wage. The …show more content…
Most Americans believed that this amount is not enough for a standard living and more money should be put into this. They do strive for an increase in minimum wage and they are trying to fight it. The living standard for most Americans live under poverty and people are fed up with it. Over the years, minimum wage has not changed dramatically and they believe that they should be as high as $15 an hour. A major downside to raising the minimum wage is employers would not be able to hire as many people, which will cause unemployment rates to go up which will hurt the economy. Another major factor to this issue is that it will cause price inflation which will cause businesses to raise their prices to accommodate the higher wages.
Young blacks who are ages 18-29 tend to spend more than they earn will most likely to pour more money into the economy. This would help the economy in a big way but it will cost a lot for the people having to spend more that will most likely fall into the poverty line.
Between ages 18-29, men and women are supporting to increase the minimum wage at
80% for men and 86% for women, while opposing is at 18% for men and 86% for women. …show more content…
He believes in the same opportunity for every Americans and convince congress to pass this bill if they think $15,000 a year full time job would support a family. Raising minimum wage would help the economy grow and deserve how much they are supposed to be paid.
Although most Republicans would see this view differently, Obama is pushing for this bill to pass and he strives for it to become a law. The Blacks do support their view of minimum wage increase than any other race with 91% and oppose at 8% while the Hispanics supports at 74% and oppose 26% and white support 68% and oppose 29%. These percentage show that more blacks fall under the poverty line and they would like to have an increase in minimum wage. A wage increase would help mostly towards young blacks because most of them struggle financially based on their background. With the increase minimum wage proposal, it would help them boost up workers earnings and working families that got hit the hardest by the Recession. The blacks are benefited the most than other race, since most blacks were financially