The question about increasing the minimum wage is a controversial one. With the current federal minimum wage set at $7.25 an hour, and low-income earners continuing to struggle to make ends meet, proponents to a wage hike are biting at their chomps to get somewhere with the debate. But, like all things in life, the proposal to raise the minimum wage will carry some baggage—both good, and bad.
What is the proposed minimum wage increase?
We all remember seeing images splashed across social media of low-skilled workers picketing outside of fast food chains, demanding the minimum wage be raised to a whopping $15 per hour. While it’s vital to ensure that all Americans have a chance to succeed in life, few things make sense about this kind of wage …show more content…
have tested this increase. But despite what the proponents would have you believe, this kind of an increase to the minimum wage does not come without repercussions.
What are the pros and cons of raising the minimum wage?
Increasing the federal minimum wage brings with it both benefits and disadvantages, and it’s important to understand both before deciding which side of the table you will vie for. The minimum wage was last raised in 2009, when it increased from $6.55 per hour to $7.25 per hour. Although we may be due for an increase based on the elapsed time, the decision to increase minimum wage relies on more than time alone to make the right choice.
While America is in a better place now than we were back in 2008 and 2009, we are still feeling our way through the recovery phase of the Great Recession. Additionally, we are now sitting on the $19 trillion and counting of debt that the current administration has so generously bestowed upon us.
Raising the minimum wage to anything beyond the current $7.25 per hour could have devastating effects on the job market, if the decision is made carelessly. That’s why careful consideration is the key to any good decision. There are benefits, and there are disadvantages to a wage
What is the proposed minimum wage increase?
We all remember seeing images splashed across social media of low-skilled workers picketing outside of fast food chains, demanding the minimum wage be raised to a whopping $15 per hour. While it’s vital to ensure that all Americans have a chance to succeed in life, few things make sense about this kind of wage …show more content…
have tested this increase. But despite what the proponents would have you believe, this kind of an increase to the minimum wage does not come without repercussions.
What are the pros and cons of raising the minimum wage?
Increasing the federal minimum wage brings with it both benefits and disadvantages, and it’s important to understand both before deciding which side of the table you will vie for. The minimum wage was last raised in 2009, when it increased from $6.55 per hour to $7.25 per hour. Although we may be due for an increase based on the elapsed time, the decision to increase minimum wage relies on more than time alone to make the right choice.
While America is in a better place now than we were back in 2008 and 2009, we are still feeling our way through the recovery phase of the Great Recession. Additionally, we are now sitting on the $19 trillion and counting of debt that the current administration has so generously bestowed upon us.
Raising the minimum wage to anything beyond the current $7.25 per hour could have devastating effects on the job market, if the decision is made carelessly. That’s why careful consideration is the key to any good decision. There are benefits, and there are disadvantages to a wage