Minimum Wage Raising

“Wealth begets wealth, and the lack of wealth perpetuates the same.” (Powell) People with lower paying jobs in the United States continue to suffer because of the living wage. Raising the minimum wage is one of the ways that the government is trying to confront this issue. Although raising the federal minimum wage for the people with low-income jobs would give the workers more money to live off of, raising the minimum wage would also cause issues for the rest of the people of the United States.
Dictionary.com defines the term living wage as: a wage on which it is possible for a wage earner or an individual and his or her family to live at least according to minimum customary standards. In 1938 the federal minimum wage was established to provide a living wage for low-income workers. The last raise in the minimum wage had been in 2007 when it was passed by majority in congress and signed by President George W. Bush. In the eight years that followed the increase, the price of living has spiked, and the minimum wage has not been adjusted to meet the new cost of living. The issue is now being discussed by congress, while more and more people are falling farther behind. (Alper)
For many Americans, minimum wage is their only way to survive in our economy. Even though unemployment …show more content…
One fact being that half of our economy is made up of consumer spending. Many economists agree that an extra dollar earned by a low-income worker has a better chance of being spent than one earned by a wealthy person. The reason being that the rich person is not constrained to their income, if there is something that they want they will buy it then, since they do not have to wait to earn the extra dollar. But the low-income worker is more likely to consume the extra dollar in