All throughout history humans have repaid one another for goods or services they were provided. It began with trading one thing for another and now has evolved into something we call currency. As currency became more prevalent, governments set a base for the minimum amount people should be paid to do jobs. Over time, this wage has been adapted to fit with the economy. Recently, debate has come up on whether or not to raise it again. Minimum wage should be raised. The first reason that minimum wage should be raised is because it will increase economic activity. Low-wage workers are more likely to spend money on essential needs sooner. This will cause the demand for many businesses’ goods and services to rise as well. The result would be roughly
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Rather, it would help create jobs because of the increase in demand. The Economic Policy Institute stated that a minimum wage increase could help to create around 85,000 new jobs over a three-year period. This would be very beneficial for our society. Another way in which increasing the minimum-wage would help is by decreasing poverty. A study done by the Congressional Budget Office in 2014 found that a raise in the minimum wage to at least $9 an hour would bring approximately 300,000 people above the poverty line. This would also cause government spending on programs such as food stamps to decrease. Since the government is currently in debt, this would help it to begin repaying that debt down. This would also benefit our economy. The fourth way a minimum wage increase would be beneficial is by helping to decrease gender and race wage inequality. At the current state, women’s median wage is only 78% of the national median. This is similar to ethnic groups like African-Americans, who’s median is only 67% and Hispanics, which is only 79% of the national median. Raising the minimum wage would help bring those numbers closer to 100%. It would also make our country to become more equal, which is what our founding fathers
Rather, it would help create jobs because of the increase in demand. The Economic Policy Institute stated that a minimum wage increase could help to create around 85,000 new jobs over a three-year period. This would be very beneficial for our society. Another way in which increasing the minimum-wage would help is by decreasing poverty. A study done by the Congressional Budget Office in 2014 found that a raise in the minimum wage to at least $9 an hour would bring approximately 300,000 people above the poverty line. This would also cause government spending on programs such as food stamps to decrease. Since the government is currently in debt, this would help it to begin repaying that debt down. This would also benefit our economy. The fourth way a minimum wage increase would be beneficial is by helping to decrease gender and race wage inequality. At the current state, women’s median wage is only 78% of the national median. This is similar to ethnic groups like African-Americans, who’s median is only 67% and Hispanics, which is only 79% of the national median. Raising the minimum wage would help bring those numbers closer to 100%. It would also make our country to become more equal, which is what our founding fathers