15 Minimum Wage Analysis

1359 Words 6 Pages
In a perfect society, everybody would be able to live luxuriously and be free of diseases and problems. Sadly, we are nowhere near this perfect place. We live in a place where many people are struggling to survive or living paycheck by paycheck with government funding. Working the minimum wage now will not be able to support a family and maybe not even yourself. My compare and contrast analysis is about what happens when the minimum wage is increased to 15 dollars. The articles that cover this topic that I chose were written by Ed Rensi and David Neumark. Ed made a popular article titled "The Ugly Truth About A $15 Minimum Wage”. The article thoroughly explained what would potentially happen if the wage would increase up to 15 dollars and …show more content…
David Neumark is Chancellor’s Professor of Economics and Director of the Center for Economics & Public Policy at the University of California. Ed Rensi is the former president and chief executive officer of McDonald’s USA. (Since David has been studying economics for several of years and leads in that subject, compared to Ed who was only able to lead a cooperation to maximize profits and excel with competing corporations, it shows that David is for credible to talk about what would happen if the minimum wage were to be increased.) Ed, being a former president, represented the capabilities he has to run a successful business and be able to understand the gist on how the economy works with profit and investments. Yet David being a professional economist, was able to reinforce his standings on how the economy works and how it would be affected with a wage increase to 15 dollars. Being a successful and booming business owner doesn’t outweigh the title of a professional economist for many years which makes David for creditable for his work on the results in the economy with a minimum wage increase. With the complete understanding on how the slightest factors could affect the economy, David was able to come up the idea that "The standard model of competitive labor markets, predicts that a higher minimum wage will lead to job loss among low-skilled workers”. Although Ed has a moderate understanding of the economic system, he was only able to explain “that a $15 minimum wage won’t spell the end”. David was able to use his research on previous factors on the economy to portray the outcome of a minimum wage increase. In contrast to David, Ed was able to just give a general idea of the wage outcome; which makes David’s reasoning have more backed up information than Ed. As important as their jobs, they both back up their explanations on the wage outcome with different

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