A major complication people in the world face is financial issues. Money has a major impact on a person’s life. If an individual does not have a lot of money, it can be very stressful and make their life complicated. Many employees are only getting paid minimum wage. Minimum wage in Michigan is currently $8.15 an hour and will be going up on January 1st, 2016 to $8.50 says Block (n.d.). Minimum wage is currently $8.15 an hour, which is not a lot of money to support one person let alone a whole family. It is almost impossible to support a family when an individual is only bringing home minimum wage. There are other finances in life that minimum wage can not cover such as monthly payments. It takes more than $8.15 an hour to afford phone
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Others even feel minimum wage is already too high. Another issue people have with raising minimum wage is some tasks employees have are not worth the rate of minimum wage. A variety of people assume if minimum wage goes up so will prices on items they buy regularly such as milk, bread, gas and items found in restaurants. Other people who are skeptical of minimum wage being elevated believe many employees will lose their jobs and jobs will be scarce. There is always tasks that need to be done and jobs will not diminish from the increase of minimum wage. Based on data from 1980 and 1990, Daniel Aaronson estimated that a 10 percent increase in minimum wage will cause the prices of McDonald 's burgers, KFC’s chicken and Pizza Hut’s pizza will go up by 10 percent also (Weissmann 2013). If minimum wage was brought up to $10.10 it would tack $1.60 onto the cost of a Big Mac (Weissmann 2013). On one side of the argument, Weissmann (2013) researched that some traditionalists believe that increasing minimum wage will eliminate some jobs as a result of the prices being raised. Weissmann (2013) also found that researchers who believe that increasing the minimum wage does not eliminate jobs at all and may even give the economy a boost by channeling more pay to low-income workers who are likely to spend the money. When minimum wage goes up, businesses will start to …show more content…
Some Americans earning minimum wage are doing difficult jobs that should require more pay than minimum wage. The Alternet Website (2014), concluded that if minimum wage would go up it would boost the economy due to the workers turning around and spending the money. A recent study by the Federal Reserve Bank of Chicago concluded that, following an increase in the minimum wage, spending by households with at least one minimum-wage worker increased by $700 per quarter (Shemkus). With increase in pay people are likely to spend more money on retail services causing an economic growth which will benefit all parties
Others even feel minimum wage is already too high. Another issue people have with raising minimum wage is some tasks employees have are not worth the rate of minimum wage. A variety of people assume if minimum wage goes up so will prices on items they buy regularly such as milk, bread, gas and items found in restaurants. Other people who are skeptical of minimum wage being elevated believe many employees will lose their jobs and jobs will be scarce. There is always tasks that need to be done and jobs will not diminish from the increase of minimum wage. Based on data from 1980 and 1990, Daniel Aaronson estimated that a 10 percent increase in minimum wage will cause the prices of McDonald 's burgers, KFC’s chicken and Pizza Hut’s pizza will go up by 10 percent also (Weissmann 2013). If minimum wage was brought up to $10.10 it would tack $1.60 onto the cost of a Big Mac (Weissmann 2013). On one side of the argument, Weissmann (2013) researched that some traditionalists believe that increasing minimum wage will eliminate some jobs as a result of the prices being raised. Weissmann (2013) also found that researchers who believe that increasing the minimum wage does not eliminate jobs at all and may even give the economy a boost by channeling more pay to low-income workers who are likely to spend the money. When minimum wage goes up, businesses will start to …show more content…
Some Americans earning minimum wage are doing difficult jobs that should require more pay than minimum wage. The Alternet Website (2014), concluded that if minimum wage would go up it would boost the economy due to the workers turning around and spending the money. A recent study by the Federal Reserve Bank of Chicago concluded that, following an increase in the minimum wage, spending by households with at least one minimum-wage worker increased by $700 per quarter (Shemkus). With increase in pay people are likely to spend more money on retail services causing an economic growth which will benefit all parties