Raising Minimum Wage - 912 Words

Minimum wage has long been a topic that has brought on many heated debates. It has been said over and over again that minimum wage should be raised. These people say that raising minimum wage only does good for people. However, I, along with many other people, believe this is wrong, and we should instead be making moves to keep minimum wage where it is. Raising minimum wage may provide some positive effects, but those positives only go on to be overwhelmed by the negative effects caused by it. Wages should not be raised because if done so, employment would drop and companies would need to spend and earn more money. If minimum wages were to be raised, employment numbers would drastically drop. This is seen in source one, an article by James†¦show more content†¦This is important as the company faced a financial loss due to this action. They would have to take huge action to earn that money back or just sit back and suffer the effects of that loss. This is also seen in source four, a political cartoon by Ralph Hagen. In this cartoon, a worker is giving a customer his coffee. As he does this, he tells him, â€Å"That’ll be $12.50.† As said earlier, companies who spend more money would need to earn more money. One easy way for companies to earn more money is by raising the price of their products. Eventually, it could get to a very ridiculous point, just like how it was in this cartoon. Usually, coffee is two to four dollars, but in this cartoon, it was said to be over twelve dollars. This reason that this price was so high was probably because that coffee shop had to desper ately earn money due to the fact that they raised their minimum wage. Eventually, the rise of minimum wage in our world could lead to ridiculous prices like this. As a result, companies should not raise their minimum wage as they will suffer many financial problems. The other side argues that raising minimum wage would benefit workers. They say that these workers would be able to earn the money that they would need to help support themselves and their families. This may be true, but minimum wage jobs do something that mostly every other job cannot. They offers workers opportunities, and these opportunities only goShow MoreRelatedRaising The Minimum Wage?1575 Words   |  7 PagesThe issue of raising the minimum wage from $7.25 to $15 an hour is a heavily debated topic. Both sources against or in favor of the minimum wage refer to a â€Å"growing gap† between low-income workers and high-income earners. Sources against the minimum wage believe raising it will increase this gap, whereas those in favor of the minimum wage believe it will decrease this gap. The arguments in favor of the minimum wage rely mostly on ethical beliefs, such as â€Å"pay should reflect hard work,† to advanceRead MoreRaising The Minimum Wage888 Words   |  4 Pages Raising the Minimum Wage The employment effect of the minimum wage is one of the most studied topics in all economics. Today, the debate over raising the minimum wage has been a hot topic after President Obama explained in his 2014 State of the Union address that he intends to raise the minimum wage from $7.25 to $10.10 per hour, an increase of over 40 percent. While the President and his supporters claim that this increase would greatly benefit the economy and result in growing the businessesRead MoreRaising The Minimum Wage?1122 Words   |  5 Pagesâ€Å"Raise the wage!† reads many protestors’ signs across America. Many people believe this to be the answer to the financial inequality that plagues our country. 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In doing so, I will be discussing how an increase in the federal minimum wage would make a vast improvement on the way many low income families live, and also how raising the federal minimum wage would boost the economy as it desperately needs. In raising the federal minimum wage, one might argue that it would cause a spike in the unemployment rate. The reasoning is that it wouldRead MoreThe Benefits Of Raising The Minimum Wage1656 Words   |  7 Pagesto be should the minimum wage be raised or should it be lowered or eliminated altogether. From where I stand minimum wage should be raised. Everyone is more successful when people are paid a living wage. Changes to the minimum wage would strengthen the economy and business, Lift Americans out of poverty, and will be unlikely to significantly impact prices. The only way to grow the economy in a way that benefits 90% is to change the structure of the economy. Paying people a fair wage is a sign of respect