Minimum wage is the lowest legal wage than an organization, or an employer can pay their employees. Currently the United States national minimum wage is $7.25 per hour. However, many cities as well in states, have their minimum wage. Workers receive whichever is higher is more significant on the local or federal minimum wage. The main reason for the minimum wage is to protect employees from exploitation from their employers. Although some individuals are opposing the increase of minimum wage, a large per cent of citizens, as well as leaders (politicians), are supporting the rise of a minimum wage. Personally, l think the Minimum Wage should be increased since it will not only boost our economy, but it will also increase employment opportunities. Generally, increasing the minimum wage has a lot of pros than cons. The government, both local and federal, should consider raising the minimum wage to a reasonable amount. I think minimum wage should be raised; thus, the paper presents the reasons why minimum wage should be raised.
Regarding the “New Oxfam interactive map,” the federal minimum wage, which is $7.25 per hour is pushing millions of women, mostly blacks into extreme poverty. Currently millions of Americans are doing arduous work in jobs that are paying them too little and also offer fewer benefits on their lives. They clean offices, serve food, stock shelves, take care of the elderly, and deliver pizza. They are doing these jobs while taking care of their parents as well as their children’s at same time trying to pay college fees and keep up with their bills. In twenty fourteen, President Obama proposed an increase in the federal minimum wage from $7.25 to $10.10. He claimed that increasing the minimum wage to that extent would improve the economy of the United States and reduce the number of available employment. The increase of minimum wage will raise the standard of living of these individual who are suffering daily on the hands of their employers. Several research has shown that, when the minimum wage has gradually has been increased, it will bring low or less impact on employment. So l think minimum wage should be raised to save millions of Americans who are living in poverty.
When minimum wage has been raised, the expenditure of the consumer will also increase; hence the economy will be boosted as well. A research carried out by Doug Hall and David Cooper estimated that when the minimum wage is slightly increased by $2.55 the low-wage earning employee will increase by $40 billion, thus the GDP, as well as employment, will increase massively. When minimum wage has been increased by ten per cent, it will increase the earning wage of food and beverage employees by two point five per cent. Besides, the earnings increase of low-wage employees from high minimum payments goes beyond the immediate impact of the legal change. Furthermore, when minimum wages are raised there will be a reduction on government expenditure of welfare programs since it will massively reduce the poverty rate by increasing the earning of low-wage expenditure. About one hundred and twenty billion additional paid to employees will generate back into the economy in basics such as clothes, food, and rent. For quite some time economist have realized that when the purchasing power has been increased through putting money in an individual’s pocket for consumer expenditure has a good ripple impact on the entire economy.
Increase in jobs and employment
Raising the minimum wage will increase jobs as well as an employment opportunity. An understandable study of one twenty-eight widespread state-level minimum wage alteration between nineteen seventy-nine and twenty thirteen did not find any evidence of job losses as a result of an increase in the minimum wage. The research confirmed the positive earnings impact for low-wage employees due these reforms. The recent increment of minimum wage in almost six cities did not lead to any job loss and in many incidents it was linked with massive increase of jobs. Consequently, in 1966 when the minimum wage was raised to cover extra industries, there was no effect on the employment sector, particularly for the black employees in the research of federal minimum wage increment.
Moreover, there is no massive employment opportunity in countries like Australia as well as France, which has the best minimum wage, compared to the United States, which has poor minimum wage rates. I think policy policymakers such as who are responsible for minimum wage increment should not only focus on job losses issues when they initiate the action. They should focus on the overall welfare of the workers who are earning low-wages and their sufferings and how much it will elevate their living standards. Majority of Americans are seconding the raise of minimum wage due to hardship they are facing in their workforce. After ten good years of working hard low-wage employees deserve something good to elevate them as well as their families from poverty. And increasing the minimum wage is not linked to the reduction of employment opportunities.
Researchers have established that raising the minimum wage will bring numerous health benefits to many Americans. Increase in minimum wage will make it easier for workers as well as their families to afford medical care and healthcare insurance as well as living in a face environment. Some researches claims that increase in minim wage will reduce cigarette use and reduce the rate of obesity which shows that affordability is not the elements. Raising wages will lead to job satisfaction and researchers say that higher job satisfaction improves workers health since they will be cover under safety and risk management. Raising minimum payments has a lot of benefits when compared to losses; thus it should be given a priority
In conclusion, l am convinced that raising the minimum wage is significant since it will address many socio-economic issues that presently impair the growth and development of specific demographics. Low skilled workers who are the most affected with minimum wage threshold can use the increment in purchasing economic condition as well as power. Besides, when the socio-economic status has been increased, it will reduce the enormous gap between the low-income earners and the high-income earners. Lastly, when the minimum wage is raised, there will be a decline in the need for social support to poor households. The level of poverty will reduce, and millions of American will once again wear a smiling face.
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