Raising The Minimum Wage Boom - 825 Words

â€Å"I finally got a raise!† Todd exclaimed â€Å"They raised the minimum wage!† â€Å"Actually Todd, raising the minimum wage ruins the economy,† said Christine popping his bubble of excitement. Christine is right, raising the minimum wage will damage the economy and leave businesses closed and people jobless. Prices will sky rocket and leave families struggling to buy now overpriced groceries. Leaving the people it is meant to help in worse conditions. Although raising the minimum wage sounds great, with a plethora of research it rips the economy into pieces. Since the minimum wage is high and employees are paid a plethora, so then the price of products or services will be forced to go up to pay the workers. That will happen unless one lowers the salary that get as an employer or fire workers. If prices are higher than the competition will decrease. It will decrease since the price is high, it won’t go up or down concluding in no competition. No person will raise or lower their prices so that they can get sales. Employees are not making any money as supposed to some because they ve been fired. Unemployment will definitely increase, leaving the people the minimum wage is supposed to help jobless. Fox News host Neil Cavuto said that, â€Å"a $15 hourly minimum would absolutely kill jobs, and that 15 percent to 20 percent of small businesses would go away.†(Toon) Business would â€Å"go away† since they can’t pay workers. The US definitely does not want a high unemployment rate, which isShow MoreRelatedMinimum Wage and the American Dream1258 Words   |  6 PagesAchieving the American Dream while earning minimum wage may take a person longer but it is still attainable. Through higher education or hard work individuals can achieve a higher standard of living. What is minimum wage? Minimum wage is the lowest hourly rate (dollars per hour) that employers can pay their employees. According to minimumwage.com Minnesota’s minnimum wage is $7.25 per hour but will be getting raised to $9.00 per hour. Minnesota’s minimum wage is a common rate among many states suchRead MoreRaising The Federal Minimum Wage969 Words   |  4 Pages At the heart of this plan was the idea that wages must be set and fair. â€Å"No business which depends for existence on paying less than living wages to its workers has any right to continue in this country.†(Roosevelt) This plan became the Fair Labor Standards Act, which set the Federal Minimum wage. Minimum wage has increased, slowly, over the years, but has not kept up with its intended purpose. Raising the federal minimum wage to a fair living wage level will improve the lives of the working poorRead MoreMinimum Wage Should Be Raised For A Better Standard Of Living1636 Words   |  7 PagesVa msi Sanagala Hannah Manshel Dec 15 2014 English 1 Minimum Wage Almost 3.3 out of 76 million workers in the US receive minimum wage (Source: BLS reports). Activists for raising the minimum wage claim that the federal minimum wage of $7.25 is the reason they are living in poverty, and that the wage must be raised for a better standard of living. Many people who take on minimum wage jobs are young and work in companies that don’t carry much prestige; however, they stillRead MoreA Last Minute Compromise Between State Legislative Leaders And Gov908 Words   |  4 Pageswould significantly increase the minimum wage in California over the next 2 1/2 years. Not surprisingly, the California Chamber of Commerce called it a job killer. The chamber is probably right about that to a degree; some employers will eliminate jobs, reduce hours or expand their payrolls more slowly as a consequence of the higher entry-level wage. But the measure will bring much-needed relief to thousands of Californians struggling to get by on the minimum wage today, as well as help the businessesRead MoreMinimum Wage And The Wage Essay1208 Words   |  5 Pages Minimum wage requires paying every employee a specific wage regardless of the employee productivity. It is the responsibility of the government to set the minimum wage. To understand this, a biology analogy can be used: some animals are stronger compared to others. In economic perspective, some people are relatively unable to deliver compared to others. Among them include, disabled, unskilled, and the youth. Due to their low productivity, they are entitled lower wages corresponding to their effortsRead MoreMinimum Wage Should Be Raised Essay2275 Words   |  10 Pageswhether minimum wage should be raised or not. Many say $7.25 is simply not enough for a family to survive in our economy. President Obama has taken a strong stance on this topic encouraging congress to raise the minimum wage to $10.10 an hour considering we live in one of the wealthiest countries i n the world. Obama argues that one working full time can simply not afford to raise a family on $15,000 a year. Typically, Democrats will side with our president and argue that raising the wage is a goodRead MoreThe Minimum Wage Of 22 Swiss Francs1219 Words   |  5 Pages In May of 2014, Switzerland rejected the world’s highest minimum wage of 22 Swiss francs, which in American dollars, is roughly $25 per hour. Even Switzerland, one of the more famous countries remaining on the gold standard, has a problem regarding their minimum wage. As a high school student working off of American minimum wage, Switzerland’s presented amount is considered lofty and idealistic. In America, the minimum wage is $7.25, not nearly enough for an adult, let alone a teenanger living atRead MoreEssay On The Death Of American Values In Service1060 Words   |  5 PagesThe Death of American Values in Service Back in 1966, the United States established that tipping services should have a set minimum wage; it was held at 50% of the current minimum wage at the time. In 1991, when minimum wage was $4.25, tipping wage was at $2.13, and (Stuart 2) the wage has not changed since. Contrary to the accepted practice that tipping helps servers make more money, if we abolish tipping, we will be able to lift those working in the service industry out of poverty, provide a betterRead MoreWhy The Housing Market Is Not The Best Investment?889 Words   |  4 Pagesfirm Michael J. Burry stated, â€Å"Today s economy is showing telltale signs of repeating the mistakes made in the 2007 crash.† (Michael Burry Blog) An analysis of the housing market of today will reveal many signs of an inevitable crash such as: the minimum wage fallacy, The prices of housing rising, the government supporting bad loans, and why the government cannot stop it. To begin with, before I can explain anything you have to understand that your mortgage is a lot more complicated thanRead MoreThe Effects Of Minimum Wage Increases On Employers Hiring New Employees?1970 Words   |  8 PagesWhat are the effects of minimum wage increases on employers hiring new employees? Over the past 10 years I have worked various different minimum wage and salary jobs. I have noticed a slowing down if you will on hiring. I first wrote this off as different sectors of business must have different hiring techniques and quotas. I have sense become more familiar with the hiring process and would like to find a correlation (bad or good) between minimum wage being raised and the number of new employees