Minimum wage, it’s the lowest amount of money paid to workers set by the government. $15,080 is the annual income of a person who works full-time at the federal minimum wage. That’s barely enough for food, clothes, and services throughout the year. With that kind of income, you can’t even afford to rent an apartment. Raising the wage has its down sides but the good outweighs the bad. The minimum wage should be raised because it benefits the people, boosts the economy, and has no negative effect on employment or the economy.
For starters, the minimum wage should be raised for several reasons. Raising the wage would allow for people to have more money and support themselves and their families. People would be able to pay their bills and keep food on the table. Additionally, the economy would improve. According to salary.org, it says, “…contend the such a move would act as economic stimulus. When low-income households earn more money, they are likely to spend it, pouring more dollars into the economy…” Not only would the workers’ lives improve, but so would the people around their’s because of the economic growth. The Department of Labor also states, “Since 1938, the federal minimum wage is increased 22 times. For more than 75 years, real GDP per capita has steadily increased, even when the minimum wage has been raised.” Many people argue that raising the minimum wage would have a negative effect on taxpayers and employment rates but the Department of Labor and economists nationwide agree that it will cost nothing to the taxpayers and there will be almost no effect on employment. If anything, the higher minimum wages will reduce employee turnover.
While the minimum wage raise has its perks, there are also many people, businesses, and reasons that the wage should not be raised. If the wage was increased, it would cost the economy thousands of jobs and there would be significantly fewer hirings. Because of this, the competition between coworkers and individuals searching for jobs would intensify, making the workplace less friendly and comfortable to be a part of. Raising the wage would also mean an increased price on products to gain enough income to support the workers who are being paid more and the business. Patricia Smith from the New York Times’ magazine, Upfront, writes, “Business owners say that raising the minimum wage also exerts upward pressure on other wages.” If the lowest paid workers were getting a raise, then wouldn’t the people around them want a raise? And then what about the people around those people? This would be a very tough and pressured position to be in for a lot of people.
All in all, the minimum wage should be raised. It is a very controversial topic, but in the end, it would benefit everyone. It would allow for low-income workers to live a better life. Raising the wage would help our growing economy while having little to no effect on employment and taxpayers. “Raising the federal minimum wage would not only benefit more than 28 million workers across the country, but 19 million workers from all types of household would see a direct increase in their wages.” comments the White House. Raising the minimum wage would do so many good things for this country. It’s time to raise the wage.