Minimum Wage Essay
“Over the past 65 years the minimum wage has varied considerably in inflation-adjusted buying power” (Sherk). Because of these effects, many people have criticized the current amount of minimum salary. Therefore, this subject has led to a ton of arguments and debates. This specific topic has its opinions about changes that should be put in place to improve Americans’ financial situations. An estimated 4.7% of those hourly workers make minimum wage or less, down from 5.2%, a year earlier (Luhby). The people working for minimum wage is only a small proportion, however, it still affects others salaries. Minimum wage plays a huge role in today’s economy, so it would make sense to provide the best possible and most reasonable amount to pay minimum wage workers. Lowering the current minimum wage in the U.S. should be taken into consideration because this decision has many benefits and advantages that come along with it.
“Raising the federal minimum wage to $10.10 an hour could lift about 4.6 million people out of poverty directly, according to a new study from economist Arindrajit Dube. Longer-term effects could reduce the number of people living below the poverty line by 6.8 million” (Covert). This seems like a great decision; addressing any problems of inequality we may have in our country. The advantages that come with raising minimum wage are tempting however, it is easily overseen by the many disadvantages. First off, as a country struggling to employ its workers, one of the main goals should be stabilizing employment back to the 5.0% it was in April of 2008 ("Databases, Tables & Calculators by Subject."). On the other hand, raising minimum wage could bring unemployment up for those who lack certain skills by increasing competition in the work field. “Supporters of the minimum wage intend it to lift low-income families out of poverty. Unfortunately, despite these good intentions, the minimum wage has proved ineffective at doing so…”...