Why Minimum Wage Should Raise
I feel raising the minimum wage is a great idea. There are many theories and ideas which help confirm this. I have several supporting arguments that justify my theory that it’s important to raise the minimum wage.
According to the economic policy Institute, some studies state that increasing the minimum wage to $15 by the year 2024 all across the country would generate a total of $120 billion in higher wages for workers. several studies have shown that lower-paid workers spend a lot of their extra earnings on Normal goods. This extra spending will help stimulate the economy and enhance business activity and job growth around our country. It helps put the money back into the economy and help the law of supply.
Increasing the minimum-wage supports those lower-paid workers to bridge the gap between the higher paid and the lower paid. It helps reduce poverty, helps people gain more income. This week and help pull millions of people out of poverty.
Morale is also a very important factor when determining a person’s productivity. If a person is satisfied that they are earning enough and getting paid enough for the work that they do then that helps them hold onto their jobs which equals less employee turnover and they are absent even less. This would also increase the quantity of labor supplied. This helps improve worker productivity and helps the economy grow. Being able to earn $15 an hour for that job equals more satisfied employees.
Although Minimum Wage should be increased. There are some thoughts about why you shouldn’t increase the minimum wage. For example, if a factory has to pay its employees two dollars more per hour then they are going to have to make up those losses. Most likely the result would be that they increase their price of the product so in turn consumers have to end up paying more to make up for the losses that the factory is incurring. The business would have to increase its price floor . So therefore raising the minimum wage would increase the price of consumer goods.
While there are arguments for not raising the minimum wage I genuinely believe that there are more arguments for raising the minimum wage. The above paragraphs have highlighted several reasons for this cause. One can hope that eventually, it becomes the law to be able to earn at least $15 per hour on the job.
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