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About Raising The Minimum Wage

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Raising the Minimum Wage

The actual value of the minimum wage of the federal government has reduced by 24%

right from 1968 (Kim et al., 102). Currently, the minimum of 7.25 USD leaves adults with two

kids thousands of dollars under the federal poverty brink. This is not acceptable as the raise

Wage Act, would see the federal minimum wage rise to 12 USD, get rid of the tilted minimum

wage and associate it to the rise in the medium wage so that its worth does not erode with time.

This uncertain increase in minimum wage would raise around 35 million employees as well as

lifting around 4.6 million individuals out of poverty (Jardim et al., 3). On the other hand, raising

the minimum wage will as well arouse customer spending thus improve the economy. An

increase in the minimum wage would help in improving the productivity of the workers and

above all reduce the worker turnover as well as absenteeism. Besides, it would improve the

whole economy by producing increased demand.

The main argument that can be advanced in favor of raising the minimum wage is that

when the earnings are increased, they will also improve the living standards of the minimum

wage employees since it will offer them an income level that is more appropriate to address the

increased cost of living (Jardim et al., 8). A Congressional Budget Office report of 2019

estimated an important development in the living standards of at least 18 million individuals

presuming a minimum wage of 15 USD per hour by the year 2025 including around 1.4 million

individuals being raised beyond the poverty line (Sovilla, Bruno, 331). Whereas some

supporters of raising the minimum wage project that many people and families will be raised

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out of poverty in case they earned more income. Another palpable benefit is a decline in the

need for state and federal government outflows on financial help for individuals who are poor

or earn low-income.

In the meantime, a benefit that is intangible and one that can mean benefits for the

employees as well as workers is advanced worker morale which is an outcome of raised

minimum wage (McGuinness et al., 150). Mostly, business owners connote the challenge of

offering enough encouragement to encourage employees to embrace maximum exertions into

their day-to-day job responsibilities, and this is normally tricky with low-wage employees who

normally perceive that their job exertions are not transforming them from poverty (Landsburg

1). By increasing the worker morale, it brings about more advantages like increases worker

retention, reduces hiring as well as training charges. Workers who get inclined to stay longer

with an organization are well positioned to benefit a decline in job-affiliated relocation charges.

Increasing the minimum places more discretionary money in the pockets of several workers;

funds which could easily flow to other businesses and retailers.

Among the cons attributed to the increment of the minimum wage is the possible

consequences increment of prices by businesses thereby bringing about inflation (MacDonald

et al., 20). Opponents of increasing the minimum wage will result in the increment of salaries

and wages thereby increasing the costs of operation for firms which in return increases the

prices of services and products to curb the increased costs of labor. With increased prices it

implies an increase in the costs of living which fundamentally negates any benefit that is gained

by the employees by pocketing more money.

On the other hand, there is also a projected problem that results from the increment of

minimum wage is loss of jobs. Several business executives as well as economists who

highlight that labor is the key cost of operating business allege that companies will be required

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Surname 1 Student’s Name Institutional Affiliation Course Date Raising the Minimum Wage The actual value of the minimum wage of the federal government has reduced by 24% right from 1968 (Kim et al., 102). Currently, the minimum of 7.25 USD leaves adults with two kids thousands of dollars under the federal poverty brink. This is not acceptable as the raise Wage Act, would see the federal minimum wage rise to 12 USD, get rid of the tilted minimum wage and associate it to the rise in the medium wage so that its worth does not erode with time. This uncertain increase in minimum wage would raise around 35 million employees as well as lifting around 4.6 million individuals out of poverty (Jardim et al., 3). On the other hand, raising the minimum wage will as well arouse customer spending thus improve the economy. An increase in the minimum wage would help in improving the productivity of the workers and above all reduce the worker turnover as well as absenteeism. Besides, it would improve the whole economy by producing increased demand. The main argument that can be advanced in favor of raising the minimum wage is that when the earnings are increased, they will also improve the living standards of the minimum wage employees since it will offer them an income level that is more appropriate to address the increased cost of living (Jardim et al., 8). A Congressional Budget Office report of 2019 estimated an important development in the living standards of at least 18 million individ ...
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