With minimum wage increasing there are positive and negative effects that come with it.
There has been a recent proposal that minimum wage should be raised to $10.10 an hour in order to reduce the total amount of the unemployed by 500,000 workers by the end of 2016. It is also said that a large amount of families will be lifted out of poverty and it will increase the incomes of about 16.5 million low wage workers in the average week.
President Obama is currently fighting hard in agreement that the minimum wage should go up to $10.10. He argued that people work hard for their money and deserve more of it. Many states have already raised their hourly wages over the federal minimum wage set and business owners claim that they want to help the people that work hard for them.
While many believe this is a great thing, others are questioning how this will affect the budget.
Big businesses are not a fan of this proposal. It is believed that up to one million jobs will soon disappear if minimum wage increases. Their argument mentions that many workers will be lifted out of poverty due to the wage increase but it will also result in the loss of about 500,000 jobs.
In contrast, the federal government argues that this will help pull up the middle class to afford more things and will help put an end to poverty in America. They also believe that this situation will generally help the country’s budget.
There is much debate going on about how much this will affect America by the end of 2016. Would it be better to keep minimum wage set where it is now? Or would it be wiser to give people more money by raising federal wages? The choice is up to America.
What an informative and interesting piece! I really loved how you included both sides of the argument at the end. It really is true that raising the minimum wage will help a lot of people with their expenses, but will really hurt companies in terms of expenses. Great analysis.
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