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Pros and Cons of Raising the Minimum Wage
Minimum wage is the compensation payable to laborers as fixed by law. Should the minimum wage be raised? I have mixed emotions regarding this topic. If minimum wage is raised, it would hurt most organizations, there would be fewer open positions. I think if the minimum wage were raised from $7.25 it would probably hurt public and private entities. Especially during the pandemic, most companies are not flourishing. Raising the wages would mean bigger paychecks and those small businesses may not be able to support their employees.
That is cash that most independent companies simply do not have or can payout. So, what might they need to do to make up for that deficiency of cash? They either need to lay off workers or raise costs and neither of the decisions will profit the economy. Secondly, if the minimum wage is raised it would create less work or make better jobs less accessible for laborer. The good thing is, if by chance that you have individuals working at McDonalds for $7.25, and minimum wage was raised, individuals who are heading off to college now have a job making a fair paycheck. At least if the employee is going to college, it would look good on their resume to receive more money.
Presently considering a high school senior who does not really like school, raising minimum wage may provoke students to drop out and go straight to the workforce. Especially if minimum wage is $15. There are better approaches to help poor people. Students need to remain in school and attend a university, and if minimum wage gets raised that is motivating them to do the total opposite, to exit school and start work.
Assuming it gets raised, it will harm independent companies, they will lose open positions. How is this aiding our economy? Think about individuals who will be upset from this. Certainly, there might be a couple of advantages yet there will be much more damages. We should consider everything before we settle on our choices. Though this might be encouraging, is it the better decision for the whole country?
Raising minimum wage will always be a debate when it comes to getting compensation, as most laborers will come to an understanding that, one can never be sufficiently paid. businesses may cause issues with that decision, asserting that they pay more to the less qualified than the more qualified. Arguments supporting raising minimum wage would be a decent impression on the grounds that the average cost for basic items will go up to the level where people are not bringing in sufficient cash to pay for their necessities any longer. Raising it would help the ones economy over the long haul by expanding purchaser consumption. afterward people would get more cash to where they are proficient to meet for their necessities and have cash to save. This would cause to an upsurge in customer consumption, and would be useful to organizations, at the same time, to the financial development in economies.
Raising the wage also delivers assistance to neediness and approaches to battle it (Dube, Arindrajit, William and Michael, 949). This suggest that a raise in minimum wage would help individuals considered ‘poor’ to move out of poverty. I agree with this idea, and I accept that it would help people who are in poverty. Lawmakers argue that raising minimum wage is awful for the economy since it raises pay. Raising the wage would contribute to government assistance structure and diminishing the quantity of people on government assistance (Osterman, 127). This is accomplished by making compensation high enough to move people to go to work, rather than remaining on government assistance. With more cash to spend and more people in the work market, this would upsurge the economy.
In conclusion, I do feel strongly about raising the minimum wage as it would help cover some of the costs of living. It would help tremendously, but it is not a fix-all remedy.
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