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Should We Raise or Lower Minimum wage - Essay Example

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This is one that is permitted by the law or through a voluntary agreement. In the modern society, a need has gone a notch higher to promote…
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Should We Raise or Lower Minimum wage
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Download file to see previous pages Almost two-thirds of minimum wage workers do not proceed beyond high school education. Thus, they prefer working under the minimum wage plan because they lack the productivity which can command higher pay from their employers (Autor 11).
The debate of increasing the minimum wage is not new; it has been on the limelight for quite some time. The first minimum wage rule was 25 cents an hour that was set in 1938. The latest increment was done in 2009 where it was raised to $7.25 an hour in July 2009.
When we increase the minimum wages for less skilled worker, it means that we have started appreciating them, and it would be part of rewarding and respecting the dignity they deserve. It would have a big role in improving their living standards, as well as that of their families.By increasing the minimum wage, we begin to restore the dignity of work and taking care the wellbeing of these people who are in (Autor 62).
David Neumark an economist researched on the issue and came up with the conclusion that when increasing the minimum wage it reduced employment for the lowest skilled workers. However, he noted that this improved for long term, resulting to job growth (Mishel 28).
With the increase of standards of living among the American citizens, somebody would argue that raising the minimum wages is of significance towards the improvement and recovery of the economy. Those in favour of raising the minimum wages have an approach that this can lead to lower turnover of employees in the organization and the employees become more loyal. The federal government of USA minimum wage is currently $7.25 an hour, and the there has been mounting pressure for the congress to increase the minimum wage up to $10.10 an hour. Those in favour of raising the minimum wages argue that wage increment would lead to a larger stimulus effect, with the demand of goods and services increasing as a result of higher purchasing power of the working class. Consequently, it is this industry that ...Download file to see next pagesRead More
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