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Minimum Wage Essay

1691 words - 7 pages

"Americans overwhelmingly agree that no one who works full time should ever have to raise a family in poverty... so join the rest of the country. say yes. give America a raise" (President Barack Obama 2014). This quote depicts that not a single human being that works hard at their job should ever have to be poor. This idea among many was part of President Barack Obama's state of the Union Address for 2014, promoting while seeking, a year of change to all American citizens. As a citizen of the United States, one knows the economic hardships and unemployment rates increasing. There needs to be a stop to these inclines, especially towards the poor and those becoming more educated with college. ...view middle of the document...

Though small businnesses will have to take in consideration of increasing their food prices. Another Economist Jared Bernstein expresses similiar views as that of Krugman. He states "If prosperity were that easy to achieve, just pass a law and make everyone rich. Small raises only negatively impact a very small percentage of the workforce, so those negative effects can be overlooked. Past increases have affected less than 10 percent of the workforce. "A $90 minimum would affect about 100 percent. That's a big differnce. Bernstein is able to provide an example of a huge minimum wage and its negative impacts on society and the economy as a whole. He also reiterates the idea to not increase the minimum wage by an outrageous amounts per say $90 in order to achieve benefits. In addition, Bernstein informs Americans that there will be slight negative benefits in the beginning, but with time there will be economic improvements. A final example of the economic benefits for unemployment and small bussinesses is seen through APresisdent Barack Obama's executive order mandating that all federal workers be paid $10.10 an hour. He explains "The opponents of he minimum wage have been using the same arguments for years, and time again they have been proven wrong. Raising the minimum wage is good for business, and its good for workers, and it's good for the economy. Put more money in these folks' pockets...That means they've got some money to go shopping, which in turn means the business will have more customers which means they will hire more workers and make more of a profit. Through this executive agreement President Obama overseas any potential negative benefits. He believes that America will have to try new things such as raising the minimum wage or else America will continue to go downhill. President Obama expresses that small business will not go out of business because the average American will have more money in their pockets to spend.
Moreover, raising the minimum wage will have little effect on food prices. Researchers believe that food prices would only raise pennies which will help provide benefits for millions of Americans. Two researchers, Jayaraman and Benner believe that even if employers passed along 100 percent of the wage increase to consumers there would be little, to no effect on food prices. So, in reality food prices are going to stay rather consistent, here in America. The article states, "The average U.S household spends $3,827 a year on food eaten at home and another $2,634 on food eaten out. In real numbers, the researchers say the price of a $20 restaurant meal would increase 45 cents over three years and grocery bills would rise less than 3 cents per day." This is definitely not a dramatic increase considering one will be making roughly $2 more in profit. Americans will be able to have an easier time bringing food to their families tables. Also, food stamps will be depleted because of the fact that food workers and workers of...

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