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Minimum Wage Needs To Change Essay

979 words - 4 pages

One of the most talked about subjects in the U.S economy is the topic of minimum wage. With president Obama working to increase the minimum wage to 10.10$ per hour people, both economists and politicians alike, have been debating whether or not raising the bar is a smart idea. At a time when the country the country’s inflation continues to rise at a steady pace and Americans are constantly working to feed their families, some economists know that a raise in the minimum wage would help elevate some of the difficulty. The last time the federal minimum wage was raised was in July of 2009, where rose from 6.55$ to 7.25$. However there are plenty of reasons as to why the wage ...view middle of the document...

It’s also a well-known fact that a low minimum wage exuberates more poverty. Decent living wage will normally ensure the most necessary things for a person to live on such as housing, food, health care and transportation. “A common definition states that the living wage should be high enough that no more than 30% of take-home pay needs to be spent on housing.” As stated earlier the number of people doing minimum wage jobs in the U.S is nearly 50 percent and slowly rising. With this increase of low-paying jobs, and increase in poverty is soon to follow. Raising the minimum wage would hopefully help to change this trend and lower the amount of the poor in the United States.

Economic Recovery
In order of the U.S to have a, once more, stable economy, spending power needs to be handed to the people in society that spend the most. These big spenders are not the 1 percent wealthy part of society but rather the other 99 percent that work minimum wage jobs. Because there are so many minimum wage jobs the economy not only has a sense of inequality that comes with this unequal distribution of wealth, but also counter productivity, where all that allocated sources (aka money) are given to that already wealthy 1 percent.
This only adds to the ever increasing problem that is the gap between workers’ wages and their ability to actually purchase goods and services. As inflation continues to rise and wages continue to remain the same and unchanged more and more money is required to buy the basic necessities. Those with minimum wage jobs, who make up 50 percent of the United States labor market, are unable to pay for most of those basic necessities and therefore the industries that make these goods lose out on a large chunk of possible profits. One...

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