Having to work a minimum wage paying job drastically effects an individuals economic status and morale however, this issue is often overlooked. Today, in the United States, wages in comparison to the cost of living is not realistic. The cost of living is increasing while work wages are staying the same. The cost of housing, goods, gas, and even college tuition are on the rise, yet the government wants us to close our mouths and act like everything is okay. What the government fails to realize is that without some sort of action the economy will only get worse.
Although working for 40 hours a week should be enough to cover the cost of living, sadly that is not the case. With the starvation wage of $7.25 an hour, many individuals are forced to work long, hard hours and even pick up a second job to make ends meet. Making minimum wage with two jobs sometimes still isnt enough especially after federal taxes, social security and Medicare are deducted. Many minimum wage workers rely on public assistance programs to afford their basic needs. Jobs should serve as leverage to lift individuals out of poverty not keep them in it. If the minimum wage stays the same, more individuals will remain in poverty and on public assistance.
Increasing the minimum wage will positively impact work ethic and productivity within businesses. When individuals feel they are being paid a fair wage they tend be more productive in the work place. If a business is paying workers minimum wage, then thats what their work ethics will reflect. Also, if individuals are being paid fairly they are less likely to leave a job which makes for a lower unemployment rate. On another note, any job is better than no job but when a business offers a candidate minimum wage in exchange for labor they are less likely to accept the job further increasing the unemployment rate.
Minimum wage has a significant impact economically and socially. Putting money in the hands of people who will readily spend it helps boost the economy. When workers are making minimum wage, they are less likely to spend money on materialistic things which isnt good for businesses or the economy. Knowing they will be breaking their pockets if they purchase certain goods or services will discourage them from spending. Minimum wage workers often have social barriers and miss out on social events and time spent with peers. No individual, especially one who is employed,
A minimum wage increase would be a win- win situation for both workers and the government. Raising minimum wage will allow workers and their families to keep up with the increasing prices of cost of living the in the United States. The economy benefits because a minimum wage increase means more money in the pockets of consumers who purchase from businesses that keep the economy functioning. Businesses will be more successful having employees who will stay longer because they are being paid fairly. When employees stay longer on jobs businesses spend less in training and hiring expenses of new employees. This will cut down on the unemployment rate in the U.S. Most importantly a higher minimum wage will help those who are considered low income practice self- sufficiency by helping reduce the reliance on public assistance programs.