A few nights ago President Biden held a conference where he proposed a few ideas that we may see in the future. One idea President Biden proposed was raising the minimum wage to 15 dollars. The current minimum wage is currently at $7.25 and has been since 2009. While Biden proposed his idea he said, " raising the minimum wage would show gratitude to essential workers at grocery stores and warehouses who stayed on the job during the coronavirus pandemic and would boost the economy by allowing low-wage workers to spend more." If the minimum wage does move from $7.25 to $15 it would make a huge impact on the economy, possibly both good and bad.
One pro of raising the current minimum wage that Biden pointed out was that essential workers would be more wealthy and be able to spend more money which would boost our economy. Some other pros Biden said where raising minimum wage would improve the overall standard of living for minimum wage workers and they would be able to pay off their monthly expenses, car payments, and other household expenses. One last benefit of a higher minimum wage is incresed wages and spending raise demand and create more jobs.
Although making atleast 15 dollars an hour may sound nice, raising the minimum wage will also come with many downfalls. One being inflation, inflation is when prices on items such as bread, milk, or anything you can purchase rise so things cost more. So even when your making more money you will also be spending more money basically evening out to where it was before. a $15 dollar minimum wage could also make companies less competitive against eachother possibly slowing down the economy. Taxes would also go up with a higher minimum wage. I believe it is not a good idea to raise our minimum wage to 15 dollars because it could have many negative effects, instead try making the minimum wage something like $9.50 with less negative side effects.
Do you think it is a good Idea to raise the minimum wage to $15?
Do you think a higher minimum wage will affect the economy?
Will it affect the economy negatively or positively?
Replies
Good topic choice and well done Cael! Be sure to rep;ly back on three different days.
I think that we should just keep it the way it is now ya we make a lot more money but all the food and taxes would go up by a lot. I think that it will just cause more problems and the way it is now is no perfect but i think it will be better then if we raise it.
I support increasing the minimum wage. It hasn't been increased in a while, and I think that it is time. I think that it defineately needs to be raised in cities, because the cost of living is very high, and it is neccesary for people to make more for them to even survive. Also, a lot of people making a small wage have children and some are even single mothers with one income, and 7.25 an hour is not going to support an entire family.
I think that the minimum wage should increase but i think that they need to raise it slowyly to be sure that is has a positive impact on the economy and not a negative impact. I do not think that $7 an hour is enough to help support a family even if you are working mulitly hours a week.
I think that the minimum wage should be higher but I am not sure that the economy would affected in a positive way by increasing it that much. In a way I think it's a good idea since it would help many families, but on the other hand I am worried that it might cause inflation, I don't really know where I stand on this topic.
I do think its a good idea to raise the minimum wage to $15, especially for low income familes. It would help out a bunch. I dont think $7 dollars an hour will provide for families as well as $15 does. The negative side about it, is that it will raise taxing and inflamtion, which we don't need.
I believe that increasing minimum wage that much so suddenly would cause a lot of issues. We would go through an economic downfall, the power of the dollar would be decreased significantly, and inflation would be insane. I'm not saying minimum wage should remain where it is forever but I think that if it is going to be increased, we should start small and reach $15 dollars an hour over a very extended time line.
I agree with you that raising it the much could cause many issues.
I definitely think that the minimum wage should be brought up but to make the jump to $15 but it is a bit fast and could hurt the economy. if the minimum wage is brought up a little the prices for some things might rise as well but most Americans don't get paid minimum wage anymore because most businesses realize it is not enough to live on.
I agree with you that it might hurt the economy.
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