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Minimum Wage And Its Effect Essay

1016 words - 5 pages

Minimum wage has changed many times throughout the years. There are many people who are affected by the changes that are made. Many believe that raising the minimum wage is a good idea and have pushed for the increase. Minimum wage has many effects on the economy: helping families with the cost of inflation, helping businesses thrive, and can also cause job loss.
When minimum wage is raised it creates more money for workers. The boost in pay for families helps them to buy necessities, such as food, clothing, housing, and transportation. When products become more expensive, it is hard for families who only make minimum wage to purchase these items. Government will then tend to step ...view middle of the document...

There are many companies that are in support of increasing the minimum wage. They believe that by doing so it will raise the morale of employees and decrease the turnover rate. By increasing morale and decreasing turnover rate, businesses would be able to profit more because they would not have to spend more money on training and could use that time to something more productive in the company. “David Levine, CEO of the American Sustainable Business Council (ASBC), which with its member organizations represents more than 200,000 businesses across the country, said, "We thank the President for his support of increasing the minimum wage. This will strengthen our economy by improving consumer demand and helping us rebuild the middle class, the backbone of American business. (PR Newswire, 2013)"
Although there are some positive impacts on the economy by increasing minimum wage, there are also some negative impacts as well. Some economists and government officials believe that by raising the amount of minimum wage it would stimulate the economy and help with job growth, while others believe that an increase would end up killing jobs. “While the aim is to help workers, decades of economic research show that minimum wages usually end up harming workers and the broader economy. Minimum wages particularly stifle job opportunities for low-skill workers, youth, and minorities, which are the groups that policymakers are often trying to help with these policies (Wilson, 2012).” Due to the increase to the minimum wage, businesses are sustaining the higher costs. To make up for the increase in costs, companies will tend to lay off some of the employees so that they are not having to pay them for work and can save money. “While minimum wages ostensibly aim to improve the economic well-being of the working poor, the disemployment effects of a minimum wages have been found to fall disproportionately on the least skilled and on the most disadvantaged individuals, including the disabled, youth, lower-skilled workers, immigrants, and...

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