Following the news of the new $15 minimum wage, many have begun to disagree as to how much this action will actually help the economy. While Biden is confident the pay increase will be instrumental to market recovery, economists and lawyers remain skeptical.
An individual working 40 hours a week at minimum wage is not able to pay for a stable home. When it comes down working in beneficence of the people, a pay increase for over 27 million workers seems like the best option. However, while the pay of some may increase, it will also cost over 1.4 jobs estimates speculate. A study conducted by the Washington Street Journal’s economists opposed this statement, coming to the conclusion that the wage increase will most likely result in the loss of less than 1 million jobs.
Why do you think there are such drastic comparative differences within the question of “should there be a $15 minimum wage”?
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Why do you think there are such drastic comparative differences within the question of “should there be a $15 minimum wage”?
There are such differences of opinions when it comes to this topic because there are pros and cons that is associated to raising the minimum wage. From the workers perspective, they feel like their time spent working is worth $15/hour especially since housing for an apartment alone can reach up to $2,000; Not to mention the fact that most of them require the tenant to make 3 times the rent. With the increase to $15 an hour, the standard of living goes up, but consequently, so does everything else.
From the employer’s point of view, they have to increase their salary expense for each of their workers and also manage their other expenses they have in the hopes that they can continue to stay afloat. If the business sinks due to this increase, many jobs will be lost and there is a chance that businesses who were already struggling could go out of business. Additionally, the prices for their products and services would have to subsequently increase, which might not be the most favorable thing for consumers be necessary for business purposes.
I believe that there is such a drastic difference in opinion on this topic because of how many people that cannot afford a sustainable lifestyle, but increasing minimum wage would encourage businesses to get rid of a lot of jobs. For instance, workers are already being phased out in the fast food industry and that would just push it even further. Many people don’t look at the bigger picture and they just think, “more money is good!” This is not true, for prices will increase, as will the loss of jobs across the country.
I think there are so many comparative differences because people know that a $15 minimum wage would be great for people working minimum wage jobs because a lot of those people can only work minimum wage jobs and people have kids and bills to pay and a lot of these people are working more hours than most for way less money and they deserve more money, but at the same time, raising minimum wage would also raise taxes and that would be a bad thing for a lot of people because there are people that are still unemployed because of the pandemic and raising minimum wage would also cause lots of jobs to fire some employees because they may not be able to afford $15 an hour.
Why do you think there are such drastic comparative differences within the question of “should there be a $15 minimum wage”?
There are drastic comparative differences with the question because of the fact that if you raise the minimum wage thousands will lose jobs but if you leave it at the current minimum wage thousands of workers will not be able to get by month to month.
The $15 minimum wage will change so much because of the inflation of the costs so with the increase of minimum wage every other cost will increase so its essentially useless because if you increase the minimum wage, then you have to increase the other jobs wages no matter how much they’re getting paid.
There is such a drastic comparative difference within the question of whether the minimum wage should be $15. Personally, there will be a lot of pros and cons with raising the minimum wage because if it was set to $15, that would lead to having increase every other worker’s wage compared to what they were getting paid for. People thinking that even though more money is good, could lead to other people losing their jobs due to insufficient amounts of money possibly not being distributed. The minimum wage should most likely be increased slightly rather than fifteen dollars.