Each response should have a minimum of 100 words and be respectful of others’ opinions and beliefs that differ from your own.
(4-2d) Minimum wage: The example in the book, are low skilled workers made $7 and hour. A wage increase of $10 will have a negative effect on labor forces. (Gwartney. Stroup, Sobel, & Macpherson, 2018). This effect differs by location, if you live in New York City, or San Francisco these cities has a higher cost of living than most locations. Making minimum wage a non livable wage.
Pro Minimum Wage: At a federal level this may be harder to digest. However, if it is in a more localized level this argument is better framed to change the minimum wage. In Oregon, Tualatin Hills Park District area an increase of $12 to $15 increased the state budget from 500,000 to 2.7 million (Iracki, 2020). This positively effected the lives of the workers and helped build the tax revenues in those areas.
Con Minimum Wage: Current minimum wage is 7.25. in 2011 4 million Americans worked at or below minimum wage (this is illegal and is off the books). What is the typical minimum wage employee. A 2012 study found 78% work at least 20 hours a week and 80% of those are 20 years or older. Percentages are great but what are the real numbers. In 2011 1.68 million workers earn minimum wage (Iracki, 2020). The US population has over 330 million people (United States Census Bureau, 2020). The public math is .005% of the population earn minimum wage. The obvious argument, is why do you risk the negative economic impact to the economy for low skilled labor that comprise less than half of 1%. My guess is its more of a political argument rather than a work to improve equality of income.
Iracki, A. (2020). Revisiting Minimum Wage Increases: Park and recreation professionals talk budgets and staff pay five years later. Parks & Recreation, 44–47.
Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018). Macroeconomics: Private and public choice (16th ed.). Retrieved from https://www.cengage.com
Debt.org, n.d. retrieved from https://www.debt.org/jobs/minimum-wage/
United States Census Bureau, 2020, U.S. and World Population Clock. Retrieved from https://www.census.gov/popclock/
Looking at a minimum wage has been a constant issue and argument for many, many years. A minimum wage is a price floor which maintains a specific standard of payment. The base level argument against minimum wage is that it goes against the capitalistic mentality of allowing for open competition and free-market effects. The rise in minimum wage also has significant negative effects. A policy decision like increasing the minimum wage is not cost-free; someone has to pay for it. Economic research indicates that those who pay the most are unskilled youth through fewer job opportunities, consumers through higher prices, and taxpayers through higher taxes or fewer services (Wilson, 1998). There are many impacts to other groups to enable the ability to have a higher minimum wage. What a lack of minimum wage would cause is motivation for individuals to grow their skills and capabilities in order to continue to make more money. Together, the employment and unemployment effects estimated by the typical study suggest a reduction in labor force participation due to the imposition of a minimum wage (Brown, 1988). When the minimum wage rises, what this also does is it adds burden to small businesses. This then causes a reduction in job opportunities and causes a never-ending circular issue.
Brown, C. (1988). Minimum Wage Laws: Are They Overrated? https://www.aeaweb.org/articles?id=10.1257/jep.2.3.133
Wilson, M. D., (1998). INCREASING THE MANDATED MINIMUM WAGE: WHO PAYS THE PRICE? http://thf_media.s3.amazonaws.com/1998/pdf/bg1162.pdf
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