The Minimum Wage Should It Be Raised At $ 15 - 2087 Words

The Federal Minimum Wage: Should It Be Raised to $15 Everyone agrees that it is time to raise the U.S. Federal Minimum wage, but if we listen to the ‘Fight for 15’ movement and increase it to $15; will that much of an extreme increase hurt more people than it helps? The current U.S. Federal minimum wage is set at $7.25 per hour and was signed into law in 2009 by then President Barrack Obama. An increase to $15 per hour would be more than double the current rate and would have to be implemented in stages or it could have catastrophic consequences for our economy and lower wage workers. The minimum wage is the basis for the wage structure across the states. The population could see a decline in their living standards if the minimum wage†¦show more content†¦According to the U.S. Bureau of Labor, the states with the highest percentage of minimum wage workers were geographically located in the South, while those with the lowest were in the West, which was mainly due to those states establishing higher state minimum wages than the Federal one. We need to know who the minimum wage worker is to understand how the Federal minimum wage affects them. In 2015 workers that make at or below the federal minimum wage comprised 3.3% of the 78.2 million workers in the United States that were paid hourly rates. This was a decline from 3.9% in 2014 and is well below the high of 13.4% in 1979 when data was first recorded. 20% of hourly paid workers are under the age of 25. The age group of 16-25 comprises approximately half of those that are paid minimum wage in the United States. Only 11% of employed teenagers (ages 16-19) that work for an hourly wage earn the federal minimum wage compared to about 2% of workers who are 25 and older that work for an hourly wage (Bureau of Labor). The service occupation industry and predominantly the food service industry comprised 67% of those that earn the federal minimum wage in 2015 in the U.S. Bureau of Labor 2015 repor t. The Congressional Budget Office (CBO) compiled a comprehensive report in 2014 about the effects of a $9 and $10.10 increase to the federal minimum wage. The CBO reports that raising the minimum wage to $10.10 an hour could likely lead to the destruction of 500,000 jobsShow MoreRelatedShould Minimum Wage Be Raised?1062 Words   |  5 Pagesever pressing question regarding Minimum wage. Not many subjects can ignite a controversy as quickly as that of whether or not minimum wage should be raised, or by how much should it be raised or if it should remain the same. What is minimum wage? By definition, minimum wage is the minimum hourly wage an employer can pay an employee for work. (â€Å"MinimumWage.com†) America’s minimum wage was first introduced by President Franklin D. Roosevelt in 1938. That minimum wage was introduced as part of the FairRead MoreMinimum Wages During 21st Century America1649 Words   |  7 PagesMinimum Wages in 21st Century America In the United States the time has come for the next president to be elected and the political fervor has come early this year with an unconventional, surprisingly interesting primary race. With the coming of a new commander in chief the incessant grilling of the candidates has begun and issues, such as poverty in the United States, are being given the national spot light during debates. The issue of poverty has recently gained traction among citizens as wellRead MoreThe Benefits Of Raising The Minimum Wage1656 Words   |  7 Pagesseem to be should the minimum wage be raised or should it be lowered or eliminated altogether. From where I stand minimum wage should be raised. Everyone is more successful when people are paid a living wage. Changes to the minimum wage would strengthen the economy and business, Lift Americans out of poverty, and will be unlikely to significantly impact prices. The only way to grow the economy in a way that benefits 90% is to change the structure of the ec onomy. Paying people a fair wage is a signRead MoreThe High Cost Of Minimum Wage929 Words   |  4 Pagescost of minimum wage For a while now many have been demanding minimum wage be brought up to 15 dollars. Strikes and protests for it are nothing new. Who wouldn t want to get paid more? This idea seems promising, but it may turn into a deadly trap ready to paralyze our economy. Minimum wage should not be raised to 15 dollars for at least several years because it will ruin our economy. It would be very costly, unfair and counterproductive if that were to happen. Raising minimum wage to 15 dollarsRead MoreMinimum Wage Raise in Seattle800 Words   |  4 PagesMinimum Wage Raise in Seattle After the protest in New York City, the issue of raising the minimum wage has come up once again. Seattle is spearheading this cause with a proposal of raising the minimum wage to $15 per hour. This will help minimum wage workers a great deal by increasing their income. However, there are concern that this move could hurt certain businesses, which can lead to higher unemployment and contraction of the economy. The ethical issue surfaced as this will benefit some atRead MoreThe Wage Is The Minimum Wage1098 Words   |  5 PagesEnglish 9 6/5/16 â€Å"The minimum wage is the minimum hourly wage an employer can pay an employee for work. Currently, the federal minimum wage is $7.25 an hour (part of the Fair Labor Standards Act) and some states and cities have raised their minimum wage even higher than that.† minimum wage was first introduced during the great depression in 1930s. Before it was introduced thousands of people were forced to work in horrible conditions for pennies a week. Early attempts on minimum wage was ruled unconstitutionalRead MoreThe Minimum Wage Should Be Raised998 Words   |  4 Pagesprestigious job at such a young age. However that is not the case, if the minimum wage is raised to $15 an hour, a 16 year old could make $18,000 yearly working only 25 hours a week at McDonalds. Now for teenagers that have goals for college or a car, that would money to set aside for the future, however most 16 year olds do not have those goals in mind yet, so that extra money turns into wasted money. As of Feb ruary 2016 the minimum wage ranges anywhere from $7.25-$10 across the United States. Florida’sRead MoreBenefits of Raising the Minimum Wage Essay614 Words   |  3 Pagesa full-time employee who works year-round is less than $16,000 (about $15, 080) according to the current federal minimum wage (Rebuilding). To put into retrospect how out-dated the federal minimum wage is, consider that the minimum wage of 1956 amounted to exactly $7.93 in 2009 (Henderson). How progressive is it that our nation’s workers being paid less today than workers from the 50’s? The federal minimum wage should be raised in order to assist families out of poverty, to ensure the effort and loyaltyRead MoreShould The Minimum Wage Be Raised?1307 Words   |  6 Pages SHOULD THE CURRENT MINIMUM WAGE BE RAISED TO $15.00? Fred Wehmer Embry Riddle Aeronautical University Author Notes Fred W. Wehmer, Professional Aeronautics, Embry Riddle Aeronautical University Contact: wehmerf@my.erau.edu ABSTRACT Fred W. Wehmer Embry Riddle Aeronautical University Rolf Hemmerling /ECON 211 11 October 2015 This paper will explore the pros and cons of raising the current minimum wage to $15.00. It will start with the history and reasons for the minimum wage. It willRead MoreProviding A Living Wage At America Versus Minimum Wage957 Words   |  4 PagesProviding a Living Wage in America versus Minimum Wage Minimum wage is the standard amount the government sets as the lowest an employer can pay an individual per hour. A low minimum wage can be unsustainable if it does not meet the cost of living also known as a living wage. Living wages should not only apply to employees of companies who are engaged in business with businesses or government agencies of that area, but it (living wages) should be made into law, that all business must provide a