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The Impacts of Minimum Wage on Jobs, Families, Business, and Economic Growth

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The Minimum wage has been a topic that has shaped our Ideas in political, social, and economic issues in our society. The constant debate that has everyone wondering, is should the minimum wage be raised or kept the same. To decide whether the minimum wage should be raised or lowered depends on a couple of factors; such as The impact on jobs (such as the unemployment rate), effect on families for example, incomes and living conditions, Impacts on businesses and the growth of our economy.

The biggest question regarding the Minimum Wage is will bumping the price up affect our jobs. Yes and no to the change having an impact on our jobs. If the Minimum Wage is increased it is less likely for businesses to let go of their employees due to the inability to pay them. The United States Department of Labor reviewed 64 studies about how the unemployment income is dependent on the increase of minimum wage and they found zero proof on how they both have a connection. However the amount of turnovers regarding employees decreases because of new workers being employed and trained. Thus the increase of new workers defeats the myth that employees will be cut loose from jobs. Proving my point increasing the minimum wage will have an impact on jobs in a positive way by adding more workers but In another way looking on the other hand the Minimum Wage won’t have an impact on our jobs on the unemployment topic, which is a hot topic that politicians like to stir debate around.

A HUGE component that greatly impacts our economy are incentives. Incentives drive production and quality of products which are depended upon workers in the economy. If Minimum Wage were to go up incentives for not only our stores and factories but our education regarding college would go down the toilet. Looking at the logical explanation and exploring the mind of a college student, highschool student, an individual that is a highschool dropout According to the information provided by The Bureau Of Labor Statistics in 2012, 284,000 Students who graduated college were working at minimum wage jobs. The amount of graduate students working minimum wage jobs increased to 71% more than it was originally a decade ago in 2013. Graduates were numbered 167,000 in 2002, and 127,000 in 2006. As shown, the total of graduates sucked into minimum wage jobs keeps increasing more and more rapidly over the years. If the minimum wage is actually passed so that it will be raised to $15 the people who take an extra step into their education and go to the college and earn a career will be earning as much as a highschool drop out. If people who didn’t earn a high school diploma get paid the same as someone who earned their masters and drove their way through college including student loans and or earning their way by getting stellar grades and being the highest above their class the person who earned their degree will have what seems like wasted time because they’re most likely to end up at a minimum wage job anyhow which shows that the minimum would completely encourage lazy people.

The final reason I believe the Minimum wage shouldn’t be elevated is The sole fact that minimum wages shouldn’t even be anywhere in the sight of a family’s income. If the argument is that minimum wage is not livable it’s because I truly believe the Minimum wage is meant for high school students and college students. The real surprising thing to me throughout all my research not once have I seen anyone establish who the minimum wage was meant for; Throughout all the debate it’s only said who the minimum wage workers are. However a highlighted fact is that minimum wage workers are indeed young. According to a Direct source of The Bureau of Labor Statistics Report 1054, “Characteristics of Minimum Wage Workers, 2014” Workers make up ⅕ of the hourly wage workers but nearly half of wage workers payee minimum or less. Teenagers ages 16 to 19 are made up of the 15 % that earn the minimum wage or even lower than that versus the 3 % who are 25 years of age or older. On the gender side woman are made up of 5% and men are at 3%. The workers who are in the service industry such as fast food and restaurants make up ⅔ the hourly jobs. About 10% of hourly wage workers worked less than 35 hours a week which brings me to my point about the minimum being most suitable for teenagers and college students due to busy schedules and school to attend.

We should not raise minimum wage due to the reasons on it having little impact on our jobs, the decreased motivation of people to further their education thus equalling little value in college degrees, and people arguing that the minimum wage isn’t livable proves the point that the minimum wage wasn’t mean for a family of four to survive on. If people want livable wages and better lives they should invest their time into college although there is still a risk of ending up in a minimum wage but the percentage will be way lower to be stuck in low income job and a better chance to have better working conditions. People who want a higher minimum wage are composed of people who didn’t go to college or people who got stuck in a hole and who got sidetracked by life such as having a family.

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GradesFixer. (2019, February, 27) The Impacts of Minimum Wage on Jobs, Families, Business, and Economic Growth. Retrived November 12, 2019, from https://gradesfixer.com/free-essay-examples/the-impacts-of-minimum-wage-on-jobs-families-business-and-economic-growth/
"The Impacts of Minimum Wage on Jobs, Families, Business, and Economic Growth." GradesFixer, 27 Feb. 2019, https://gradesfixer.com/free-essay-examples/the-impacts-of-minimum-wage-on-jobs-families-business-and-economic-growth/. Accessed 12 November 2019.
GradesFixer. 2019. The Impacts of Minimum Wage on Jobs, Families, Business, and Economic Growth., viewed 12 November 2019, <https://gradesfixer.com/free-essay-examples/the-impacts-of-minimum-wage-on-jobs-families-business-and-economic-growth/>
GradesFixer. The Impacts of Minimum Wage on Jobs, Families, Business, and Economic Growth. [Internet]. February 2019. [Accessed November 12, 2019]. Available from: https://gradesfixer.com/free-essay-examples/the-impacts-of-minimum-wage-on-jobs-families-business-and-economic-growth/
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