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To raise, or not to raise-that is the question Hamlet may have inquired about the minimum wage had he resided in the let century. Although uncertainty surrounds the effects that an increase in minimum wage would have on the American people nationwide, evidence has supported that the benefits of increasing the minimum wage outweigh the negative aspects. Up to 89% of individuals over age 20 and 56% of women could benefit from a potential wage increase, according to statistics gathered by the US. Labor Department.
Furthermore, in a survey by the Huffington Post, 3 out of 5 small business owners believed that a gradual, but steady increase in the minimum wage could raise the willingness of low-wage workers to spend more on food, gas, and housing. This boost in demand for goods and services could stimulate the economy and create new opportunities for entrepreneurs. Contrary to popular belief, raising the minimum wage does not necessarily damage the job market. According to a study published by the University of Leicester, businesses respond to minimum wage increases by modestly raising prices rather than reducing employment.
For example, a 10% increase in the minimum wage would heighten food prices by 4% and overall prices by 0.4%, which is significantly less than the minimum-wage increase.
The raising of minimum wage is a short-term solution to help some families get out of poverty. However, many individuals denounce this increase such as presidential candidate Marco Rubia. He believes in alternative ways to help the destitute, such as providing government subsidies to low-wage workers. Rubio admits that “Yes it is government help, but it would not have the job-killing effects of mandating that employers pay employees more than the market will bear.
” Additionally, although a slight increase may be helpful to cover the cost of living. Notre Dame’s very own forensics teacher, Mr. Dibble says that “the prepossessed increase would not be helpful to anyone, especially the elderly and the retired population since the employer will have to raise the cost of products to cover the increase of wages,”. With a reasonable solution however> Notre Dame student, Abi Fell-Dewalt, suggested that the boosting of the minimum wage was good, to an extent “I think the raising of the minimum wage is a positive thing for many workers,” she said, “but a high increase would cause businesses who can’t afford to pay their employees and property taxes to shut down”.
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