The Minimum Wage Debate

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Nov 24, 2024

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MCRAE 1 Adriana Mcrae Ouida Kennedy ENC1102-106 5/11/2023 The Minimum Wage Debate: Raising It to $15 Per Hour Introduction The minimum wage debate in the United States has stirred passionate discussions and divisive opinions. At its core, the issue revolves around whether the minimum wage should be increased to $15 per hour, a proposal that has garnered both fervent support and vehement opposition. Advocates of this wage hike argue that it is imperative for addressing income inequality, alleviating poverty among low-wage workers, and fostering economic growth. On the other hand, critics contend that such an increase could be detrimental to businesses, potentially resulting in job losses and inflation. The divergent views on this topic emphasize the need for a comprehensive examination of both perspectives to arrive at a conclusion that serves the best interests of all parties involved. This essay asserts that raising the minimum wage to $15 per hour is not only a legitimate and practical proposal, but it is also morally justifiable and economically beneficial. This stance is supported by compelling evidence, as we explore the positive implications of this wage increase on poverty reduction, income inequality, and overall economic well-being.

MCRAE 2 Poverty Reduction and Improved Living Standards According to Luce, Stephanie one of the primary arguments in favor of raising the minimum wage to $15 per hour is its potential to alleviate poverty and enhance the living standards of low-wage workers. Currently, the federal minimum wage stands at a mere $7.25 per hour, a rate that falls significantly short of providing a decent standard of living for many workers. In today's economic landscape, this wage level is far from sufficient to support a family or sustain a dignified life. With an increased income of $15 per hour, employees would be able to lead more fulfilling lives. This adjustment would signify a substantial improvement in their quality of life, offering a path out of poverty and reducing the reliance on government assistance programs, ( Himmelstein, Kathryn EW, and Atheendar S. Venkataramani) . Critics argue that a higher minimum wage might lead to job losses, but research indicates that a gradual increase can mitigate this concern while fostering a fairer and more equitable society. When individuals earning meager wages are struggling to make ends meet, they often depend on government assistance programs such as food stamps and Medicaid. This reliance on governmental aid is neither sustainable nor empowering, as it can perpetuate a cycle of dependency. By increasing the minimum wage, the government can alleviate the financial burden on taxpayers and promote the self-sufficiency of low-wage workers. This not only reduces the need for government assistance but also motivates individuals to work harder and contribute to their communities, ( Jardim, Ekaterina, et al.). With an increased minimum wage, employees can afford basic necessities such as housing, healthcare, and education, leading to an improved quality of life for themselves and their families.

MCRAE 3 Income Inequality and Economic Justice Raising the minimum wage to $15 per hour is a crucial step in addressing the longstanding issue of income inequality in the United States. This disparity in income distribution has grown over the years according to Tsao, (2016) , with the wealthiest individuals accumulating more wealth while low-wage workers' earnings stagnate. By increasing the minimum wage, we can narrow this wealth gap, ensuring that low-income workers receive a more equitable share of the economic pie, ( Himmelstein, Kathryn EW, and Atheendar S. Venkataramani) . This shift promotes economic justice and reduces the stark disparities in income distribution, ultimately fostering a fairer and more equitable society. For economic justice to prevail, every worker must be paid a wage that enables them to lead a dignified life. Elevating the minimum wage to $15 per hour marks a significant step toward this goal, ( Luce, Stephanie) . By doing so, we acknowledge the value of low-wage laborers and their contributions to our society, demonstrating our commitment to creating a more prosperous and just nation. Economic Benefits The proposal to raise the minimum wage to $15 per hour encompasses a complex web of economic implications. Critics often argue that such a move might result in adverse consequences, particularly when it comes to job opportunities and overall economic stability. They worry that employers, faced with the burden of higher labor costs, may cut jobs to compensate. However, research and empirical evidence show that gradual increases in the minimum wage do not have the severe adverse effects on employment that critics predict. The reason for this is the nuanced nature of labor markets. When workers are paid a more livable

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MCRAE 4 wage, they tend to be more motivated, productive, and loyal, reducing employee turnover and related costs for businesses. Moreover, an increased minimum wage bolsters the purchasing power of low-wage workers, stimulating consumer spending, ( Tsao, 2016) . This, in turn, benefits businesses by driving demand for their products and services. Furthermore, it's crucial to recognize that the minimum wage is not only an economic policy but also a matter of social justice. When individuals are paid a wage that enables them to cover their basic living expenses, it promotes dignity and fairness in our society. This aligns with the principle of economic justice, which asserts that every worker should have the opportunity to earn a wage that affords them a decent quality of life. By raising the minimum wage to $15 per hour, means that the contributions of low-wage workers are valued, and we acknowledge their pivotal role in creating prosperity for all, ( Himmelstein, Kathryn EW, and Atheendar S. Venkataramani) . This, in turn, contributes to a more equitable and just society where individuals can pursue their dreams and aspirations without the shackles of poverty and financial insecurity. One notable benefit is the stimulation of consumer spending. When low-wage workers receive higher wages, they are more likely to inject more money into the economy. This increased consumer spending can boost economic growth and benefit businesses, ( Jardim, Ekaterina, et al) . Furthermore, a higher minimum wage makes jobs more attractive, reducing employee turnover and the associated costs for businesses. In conclusion, raising the minimum wage to $15 per hour is a just and practical proposal with the potential to create a more equitable and prosperous society. By alleviating poverty, addressing income inequality, and stimulating economic growth, this measure serves the best interests of both low-wage workers and the broader economy. While concerns about job losses and inflation exist, research supports the idea that a gradual minimum wage increase can mitigate

MCRAE 5 these issues. In this light, the call for a $15 hourly minimum wage is not only morally sound but also economically responsible. As we work toward achieving a society with reduced income inequality and improved living standards, elevating the minimum wage is a vital step forward.

MCRAE 6 Works Cited Himmelstein, Kathryn EW, and Atheendar S. Venkataramani. "Economic vulnerability among US female health care workers: potential impact of a $15-per-hour minimum wage." American journal of public health 109.2 (2019): 198-205. Jardim, Ekaterina, et al. Minimum wage increases, wages, and low-wage employment: Evidence from Seattle . No. w23532. National Bureau of Economic Research, 2017. Luce, Stephanie. "$15 per hour or bust: An appraisal of the higher wages movement." New labor forum . Vol. 24. No. 2. Sage CA: Los Angeles, CA: SAGE Publications, 2015. Tsao, T. Y., Konty, K. J., Van Wye, G., Barbot, O., Hadler, J. L., Linos, N., & Bassett, M. T. (2016). Estimating potential reductions in premature mortality in New York City from raising the minimum wage to $15. American journal of public health , 106 (6), 1036-1041.

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