Raising Minimum Wage

 


Nabeel Meghani

Mr. Roddy

Economics

2-3-21




This article covered the negative and positive effects of raising the minimum wage to 15 dollars per hour. Although it seems like a good idea that people will be able to live comfortably when their wage is doubled, there are several negative effects to this change. The first one is that as wages go up, prices will go up as well. This is why it is seen at high paying jobs the prices of their goods are higher than those with lower-paying jobs. However, one positive effect of raising the minimum wage is that productivity in the workplace will increase. As workers are receiving more money, they will be more dedicated towards their job. 


This article is very important to our society because it can improve the lives of millions of people who earn minimum wage. The citizens that earn minimum wage are barely able to make ends meet and are living in poverty. Raising the minimum wage would take these citizens out of poverty and help them to provide a better life for themselves and their families. Not only will it help them pay rent or buy food, but it will also help them to save up money and pay for their children's college tuition and healthcare. Raising the minimum wage will better the economy as more people will be able to afford a higher level of education and because of this, they can work towards a higher paying job. It can also affect the economy by creating more unemployment. With companies having to spend more money paying employees, many will want to automate tasks that were previously done by workers. For example, the company Walmart has incorporated several kiosks per store location to help customers check out. In the past, there were employees to help check out but that task has been replaced by artificial intelligence. Also, many factory worker jobs will be outsourced to different countries since the minimum wage in many other countries is significantly less than the American minimum wage. If companies begin to utilize artificial intelligence and replace them with human workers and outsource workers to different countries, the economy will significantly decline. This article contributes to the field of study by not only talking about the idea of raising the minimum wage but also by showing the possible effects it may have on our economy. One question that I have is will raising the minimum wage actually take people out of poverty. Because if you think about it, with wages going up, prices of goods will also go up. So if we’re earning more money but also spending more money, will people still be able to be raised out of poverty?












    Works Cited

Pettinger, Tejvan, et al. “Pros and Cons of Raising the Minimum Wage.” Economics Help, 26 Nov. 2019


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