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Economics

[Solution] Federal Minimum Wage

There is a constant debate on whether the Federal minimum wage should be raised to $15, this topic has the power to affect political, social, and economic issues in our society.  To conclude whether the minimum wage should be raised or lowered this paper will focus on the positive and negative arguments brought up by the majority on the impacts of raising the Federal Minimum Wage. It is important to understand: what states have adopted the legislation and what were the effects that rose from the increase, what have economists and politicians said on the impact on businesses and workers (unemployment rate), will there be economic growth? – misconceptions cause citizens to not believe in reality due to the fame these politicians have. The people of America are fed a lot of exaggerated information and the consequences make the poor, poorer. Which leads to what is the fundamental reason to raise the minimum wage? What type of consequences will low income families go through? Is there a significant disparity in the distribution of income?

There is a constant debate on whether the Federal minimum wage should be raised to $15, this topic has the power to affect political, social, and economic issues in our society.  To conclude whether the minimum wage should be raised or lowered this paper will focus on the positive and negative arguments brought up by the majority on the impacts of raising the Federal Minimum Wage. It is important to understand: what states have adopted the legislation and what were the effects that rose from the increase, what have economists and politicians said on the impact on businesses and workers (unemployment rate), will there be economic growth? – misconceptions cause citizens to not believe in reality due to the fame these politicians have. The people of America are fed a lot of exaggerated information and the consequences make the poor, poorer. Which leads to what is the fundamental reason to raise the minimum wage? What type of consequences will low income families go through? Is there a significant disparity in the distribution of income?

 

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