Free Minimum Wage Essay Example

With the increase in prices in the global economy, one cannot help but wonder how individuals survive on minimum wages. The issue is one that is important as individuals struggle to meet their financial demands in an economy that cuts at the core of one’s financial stability. At present, the minimum wage in the United States is $7.25 per hour. How feasible is such a salary when gas prices continue to increase at an alarming rate? Over the last fifty decades, the minimum wage has not moved from the stagnant rate that was stipulated by the federal government, but a number of states have raised their wages to a higher rate to facilitate the economic crisis around the world. The US national debt has, historically, never been bigger at over 18 trillion dollars, and given its size, we face serious consequences: bankruptcy, a lowering of our credit rating, and jeopardizing our grandchildren’s future.
While many critics believe that keeping the minimum wage at a set rate helps to stabilize the economy, many individuals find it hard to meet their financial needs on minimum wage. In contrast to many stereotypes in the society, minimum wage workers become distressed as they struggle to survive. As such, one can correctly say that the minimum wages must be increased to remove the added burden of trying to work extended hours or two jobs to meet the basic needs in the family. Statistics show that adults who are over the age of twenty years account for approximately eighty – eight percent of the total workers whose wages would increase if the government decides to raise the minimum wage. Therefore, the majority of the working class population is struggling to meet their financial demands.
The reality is that even with excessive budgeting, the government needs to raise the minimum wage to an acceptable rate that as the increase would facilitate more spending on the part of the consumers. With the increase in spending, the government would earn more in taxes and add to the federal and state budget deficits. Statistics show that when consumers spend, the economy increases by at least seventy percent. This increase suggests that any increase in the minimum wage would remove bankruptcy in the economy and create a better financial future for the generations to come. The truth is that consumers are bound by the unwritten laws to spend whenever there is money. But, one cannot spend what one does not have. Therefore, the government must review its policy on the minimum wage and increase the wage so that individuals can spend more and create a sustainable economy.
When one looks at the current economic state of the society, it is clear that more families are dependent on minimum wage and low-wage jobs to survive financially. This reliance comes in light of the increase in job losses due to the Great Recession and the impact on higher-wage sectors which resulted in an increase in the number of low – wage jobs. Home health aide workers, office clerks, food service workers, retail sales workers, and customer service representatives make up a vast majority of the projected low-wage jobs in the United States; yet there is a great demand for these workers. If the government were to increase the wages of these individuals, then the millions of Americans who spend their lifetime in these jobs would help to boost the economy. One can argue that the increase in the minimum wage results in job losses, but the argument would contain numerous flaws. There is no reason for job losses if the minimum wage increases as experiences show that any increase in wages will not impact the job market.
In concluding, the government should increase the minimum wage because the cost of living has increased considerably. Families cannot afford a solid education for their children or proper health care if they continue to work for minimum wages. Individuals work hard to build companies, and therefore they should receive wages that are equal to the workload. The economic structure of the country would improve drastically if the average worker were to get more money, then more money would enter the federal and state budgets. Additionally, an increase in the minimum wages produces individuals who feel secured in their jobs.