The minimum wage in many states is currently $7.25. Is that enough to really live on? Wyoming and Georgia have the lowest minimum wage coming in at $5.15, while Washington D.C. has the highest at $14.00. Yearly earnings for a full-time worker is $15,080 at the current federal minimum wage of $7.25. That is barely enough money to support oneself, so how can one support their family? People need to make more money to survive and support others. There have been multiple pushes to raise the minimum wage across the country. The change from $7.25 to $15.00 is a dramatic change that will affect everything from people to the economy. An increase in minimum wage will have its positives, but some negatives will follow.
The raising of the minimum wage will positively affect families. With independents making more money, families will struggle less and possibly even pull themselves out of poverty. It will also help families keep up with price inflation. People are also always willing to spend money, so giving them more money to spend will help increase the economy. Workers will stay with their employers longer instead of leaving jobs in search of higher pay. Increased wages and spending raise demand and create more jobs for people. There will be a lower unemployment rate and rely less on government programs.
A negative of raising the minimum wage would be the loss of some jobs. Some employers or small businesses do not have a big enough budget to pay each of their workers more. This leads to people being laid off and having no money at all. Businesses also might stop hiring because they cannot afford to take on more hires. College students would be greatly affected because they are searching for jobs right after graduation. Big corporations could outsource their jobs to countries with little or no pay.
Overall, a raise in minimum wage could lead to great effects. There will always be a bad side to things, but in this situation, the positives outweigh the negatives. This is a chance to help people and their families. A chance to improve the economy and lower the unemployment rate. The minimum raise should be raised federally.