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The Minimum Wage Debate: Balancing Worker Welfare and Economic Impacts, Thesis of Grammar and Composition

Broward CollegeGrammar and Composition

This document examines the ongoing debate surrounding the minimum wage, exploring the arguments on both sides. It delves into the potential benefits of raising the minimum wage, such as alleviating poverty, reducing income inequality, and improving worker well-being. However, it also addresses the concerns raised by opponents, who argue that increasing the minimum wage may lead to negative effects on employment and small businesses. The essay analyzes research studies and offers a balanced perspective, suggesting that a nuanced, region-specific approach to minimum wage adjustments, coupled with complementary policies like the earned income tax credit and skills development programs, could help strike a balance between worker welfare and economic considerations. A comprehensive overview of the minimum wage debate, making it a valuable resource for students, policymakers, and anyone interested in understanding the complexities of this important economic and social issue.

Typology: Thesis

2022/2023

Uploaded on 08/05/2023

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Anaya 1
Chris Anaya
Professor Murphy
ENC1102
28 July 2023
Bare Minimum
According to the department of Labor “A 1955 amendment increased the minimum wage
to $1.00 an hour with no changes in coverage.” The topic of minimum wage is a topic of much
heated debate in economic and normal everyday social circles. Supporters of minimum wage
argue that raising the minimum wage is essential for alleviating poverty, reducing income
inequality, and improving the overall well being of workers. On the other hand, antagonists of
minimum wage argue that increasing the minimum wage may lead to negative effects on
employment and small businesses. This essay will examine the arguments against minimum
wage while considering evidence from various research studies to determine whether the
minimum wage should be increased or not.
To commence, one of the main arguments in favor of raising the minimum wage is its
potential to reduce poverty and income inequality. According to Grossberg and Sicilian,
“…4more stability for employers and workers, though access to minimum wage jobs may be
reduced for job seekers. “(2019). This quote highlights that increasing the minimum wage can
provide low-wage workers with better earning opportunities, thereby helping the worker meet
their basic needs and improve their standards of living. By raising the wages of the lowest paid
workers, the income gap between the rich and the poor can be narrowed, contributing to a fairer
society (Levin-Waldman, 2018). Moreover, supporters of minimum wage argue that raising the
minimum wage can improve worker health and well being. The author (Horn 2017) suggests that
higher wages may lead to decreased financial stress, better access to healthcare services, and
improved mental health among employed workers. Having overall improved mental health, in
turn, could result in reduced absenteeism and higher job satisfaction, benefiting both employees
and employers.
However, opponents of increasing the minimum wage often raise concerns about its
potential impact on employment. In accordance with (Neumark and Wascher 2018) the authors
point out that employers may respond to higher wage costs by reducing hiring, cutting hours, or
even laying off workers, especially in labor intensive industries. Small businesses, in particular,
may be more at risk in absorbing the increased wage costs, cutting into their operating costs and
potentially leading to a decrease in overall job opportunities because of bankruptcies. The author
(Zavodny 2019) offers another perspective on this issue, indicating that the relationship between
minimum wage hikes and employment is complex and it may vary depending on local economic
conditions and circumstances. Some research studies suggest that moderate increases in the
minimum wage may have minimal adverse effects on employment, while significantly large
hikes could have more pronounced consequences for both small and big businesses.
pf2

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Anaya 1 Chris Anaya Professor Murphy ENC 28 July 2023 Bare Minimum According to the department of Labor “A 1955 amendment increased the minimum wage to $1.00 an hour with no changes in coverage.” The topic of minimum wage is a topic of much heated debate in economic and normal everyday social circles. Supporters of minimum wage argue that raising the minimum wage is essential for alleviating poverty, reducing income inequality, and improving the overall well being of workers. On the other hand, antagonists of minimum wage argue that increasing the minimum wage may lead to negative effects on employment and small businesses. This essay will examine the arguments against minimum wage while considering evidence from various research studies to determine whether the minimum wage should be increased or not. To commence, one of the main arguments in favor of raising the minimum wage is its potential to reduce poverty and income inequality. According to Grossberg and Sicilian, “… more stability for employers and workers, though access to minimum wage jobs may be reduced for job seekers. “(2019). This quote highlights that increasing the minimum wage can provide low-wage workers with better earning opportunities, thereby helping the worker meet their basic needs and improve their standards of living. By raising the wages of the lowest paid workers, the income gap between the rich and the poor can be narrowed, contributing to a fairer society (Levin-Waldman, 2018). Moreover, supporters of minimum wage argue that raising the minimum wage can improve worker health and well being. The author (Horn 2017) suggests that higher wages may lead to decreased financial stress, better access to healthcare services, and improved mental health among employed workers. Having overall improved mental health, in turn, could result in reduced absenteeism and higher job satisfaction, benefiting both employees and employers. However, opponents of increasing the minimum wage often raise concerns about its potential impact on employment. In accordance with (Neumark and Wascher 2018) the authors point out that employers may respond to higher wage costs by reducing hiring, cutting hours, or even laying off workers, especially in labor intensive industries. Small businesses, in particular, may be more at risk in absorbing the increased wage costs, cutting into their operating costs and potentially leading to a decrease in overall job opportunities because of bankruptcies. The author (Zavodny 2019) offers another perspective on this issue, indicating that the relationship between minimum wage hikes and employment is complex and it may vary depending on local economic conditions and circumstances. Some research studies suggest that moderate increases in the minimum wage may have minimal adverse effects on employment, while significantly large hikes could have more pronounced consequences for both small and big businesses.

Anaya 2 Furthermore, the issue of decreasing poverty and social justice for the improvised is at the core of the minimum wage debate. Proponents of minimum wage argue that increasing the minimum wage is the right step forward towards providing better living wages for workers, and reducing their reliance on government assistance programs. The author suggests, (Levin- Waldman 2018) this contends that setting a just and fair minimum wage aligns with the principles of social justice and dignity for all workers. However, (Neumark and Wascher 2018) caution that the effectiveness of minimum wage policies in reducing poverty are very limited. Neumark and Wascher argue that many low wage workers are the secondary earners in higher income households, and increasing the minimum wage may not solve the issue that is being targeted to address their particular financial circumstances. In order to achieve more effective poverty reduction, the writers suggest considering alternative policies such as the Earned Income Tax Credit (EITC). Finding a balanced approach to addressing the minimum wage issue is crucial. Instead of uniform national increases, Horn (2017) suggests implementing regional or industry-specific minimum wages that consider the cost of living and economic conditions in different areas. Such an approach may mitigate potential negative effects on employment in regions with lower productivity or higher unemployment rates. Furthermore, policymakers should also focus on promoting skills development and education to enhance the employability of low-wage workers. By investing in training programs and education, the workforce can acquire higher-level skills, making them more valuable to employers and potentially justifying higher wages (Zavodny, 2019). The minimum wage debate remains contentious, with valid arguments on both sides. While raising the minimum wage has the potential to lift workers out of poverty and improve their well-being, concerns about potential adverse effects on employment and small businesses must be addressed. To strike a balance, policymakers should consider region-specific minimum wage adjustments and complementary policies like the EITC and skills development programs. By thoughtfully addressing these issues, society can strive towards a more just and equitable economic system that benefits both workers and employers alike.