Raise Minimum Wage Essay Example

Higher wages lowers rages. Raising the minimum wage would keep people at peace because the stress of poverty is diminished. Olaf Scholz believes that “For me, raising the minimum wage to 12 euros is one of our most important legislative projects and it’s a matter of showing respect for the achievements to our employees” (“Germany’s Scholz Says Raising The Minimum Wage is a Matter of Respect” 1). While many believe the minimum wage should not be raised, raising it would result in economical advancements and would reduce poverty. 

Raising the minimum wage would result in economical advancements such as an increase in workers, less government assistance, and more productivity. Olaf Scholze says that raising the minimum wage emphasizes that, “German companies are already suffering acute labor shortages in many sectors of the economy so high wages are also seen as a way to attract foreign workers'' (“Germany’s Scholz…” 1).  If the minimum wage was raised it would not only attract foreign workers but would also attract workers from inside the country. Happy workers do not work more hours, they are simply more productive within their time of work. Jeff Schurke claims,“ Millions of full-time, adults in the United States many of the employed by Walmart, Mcdonald's and other highly profitable corporations are paid wages so low they’re forced to rely on public assistance to make ends meet” (Schuhrke 1). Assuming the minimum wage would rise, more people would be able to support themselves and their families, therefore, less government assistance would be needed. As a result of this, eventually, government taxes could be lowered whereby puts more money into the hands of the people. “Minimum Wage'' acknowledges that, “Worker productivity rose nearly 70% from 1979 to 2018 the EPI estimates while the minimum wage only increased about 11.6% during the same time period.” (Minimum Wage 2) If worker productivity rises because of the increase in the minimum wage, imagine what could happen if the minimum wage was fully funded. How many motivated workers would be interested in this improvement?  Raising the minimum wage would not only result in economic advancements, such as a growing economy, but it also results in less government assistance that could eventually lead to lower taxes. 

A benefit of raising the minimum wage would be reductions in poverty. Helaine Olen acknowledges that “The Economic Policy Institute this year estimated that if we increased the minimum wage to $15 an hour by 2024, about 40 million workers would see a significant pay boost as a result” (Olen 2). By raising the minimum wage people could start affording necessities such as paying bills for housing or paying for preferable necessities. Because of this raise, people would also be able to buy food for themselves and their family and would finally be able to support themselves. In other words, Olen believes Many employers have started raising the minimum wage and unemployment rates have started to fall (Olen 2). Because the minimum wage was raised a slight bit, and it lowered the unemployment rate this causes more people to start working again. If unemployment rates are falling there would also be a poverty reduction as well.  Jeff Schuhrke observes that The food insecurity rate has almost tripled in the past few years and the minimum wage should be raised from the starvation wage of $7.25 an hour to $15 an hour (Schuhrke 3). As a result of raising the minimum wage people would spend more on food which helps those businesses. Because businesses are making more profits the economy grows making everyone profit. Raising the minimum wage would improve basic living conditions because people will be able to afford critical expenses. Yes, some may argue that the minimum wage should not be raised, but it is important to recognize the hardships people are going through because others are not being paid enough. The answer is simple; the minimum wage should be raised because it will not only affect the well-being of the people, it will also affect the economy. To raise the minimum wage, please continue to reach out to local legislatures to make this change possible.