Against Raising Minimum Wage Essay - 1499 Words

Against Raising Minimum Wage People everywhere are voicing out that we need to increase minimum wage, again. They say that an increase will have a minor impact on jobs but there are no facts to back them up. The impact of raising minimum wage has been studied since the beginning, and has been concluded that raising minimum wage hurts the poor, and helps the rich. Raising minimum wage takes away jobs; especially the low-skilled and young worker, keeps people on welfare, and also encourages high school students to drop out. When you look at the facts, is it really worth raising minimum wage? All credible research has come to the same conclusions, and these I will discuss with you. Poverty will rise When minimum wage is raised,†¦show more content†¦First one is Reader’s Digest. This is the most widely read magazine in the world, and has been around for quite awhile, but they have recently filed bankruptcy and are going out of business. Next is Blockbuster. Blockbuster was the national leading video rental business for 20 years. They are hoping to keep their internet business alive, but their 6,000 stores are closing. Say you have an estimate of 30 people working per store, that is 18,000 jobs lost right there, just through Blockbuster. Dollar Thrifty Automotive Group is going out of business because they can’t compete with Hertz and Avis Budget car rental companies. Hertz and Avis Budget are currently fighting to buy Dollar Thrifty, so hopefully no lost jobs there. T-mobile, a U.S. mobile wireless provider is also going out of business. They are rated number four, in the American market for cellular providers. Moody’s Cooperation, which is an invest or service, is well over 100 years old, and going out of business. There is talk that BP will go out of business after the loss they suffered over the Gulf of Mexico Oil Spill. So far that’s just speculation, but also a good possibility. They lost quite a bit of credibility over the oil spill incident. Zale’s Corporation, which is one of the earliest jewelry retailers in the U.S. They were also one of the first to let you buy items on credit. RadioShack is one of the oldest retailers in the U.S. There is speculation that Best buy is trying to buy them out, so hopefullyShow MoreRelatedTodays Social And Economic Inequality Is A Matter People1343 Words   |  6 Pagesupper class Americans and those who are middle class or below poverty level. In Krugman’s essay â€Å"Confronting Inequality† he addresses the need for change, and has several concepts for how to bring about equality. I agree with several of Krugman’s key ideas in his essay such as; hig her taxes on the rich, raising the minimum wage, and unions. One of the main controversial points in Krugman’s essay is raising taxes on the rich. I agree with his views on this because a lot of the money the upperRead MoreThe Minimum Wage Change 1151 Words   |  5 Pagesthe topic of minimum wage. With president Obama’s increase in the minimum wage to 10.10$ per hour people, both economists and politicians alike, have been debating whether raising the bar is a smart idea. At a time when the country the country’s inflation continues to rise at a steady pace and Americans are constantly working to feed their families, some economists know that a raise in the minimum wage would help elevate some of the difficulty. The last time the federal minimum wage was raised wasRead MoreThe Minimum Wage War, By Barbara Ehrenreich And The Article938 Words   |  4 Pageslike these arise in both the story Nickel and Dimed: On (Not) Getting By In America by Barbara Ehrenreich and the article â€Å"The Minimum-Wage War† by Rol ling Stone. 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Barack Obama says it best in his essay, A More Perfect Union. He sates that â€Å"[ he’s] gone to some of the best schools in America and lived in one of the world’s poorest nations. [He is] married to a black American who carries within her the blood of slaves and slave owners — an inheritanceRead MoreRaising The Minimum Wage?2447 Words   |  10 PagesThe minimum wage is defined as the lowest compensation, by law, which an employer may pay his or her employees. In the United States, this monetary value is set by a collection of laws on the federal, state, and local levels. While state and local governments may choose to observe a higher minimum wage than the national minimum wage, the federal government ultimately controls the income of the nation’s lowest-earning employees. At the federal level, the minimum wage was last raised in 2009, from