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  • Economicspeetparagraph Heidy

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    Many may argue that raising the minimum wage is bad for the economy but evidence shows that it's not always bad? raising minimum wage can help many families while it can also make many businesses close down.

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    Many may argue that raising the minimum wage is bad for the economy but evidence shows that it's not always bad? raising minimum wage can help many families while it can also make many businesses close down.

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    15 visualizações1 página

    Economicspeetparagraph Heidy

    Enviado por

    api-249840650
    Many may argue that raising the minimum wage is bad for the economy but evidence shows that it's not always bad? raising minimum wage can help many families while it can also make many businesses close down.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 1

    HeidyRompich

    Economics
    JulioAlicea
    11/24/15
    PEETParagraph:
    FocusQuestion:
    Israisingtheminimumwagegoodorbadfortheeconomy?

    Manymayarguethatraisingtheminimumwageisbadfortheeconomybutevidenceshowsthat
    itsnotalwaysbadtherearemeasurablebenefitstoraisingtheminimumwage.Basedon
    evidencecollectedbytheCenterforEconomicAnalysis,onecanseerealbenefitstoraisingthe
    minimumwage.Thegraph,EarningsofFullTimeWorkeratMinimumWageRelativeto
    PovertyLineforFamilyofFourshowshowwhentheminimumwageis$7.25,familyis17%
    belowthepovertyline(CEA).Thisgraphthenexplainshowiftheminimumwageweretobe
    $10.10,afamilyoffourwouldbe5%abovethepovertyline(CEA).Thisisimportanttonote
    becauseitshowshowraisingtheminimumwagewillhelpmanyfamilies.Theywillnolonger
    havetoworryaboutnothavingenoughmoneytotakecareoftheirfamiliesandtheyllalsohave
    lessstress.Ontheotherhand,aWashingtonPolicyCentersarticlestatesthatitwouldbebadfor
    theeconomyiftheminimumwageweretoberaised.Thearticle,Seattles$15wagelawa
    factorinrestaurantclosingsexplainshowwhenalawonraisingminimumwageinSeattlewent
    intoeffect,itleadtomanyrestaurantsclosing.Asthearticlestated,Whenpricesriseconsumers
    seekalternatives,whichwastostayhome(WashingtonPolicyCenter).Thisshowedhowit
    wouldbebadfortheeconomytoraisetheminimumwage.Asrestaurantsclosedown,thepeople
    whohadonceworkedtherewillhavenojobandwillthenstayhomelosingmoneythusmaking
    theeconomyworsen.Inconclusion,thereisevidencethatshowsthatraisingtheminimumwage
    hasbothpositiveandnegativeexternalitiesraisingtheminimumwagecanhelpmanyfamilies
    whileitcanalsomakemanybusinessessuchasrestaurants,closedown.Allinall,policymakers
    shouldconsiderthemanydifferentimpactsofraisingtheminimumwagebeforedoingso.

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