$7. 25 equals two gallons of gas, one fast food meal, or a simple school supply. With the minimum wage at the current rate you must work one hour to earn the seven dollars and twenty-five cents that only supply you with small necessities for everyday living. This problem was encountered before and was resolved with the agreement to higher the minimum wage from $5. 85 to the current $7. 25. Although that was a big increase in salaries, was it truly enough? This controversy can lead to a major change in everyone’s everyday lives and boost our economy to a period of prosperity.
The minimum wage should be increased to bring our economy out of a recession, bring families together, and to create a country of prosperity. Our country is held together by the families that it holds within. With the current minimum wage, 73% of our working population lives in poverty. (Furman) Many might assume that the majority of the minimum wage workers are teenagers or college bound students. This is false. Studies show that more than 50% of minimum wage workers are over the age of 25. (Conlin) At this you already have influence on our economy and what it may become.
Do we really want our economy to stay at a low-point when we can simply higher this rate and become a country known for prosperity? For a typical family of four to live comfortably in today’s world, they must earn an average $8. 44 an hour to cover all necessity expenses. (Sklar) This simple change can and will be done to benefit the overall population of our country. Another major problem with college students are their student loans. Even if you did or did not attend college you know the afflictions that student loans have upon your financial stability in your later on life.
With constant growing interest rates and the constant need for supplies, the average college student leaves their college already in debt. If the minimum wage is increased, so will financial aid for colleges. This will help a majority of our college bound students. The part-time or full-time jobs that students are able to fulfill mostly pay by minimum wage. With a higher rate, students can save more money helping with later on expenses. These students will be able to look into their future but, this time, with less debt due to student loans.
Increasing the minimum wage will take off a burden for student loans, country-wide. Branching off of financial aid for education, think of all the other financial benefits that the government offers. Such as social security, food stamps, and healthcare. With the prosperity of our economy, these things will be less of a burden on our government and everyday tax payers. This increase in minimum wage will help everyone overall. Health care will become cheaper due to the fact that companies are paying their employees a fixed rate that they can live comfortably with.
As the rate increases we will see the use of food stamps dwindle. There will be no need for these food stamps when families can afford their groceries and necessities with their own cash, due to a higher minimum wage. Social Security will gain more money from the employee’s checks, helping later generations. This higher income will give the elderly more support with their social security income. When the minimum wage is higher, our daily and life lasting necessities will be benefited greatly. Our economy is a major reason whether you pursue a future of prosperity or poverty.
The economy today is slowly crawling back to prosperity. Although it may take a awhile to reach full prosperity, we need to do what we can to boost our economy. When the minimum wage is increased we will see the economy take a turn for the better. In the past inflation was eroded by increasing the minimum wage. Does this mean that we can increase it today and it will help our economy? We reflect off the past and act upon what greatly benefited us before. The minimum wage must be higher to help you, and everyone around you. Taxes will be less due to the decrease of poverty.
Studies show that with a simple ten cent increase of minimum wage, 6% of poverty stricken families will become middle class. (Sklar) This will help families afford everyday needs for food, transportation, and education. Not many things benefit everyone at an overall standard. The increase of minimum wage is on the few things that can benefit everyone. Our country will see the economic prosperity that it’s been searching for. Everyone will live more comfortably and will lead a happier life. Although it cannot be increased greatly, we must act to prove what we need as a country.
The minimum wage can be increased slowly, cent by cent, so that we can see the improvement it has on our government. Think of the families, students, everyday workers, and yourself. We need this increase. We must be able to supply our own needs without going through a struggle. Right now, one hour of working is not enough for daily necessities such as school supplies, food, and transportation for our everyday lives. Works Cited Furman, Jason, and Sharon Parrot. “Raising the Minimum Wage Will Reduce Poverty. ” Poverty. Ed. Viqi Wagner. Detroit: Greenhaven Press, 2007.
Opposing Viewpoints. Rpt. from “A $7. 25 Minimum Wage Would Be a Useful Step in Helping Working Families Escape Poverty. ” www. cbpp. org. 2007. Opposing Viewpoints In Context. Web. 13 Mar. 2013. Conlin, Michelle, and Aaron Bernstein. “The Working Poor Are Not Getting By in America. ” Poverty. Ed. Viqi Wagner. Detroit: Greenhaven Press, 2007. Opposing Viewpoints. Rpt. from “Working … And Poor. ” Business Week (31 May 2004). Opposing Viewpoints In Context. Web. 13 Mar. 2013. Sklar, Holly. “Raising the Minimum Wage Will Help the Poor.
” How Can the Poor Be Helped? Ed. Jennifer Dorman. Detroit: Greenhaven Press, 2011. At Issue. Rpt. from “Raising the Minimum Wage in Hard Times. ” Let Justice Roll Living Wage Campaign, 2009. Opposing Viewpoints In Context. Web. 13 Mar. 2013. Peirce, Neal. “A ‘Living Wage’ Is Necessary to Help the Working Poor. ” Inner-City Poverty. Ed. Tamara L. Roleff. San Diego: Greenhaven Press, 2003. Contemporary Issues Companion. Rpt. from “Living Wages’—It’s About Time. ” Liberal Opinion Week. 2000. Opposing Viewpoints In Context. Web. 13 Mar. 2013.