Minimum Wage Raise in Seattle - 800 Words

Minimum Wage Raise in Seattle After the protest in New York City, the issue of raising the minimum wage has come up once again. Seattle is spearheading this cause with a proposal of raising the minimum wage to $15 per hour. This will help minimum wage workers a great deal by increasing their income. However, there are concern that this move could hurt certain businesses, which can lead to higher unemployment and contraction of the economy. The ethical issue surfaced as this will benefit some at the expense of other. Washington has the nation’s highest minimum wage at $9.19 per hour. Seattle is set to raise the minimum wage even further, to $15 per hour. More than fifteen millions people work for a minimum wage, which lead to about†¦show more content†¦Beside the increase in cost to businesses and customers, other people can potentially be hurt by this policy. By increasing the wage, small businesses will suffer a higher cost that can lead to cutting jobs, stalling new hire or even shutting down. On the other hand, the economic plight of these minimum wage workers should also be considered. Therefore, the $15 plan would produce unpredictable consequences, while not doing anything would doom minimum wage workers to live in in poverty and to consume public resources. The interest groups in this policy are minimum wage workers, businesses, politicians and the public in Seattle. The minimum wage workers would get a huge raise, from about $9 to $15, which would yield them more income and better standard of living. Politicians who pushed for this policy would gain popularity because of the political environment of Seattle. Businesses stand to take a lost in profit due to rise cost of business due to the higher minimum wage. Raising prices can is certainly one way to combat the rising cost for businesses. However, this will affect the public, who will have to pay if price is raised. Businesses might lay people off and less willing to hire new ones. This will hurt current workers and potential workers, because businesses must adjust to the new policy. Minimum wage should be raised to help these workers to a better living conditions, but fifteen dollars maybe too excessive for the market to bear. OneShow MoreRelatedMinimum Wage Should Be Legal940 Words   |  4 PagesMinimum wage is now at a steady $7.25 per hour and shows no sign of increasing anytime soon. There are states right now at the time that are trying to raise the minimum wage, and see how this will effect the economy of the area. As prices continue to increase in every day expenses, it becomes hard for us to keep up and be able to provide for our family or get even the basic necessities that we may need. People are saying that with more money, they will spend more back to the economy, thus helpingRead MoreThe Between Rich And Poor Social Classes1433 Words   |  6 PagesMost notably, higher minimum wages, in an effort to reduce household poverty [...] to protect unions from low-wage competition, and to promote social justice and other normative/ideological goals† (Kaufman), which are all important attributes for a socially elastic society. To exemplify this, last year the highest minimum wage in American history was passed. Enter Seattle, â€Å"Members of the Seattle City Council recently voted unanimously, nine to zip to increase the minimum wage from $9.32 to $15. That’sRead MoreThe Minimum Wage Should Be Raised Essay807 Words   |  4 Pagesthe minimum wage should be raised to $15.00 an ho ur, Mark Perry, a scholar at AEI and a professor of economics and finance at the University of Michigan s Flint campus, argues â€Å"Seattle’s new minimum wage law takes effect April 1 but is already leading to restaurant closings and job losses† (Perry). Perry wants us to know that the Seattle’s new minimum wage law is â€Å"a government-mandated wage floor that guarantees reduced employment opportunities for many workers,† and increasing the minimum wageRead MoreEconomic Outcomes Of Raising The Federal Minimum Wage1489 Words   |  6 Pagespercent of all wage and salary workers. Among those paid by the hour, 1.3 million earned exactly the prevailing federal minimum wage of $7.25 per hour. About 1.7 million had wages below the federal minimum. 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According to the editorial board at USA Today, â€Å" inflation adjusted income of the top 1 percent has grown by 58 percent and the remaining 99 percent has only grown by 6.4 percent†. They then state that a raise to 15 dollars an hour only comes out to an annualRead MoreShould The Minimum Wage Be Raised?1307 Words   |  6 PagesSHOULD THE CURRENT MINIMUM WAGE BE RAISED TO $15.00? Fred Wehmer Embry Riddle Aeronautical University Author Notes Fred W. Wehmer, Professional Aeronautics, Embry Riddle Aeronautical University Contact: wehmerf@my.erau.edu ABSTRACT Fred W. Wehmer Embry Riddle Aeronautical University Rolf Hemmerling /ECON 211 11 October 2015 This paper will explore the pros and cons of raising the current minimum wage to $15.00. It will start with the history and reasons for the minimum wage. It will cite theRead MoreMinimum Wage And The Wage1639 Words   |  7 PagesMinimum wage is one of the many microeconomic policies that serve to correct imbalance in the economy. It is defined as the lowest amount of remuneration required of an employer to pay his employees during a given period of work. There exist different laws in different states that can fix the minimum wage policy. A current economic issue is minimum wage, or specifically, its pertinence to social inequality. Many sectors of society would be affected by changes in this policy. Minimum wage relies onRead MoreShould Minimum Wage Be Raised? Essay1596 Words   |  7 Pagesgenerously termed the â€Å"minimum wage†. In Missouri, the minimum wage has been set at a rather appalling $7.65 per hour while in other states there are wages starting as high as $10. Though arguably the economy is not as sluggish and terrible as it once was, $7.65 per hour will not help those who have children, no college degree and debts to pay. It is not only Missouri that has minimum wage laws, but every other state in America has minimum wage laws in place. Both California and Seattle recently established