Week 2 Raising Minimum Wages.docx

Week 2 Raising Minimum Wages.docx - The question of whether...

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The question of whether or not minimum wages should be increased is one that US has been debating since long. Historically, when the minimum wage was first introduced back in 1938 at $0.25 per hour, it has been since then increased 22 times 1 . The last time minimum wages were revised was back in 2009 when it was raised to $7.25/hr. While raising minimum wages has both pros and cons, it is certainly a topic of debate and controversy. Below outlined is a brief overview of the pros and cons of raising minimum wages. Pros - Increasing wages increases the standard of living of the ones living below, at or just above the poverty line - Raising wages is also required to adjust for inflation especially for the deprived population. - Additional income (hoping it results in higher disposable income) will allow for consumers to spend in the economy. USA is certainly a consumer driven economy that can have ripple effects via additional consumer spending -
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