Should minimum wage be a livable wage?
"How can we build a fairer society when millions are toiling away at minimum wage jobs that don't even cover the cost of living?"
receive fair compensation for their labor
covering basic living expenses
preventing the low-wage workers
Summary of the problem
Making the minimum wage a livable wage means ensuring it provides enough income for individuals to cover basic living expenses. It debates around economic fairness and dignity for workers.
The Difference between living wage and minimum wage
Michael Fletcher is an economics reporter that discussed in the video the difference between minimum wage and living wage during protests by fast food workers and mentioning the increased cost of education and healthcare compared to wages over the past 12-13years.
We need the Minimum Wage to be a Living Wage
Millions of workers earn wages that could make them starve, while the other half of workers barely make ends meet. The minimum wage will increase to $15 /hour in order to provide a livable wage.
A living wage is a human right
Factory workers struggle to afford essentials for a respectable life due to a minimal wage, highlighting the need for change in this situation.
Main Topics
1 Inequality
2 FLSA
3 Raise minimum wage
4 Government Support
5 Inflation
Counter Argument
Making minimum wage a livable wage could lead to unintended consequences such as inflation or job losses.
Results of your survey
80% of Curie High School students who were surveyed agreed that yes minimum wage should be a livable wage and 20% agreed no.
Interview Summary
Many of the students said that people work hard and take time out of their day to work just for them to not get paid enough or what their work is worth. The fact that they're students who work to start paying their own expenses and not live off of parents money, of course they would want the minimum wage to be raised.
Your personal opinion
I believe that minimum wage shouldn't be a livable wage because many people now aren't getting paid enough to cover for their expenses.
Research Paper
Should the minimum wage be a livable wage?
Raising the minimum wage would boost the economy. The article, “What are pros and cons of raising the minimum wage?”, it states.. “some proponents of raising the minimum wage estimate that a much larger number of individuals and families will move out of poverty...” With higher wages there won’t be as many people for the government to support. They’ll be able to be financially stable and they won’t have the need for those benefits. Additionally, in the document of Fact Sheet “Raising the Minimum Wage”, it states.. “A modest increase would improve worker productivity, and reduce employee turnover and absenteeism.” This shows how workers would have more motivation to work and would help the businesses gain workers and not fall behind.
Minimum wage has not changed despite the increase in inflation, making it impossible for a person to hold only 1 job. In the article, “Inflation, minimum wages, and profits” states.. “Every year lawmakers don’t raise the minimum wage is a year that they have effectively cut the purchasing power and living standards of this country’s lowest wage workers.” This shows how the inflation reduction has a substantial negative effect on the living standards of working people. To further elaborate, the article “This is what minimum wage would be” it states… “If the minimum wage rises in step with inflation, we are effectively ensuring that it will allow minimum wage earners to buy the same amount of goods and services through time, protecting them against higher prices.”
Although some experts may say that “higher wages would force businesses to hire fewer people, slash growth plans, and/or raise their prices, which will hurt the economy”,. I believe the minimum wage should be raised. According to the article of CBO, it states “By boosting the income of low-wage workers with jobs, a higher minimum wage would lift some families' income above the poverty threshold and thus reduce the number of people in poverty.”
In conclusion, it is necessary to raise the minimum wage since it will stimulate the economy, the current minimum pay remains unchanged despite rising inflation, and the low wage prevents people from meeting their fundamental necessities.
Sources
Bloomenthal, Andrew. “Can a Family Survive on the U.S. Minimum Wage?” Investopedia, 2 Jan. 2024, www.investopedia.com/articles/personal-finance/022615/can-family-survive-us-minimum-wage.asp#:~:text=Working%20for%20minimum%20wage%20does,struggle%20to%20make%20ends%20meet.
“A History of the Federal Minimum Wage: 85 Years Later, the Minimum Wage Is Far From Equitable.” Economic Policy Institute, www.epi.org/blog/a-history-of-the-federal-minimum-wage-85-years-later-the-minimum-wage-is-far-from-equitable.
Senator Bernie Sanders. “We Must Raise the Minimum Wage to a Living Wage &Raquo; Senator Bernie Sanders.” Senator Bernie Sanders, 18 Apr. 2023, www.sanders.senate.gov/op-eds/we-must-raise-the-minimum-wage-to-a-living-wage.
Illinois workNet. www.illinoisworknet.com/Pages/Article.aspx?ArticleId=51.
Jobbio, Suzie Coen |. This Column Was Created By. “The Hill.” The Hill, 25 Aug. 2023, thehill.com/lobbying/4170972-15-an-hour-isnt-enough-u-s-workers-need-to-earn-a-living-wage.
“A Living Wage for Workers | Ethical Trading Initiative.” ETI, www.ethicaltrade.org/insights/issues/living-wage-workers.
“Living Wage Ordinance and Regulations.” Cook County, www.cookcountyil.gov/service/living-wage-ordinance.
“Minimum Wage Is Not Enough - Center for Hunger Free Communities.” Center for Hunger Free Communities, drexel.edu/hunger-free-center/research/briefs-and-reports/minimum-wage-is-not-enough.
“More Than the Minimum: Why We Need a Livable Wage.” Green America, www.greenamerica.org/building-people-first-economy/more-minimum-why-we-need-liveable-wage#:~:text=The%20term%20%E2%80%9Cliving%20wage%2C%E2%80%9D,people%20more%20will%20benefit%20everyone.
Zahn, Max. “Here’s the Difference Between a ‘minimum Wage’ and ‘living Wage,’ and Why It Matters.” ABC News, 10 Jan. 2023, abcnews.go.com/Business/difference-minimum-wage-living-wage-matters/story?id=96251007.