Table of Contents
What should be done instead of raising minimum wage?
Rather than a minimum wage increase to $15 per hour, legislators could propose a tax cut for anyone making $15 an hour or less to qualify as tax exempt. This would effectively give them a $3 per hour wage increase.
How does raising the minimum wage help businesses?
A minimum wage increase can improve the productivity of a given firm’s workforce because higher wages reduce turnover. In fact, there is strong empirical evidence that higher minimum wages lead to more stable and experienced workforces.
What are some alternatives to raising the minimum wage?
Critics of raising the minimum wage have proposed several other alternatives that could benefit the working class while keeping the minimum wage at its current level. The earned income tax credit is a credit that benefits mid- and low-income households, particularly those with children.
What are the pros and cons of raising the minimum wage?
Raising the minimum wage would have many benefits, including stimulating the economy, reducing employee turnover, and resulting in an increase in quality of life for low-wage workers. However, opponents to raising the minimum wage argue that an increase could potentially hurt the economy and the working class.
Should the minimum wage be raised to reduce income inequality?
Large pockets of poverty, heavy dependence on government assistance and swelling numbers of homeless families underscore the need for changes in the way government approaches income inequality. Raising the minimum wage is one solution often touted as ensuring a self-supporting income.
Should we increase the minimum wage or implement training programs?
One of the main arguments behind the implementation of training programs instead of a minimum wage hike is that an increase in the minimum wage would encourage workers to become complacent rather than trying to better themselves.