Should We Raise the Minimum Wage?

​With millions of Americans struggling to make ends meet, whether single or taking care of a family, should we raise the minimum wage?

The last time the federal minimum wage was raised was ten years ago. Even then, the required $7.25 an hour couldn't support a single person working only one job, let alone support a family, thus trapping many people, mainly women of color and single parents, in a cycle of poverty. With the steep increase in the cost of living it is becoming even harder for people in minimum wage jobs to break out of poverty.
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But should we raise the minimum wage to reflect the cost of living? What are the benefits of creating a more livable wage? Let's take a look at why we need to raise the minimum wage

​It's Over Due

As we said above, it has been ten years since the minimum wage has been increased. Unfortunately, this doesn' mean the cost of living has stayed the same. In fact, there is no place in the US where a person working can rent a one-bedroom apartment on their own if they are work one minimum wage job.

This means that those making the lowest wages haven't been able to keep up with the economic growth and are sinking further into poverty. Especially since there is a widening gap between a company's top earners, C level employees, and their lowest-paid workers.

​It Will Help Racial and Gender Inequality

Historically, women and people of color work minimum wage jobs, meaning they earn less than over their lifetimes than their white male counterparts. So, by raising the minimum wage we can lessen wage inequality most often felt by women, especially women of color.

It Will Help Raise People Out Of Poverty

​One of the most compelling answers to "should we raise the minimum wage" is that it would help raise millions of people out of poverty. By raising the minimum wage it will help workers keep up with inflation, meaning that people would be able to afford a higher standard of living. It will also ease the financial concerns of people in the lowest income bracket.

​It Lessens the Need for Government Programs

People who make more money tend to look to programs like food stamps or WIC less than those who are underpaid and underemployed. Plus, they also help generate more tax revenue for other government programs.

Calculating the increase in tax withholding doesn't have to be hard, either. Using companies like thepaystubs.com can help make sure all of your calculations are right and you are withholding the right amount from employees, especially as the minimum wage increases.

​It Stimulates The Economy

​If people have more money, they tend to spend more. This is especially true for those in the lower middle classes. Plus, as wages increase and people start spending money, there is an increase in the need for more workers, which will create jobs, help put money in more people's pockets, allowing them to buy more.

​Should We Raise The Minimum Wage? Yes

Helping more families break out of generational poverty is a definite win, and most Americans are in favor of having a higher minimum wage. So, the question isn't should we raise the minimum wage, but how soon can we do it.

Interested in how creating a better working environment can create a stronger economy? If so, check out our retail rants blog.