Regardless of where you live in the United States, the fact of the matter is that the minimum hasn’t been raised nearly enough times as it should have been over the years. This is especially alarming considering the fact that inflation has been a fairly steady 2 to 3% increase every year – the result is many Americans across the country getting left behind as the cost of living constantly goes up while their wages remain stagnant.
Other than this glaringly obvious reason why the minimum wage should increase, there are other immensely beneficial aspects to raising the minimum wage that not only affect low income households, but everyone across the country.
First off, when hundreds of thousands of low income families suddenly have more money to spend, the immediate effect is (obviously) more spending. This results in a boon to the economy as a whole as money is circulated more generously than previously. Think about it – if you only make $10 an hour, what can you really spend outside of the absolute necessities like food, gas, rent, etc.? But if you were to make let’s say $15 an hour, a whopping 50% increase in your pay, you are that much more likely to spend on things that actually make you happy. Men may start purchasing tickets to their favorite sports games, or splurge on that new gaming system they’ve been dying to have. And women may spend money on new clothing or jewelry, or even a new rabbit vibrator that they’ve been sorely missing in their bedroom.
No matter how you look at it, raising the minimum wage puts more money into the economy. And as a result, this can often lead to businesses expanding and growing as a result of their new increased revenue and increased underlying production. With all of the new business being received, companies may need to start hiring new workers to help keep their business running smoothly. Now, yes we will admit that the increased wages can cut into a company’s bottom line at least when a minimum wage increase initially goes into effect, but the increased spending over time will more than cover that increased cost, which can result in precisely this expansion of new jobs in the long run.
Another major benefit to increasing the minimum wage is a decrease of people living on welfare programs. Obviously when the minimum wage increases, families will start to have more money across the board, and as a result, less people will be living in conditions that require the need for welfare programs. While this is obviously good for the families directly involved, this has a secondary benefit of helping taxpayers across the country. With welfare programs being less prominent over time, there will be less need for government spending in this area, meaning less tax dollars going to such programs – the tax dollars will either go somewhere more necessary, or taxpayers would simply pay less taxes, both of which are great options.
As you can see, “raising the wage” has so many benefits that not only affect low income families, but the entire American population. Although a lot of these benefits may take some time to actually notice, they are most definitely real benefits that would make the entire country better off in the long run – which is exactly why we need to “raise the wage” as soon as possible!