List 3 Pros For The $15 Dollar Minimum Wage Increase
Introduction
There has been a lot of debate about the minimum wage in recent years, with some people arguing that it should be increased to $15 per hour. While there are certainly some valid concerns about the impact that a minimum wage increase could have on businesses and the economy as a whole, there are also some compelling reasons to support this proposal. In this article, we'll explore three key pros of increasing the minimum wage to $15 per hour.
1. Reduced Poverty
One of the most significant benefits of increasing the minimum wage to $15 per hour is the potential to reduce poverty among low-wage workers. Currently, many workers who earn the minimum wage are living in poverty or near-poverty, struggling to make ends meet and provide for their families. By increasing the minimum wage, we can help to lift these workers out of poverty and give them a better quality of life.
According to a report by the Economic Policy Institute, increasing the minimum wage to $15 per hour would benefit more than 33 million workers across the United States. This would include not only those who earn the current minimum wage, but also those who earn slightly above it and would likely see a bump in pay as well.
2. Boosted Consumer Spending
Another benefit of increasing the minimum wage is that it would likely lead to increased consumer spending. When low-wage workers earn more money, they are more likely to spend it on goods and services that they need or want. This, in turn, can help to stimulate economic growth and create jobs.
A study by the National Employment Law Project found that increasing the minimum wage to $15 per hour would result in a total increase in consumer spending of $183 billion over a five-year period. This increased spending would benefit not only low-wage workers, but also businesses and the economy as a whole.
3. Improved Health and Well-Being
Finally, increasing the minimum wage to $15 per hour could also lead to improved health and well-being among low-wage workers. When workers earn more money, they are better able to afford basic necessities like healthcare, healthy food, and safe housing. This can help to reduce stress and improve overall health and well-being.
A study by the National Bureau of Economic Research found that increasing the minimum wage to $15 per hour could lead to a reduction in mortality rates among low-wage workers. This is likely due to the fact that these workers would be better able to afford healthcare and other necessities that can improve their health.
Conclusion
While there are certainly some valid concerns about the impact of increasing the minimum wage to $15 per hour, there are also some compelling reasons to support this proposal. By reducing poverty, boosting consumer spending, and improving health and well-being among low-wage workers, we can create a stronger, more equitable economy that benefits everyone.