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Transcript

Should the Government raise the minimum wage?

Opposition/Rebuttal

A common argument against raising the minimum wage is that it destroys jobs. But, a number of recent studies have shown that even though raising the minimum wage does increase earnings and reduce poverty, it has hardly any effect on employment. In fact, these studies show how "restoring the dignity" of work through higher wages reduces worker turnover and increases productivity. Thus eliminating a shortage of jobs for Americans

I support the government raising the minimum wage because I believe it would have many positive outcomes.

Reason 2

Reason 3

Reason 1

Another positive affect of raising the minimum wage is that it would reduce government spending on social services. About 45 percent of today’s workers who would likely see more pay if the minimum wage were increased currently receive benefits from at least one of six programs, either directly or through a family member: EITC, food stamps,LIHEAP, WIC, Section 8 housing vouchers, or welfare. In all, low-wage workers rely on $39 billion in income support each year from these programs to get by; not including Medicaid. But if the minimum wage increased to $10.10 an hour by 2017, more than 27 million workers would get more pay, translating to $31.8 billion in extra wages. This would give an average $1.61 raise for a worker affected by the hike;resulting in 1.7 million workers who would no longer need to rely on public assistance, or a 6.3 percentage point decrease, which would reduce spending on these programs by $203 a year for each person, or $7.6 billion in total.

Another reason for the government to raise the minimum wage is inflation and production. According to a study from 2012, the minimum wage should have reached $21.72 per hr if it kept up to the increase in worker productivity. Even if the minimum wage kept up with inflation since it peaked in real value in the late 1960s, low-wage workers should be earning a minimum of $10.52 an hour.

Raising the minimum wage would stimulate and strengthen our economy. When low-income households earn more money, they are likely to spend it, flooding more dollars into the economy. By increasing workers' take-home pay, families gain both financial security and an increased ability to purchase goods and services, resulting in the creation of jobs for other Americans.

Graph

This graph supports my claim that increasing the minimum wage to equilibrium price would prevent a shortage or surplus in the work force.

Sources

"Why we need to raise the Minimum Wage", Camden, Carl and Stern, Andy. Los Angeles Times, website, August 16, 2015

"Minimum Wage Would Be $21.72 If It Kept Pace With Increases In Productivity: Study", Fairchild, Caroline. The Huffington post, website, 4-17-15

"Increasing the Minimum Wage: Pros & Cons", Shemkus Sarah. Salary.com, website, 4-15-15

"Hate Government Spending? Here's why You should Love a higher Minimum Wage", Covert, Bryce, Think Progress. Website, 4-17-15

4.02 Should the Government Control the Economy? (Honors)

By: Tucker Jansen

Based on Jim Harvey's speech structures

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