What are the pros and cons of raising the federal mimimum wage?
475333
The Pros:\n\nRaising the minimum wage would put more money in the hands of those who need it most.  Many people agree that a person, especially a single parent, could never survive on ~$10K/yr.\n\nThe Cons:\n\n1.  Raising the minimum wage can create inflation.  Because there are a lot of minimum wage jobs, total wages would increase for such items as fast food, lawn service, etc.  This in turn would get passed on to consumers in the form of higher prices.\n\n2.  It might increase unemployment, especially among teens and marginal help.  There are always businesses who are just making it.  By increasing the wages they have to pay, you'd put some of them out of business.  Who knows how many.  It is debated all the time among economists.  Also, with increased minimum wage, employers will seek out better help rather than give a kid his first chance.\n\nPersonally, I think this is a state issue, but that is a matter of taste, not economics.  I don't expect the next raise to occur until a Democratic President and Congress are elected.
826124
Case in point MN raised minimum wage to 6.15 an hour (with soc, and medicare and other taxes that is 7.08 an hour.  I had 104 employees of which 68 were minimum wage wait staff.  Their take home pay was about $150 a night in tips plus the $30 in wages for a total of $46,800 a year on average.  The 20% increase in the minimum wage cost all 104 employees their jobs.\n\n(note: this was a upscale restaurant and bar.  Two weeks before they passed the mim wage the Democratic also passed a smoking ban for the city, my daily bar business drove or walked five blocks away across city lines to be able to drink and smoke.\nIn addition my clientele was not minimum wage earners so the wage increase did not effect them.)
770735
Some people don't have the opportunity to get better jobs. For those stuck in a job paying minimum wage and trying to survive, a pay increase makes living bareable instead of almost impossible.\n\nAlso, for those saying a minimum wage increase is a wash for those effected are not looking at the whole picture. It might be a wash for the economy as whole because prices will go up to compensate, but those making minimum wage will NOT feel the effects of that as much as middle and upper class. Those making minimum wage would definitely benefit from minimum wage increase.
1008727
Every time minimum wage has been raised in the past, the prices of everything else follows.  I'm only 27, and I remember working for $4.25 an hour.  I don't think $7 is enough to live on, but I'm not sure that even raising it to that will do any good.
1099796
Ignoring the Bush-bashing despite how much I might like it.\n\nRepublicans nowadays are "pro-business" or basically in economics "supply-siders".  It's a view where if the means of producing things, in this case businesses, are able to produce more, it will benefit the economy with higher production and lower prices.  Now, if the minimal wage was to be increased, where is that extra money going to come from?  The pockets of business owners and companies.  This means a higher cost for them which would mean that they aren't making as much money.  Since they are not making as much money, they will make less, creating higher prices from shortages and too much demand.\n\nOn the other hand, if we did have an increase on minimal wage, it could lead to higher inflation.  Companies may want to increase prices to soak up the extra cash.  In addition, it would be up to the Federal Reserve to control the inflation.  They may choose to do so by increasing the reserve requirement, making it harder for you to get a bank loan.  They may also choose to increase the prime interest rate, increaing all other interest rates elsewhere, hurting everyone in the economy.\n\nThe economy is a fickle, little thing.
632965
there are not any. Only the Federal minimum wage. Annual increases are up to the company. I have also learned this the hard way...get it in writing when they promise you !!!
427782
I would say that anytime is the right time. At least, anytime since 1996, the last time they rose minimum wage. \n\nThe economy has really that boost since post 9/11 though. History shows that a rise in minimum wage have increased consumer spending power and overall, improved middle class financial responsibility by promoting personal savings.\n\nWith elections coming up for many political positions very soon, I actually think that minimum wage may become a plank in many candidates platforms. It is on a lot of people's minds. I think that it is really needed.
768701
Definitely raise in minimum wage.\nDon't ask for an explanation because that is self-evident .
476924
The United States Congress is currently considering a law that would increase minimum wage to about $7.25. I am just above the current minimum wage and would love to make $7.25, the only problem is economic effects that this could have on the country. Due to the huge rise in wages companies would have to pay out, they would be forced to raise prices to make up for that difference. That would cause the standard of living to increase, which would have a negative impact on our economy and perhaps bringing us back to this same issue. Again I do believe in a high minimum wage, but perhaps (and hopefully) smaller increases over a long period of time would remedy this problem.
860256
Of course this sounds like a good idea - when does not making more money not sound like a good idea? Only thing is, with employers having to jump minimum to $7.25, we'll end up seeing the results in higher product and living costs so minimum wage earners are back to not making enough for living expenses.
1048314
Because U picked the WRONG person as president!\n\nhe doesn't want minimum wage to go up! last increase was made like 7 yrs ago (I think Clinton did, but not sure). There was a proposal of minimum wage increase few weeks ago but it's rejected!
801133
The biggest down fall is it can raise unemployment.  Say you own a business and have 5 workers and pay them $5.00 an hour.  Now say the government comes in and you now have to pay them $7.00 an hour.  Before you were paying your workers a total of $25 an hour.  Now with the raise you have to pay them $35 an hour.  Some  business can not handle the increase as they are on tight budgets.  So in return they let go a person to keep their cost low, so they can compete with the foreign goods.\nSo now if you are a tax payer, more of your money is going to help unemployed and this can take away from other programs the government has set up such as building our infrastructure.
490542
Would everyone like to earn more money?  Sure thing, from that standpoint it sounds great.\n\nBut the problem is this, when you raise the minimum wage, prices will go up in the market, reducing the effect of the wage increase.  Job availibily will go down, because the USA will become less competitive on the international market from a price standpoint.  The same people who received the "raise" will have the highest potential to lose their job.\n\nIf you look at the minimum wage as what you're going to earn, then you need to wake up, start learning some new things, find a new way to earn, find a better job, do something different.\n\nIf you're living in the USA and making minimum wage, it's your choice, opportunity is available, you just have to pursue it everyday!!
462737
The Federal minimum wage is 5.15.  It was raised in 1997 from 4.75.  Each state also has a minimum wage that may be more or less than that.  THis is a really cool interactive map that shows what the rates are in each state: http://www.dol.gov/esa/minwage/america.htm
305728
Congress is currently considering raising the minimum wage by $1.50, from $5.15 to $6.65 per hour in three installments. Congress last enacted legislation in 1996, increasing the minimum wage by 90 cents from 1996-1997.
875872
coming from someone who is in a labor union i would say that if minimum wage goes up than our wages would go up as well because they use minimum wage as kind of a baseline to gauge all other wages. but im not really sure just a guess.
642142
yes, minimum wage need's to increase about 70% to 80%\nat least.(i noticed other's are worried about the effect it would have on, inflation. Borrowing money causes inflation, and other thing's...etc. so what is their point exactly\n\nIt's incrediable and scary, that so many people are forced into poverty wages.\n\nIt's is happening in every country (wages not keeping pace with inflation and stealth tax's) etc