Minimum Wage: Overview and Analysis Essay

Exclusively available on IvyPanda Available only on IvyPanda

The lowest amount of money a worker can be paid per hour is known as a minimum wage, and it is decreed by federal laws. I believe, just like every other person that cares about the economy of the state, that the minimum wage should continue being $7.25, just as Donald Trump set it. However, recently the president-elect of the United States urged Congress to raise the minimum wage to fifteen dollars per hour. This came as a shock to many knowing the conditions in which citizens of the state are facing now due to the corona pandemic that hit widely on our country. As of now, things are more difficult than they used to be. Many people lost their jobs, and others closed their businesses where they earned their daily bread to feed their families. Raising the wages now to fifteen dollars will make life harder than it used to be. Many citizens of the state earn less than fifteen dollars per hour, so it should not be raised to that level. Due to the conditions brought by the deadly coronavirus, the wages should remain as it was before the pandemic hit us.

We will write a custom essay on your topic a custom Essay on Minimum Wage: Overview and Analysis
808 writers online

Many people are still struggling with getting back to the normal lives they used to live before the pandemic hit on us. The economy was also hit hard as the disease came unexpectedly, and everything was shut down. The government is still struggling with the interrupted economy, which is unstable for now, and there should not be a reason why the president will have to raise the wages now (Fine 68). It is becoming harder for citizens to pay their bills; getting food to eat daily is now a problem. The average wage, which is 7.25 dollars per hour, should not be raised more than until the government can deal with the pandemic issue and get back the economy in a stable position.

According to the structural-functionalist perspective, wages should not be raised for everyone. The sociologist Moore believes that people should be paid according to the skills they possess. I concur with this perspective that the higher the price or the salary paid for a job, the more talent they are required to have (Fine 105). For example, it would be very uncouth to pay the supervisor of a big organization the same amount paid to a receptionist. It is the same case as if a sales assistant was paid the same as a sales manager. A sales manager has more skills which means that they deserve a higher paycheck. This method is meant to motivate people to work harder and gain more skills to qualify to get better positions at work and higher paychecks.

Looking at the current situation with the pandemic and other financial constraints, it is clear that businesses cannot afford to pay people as much. If a company was to raise the minimum wage to 8. 5 dollars per hour, they would risk losing almost 15,000 dollars in a year (Fine 28). It would be tragic since 90% of businesses have been struggling to stay on top of their game even after purchasing everything at a hiked price due to the pandemic. On the other hand, if the wages were to increase to 15 dollars per hour, more than 60% of companies would go out of business. They would not have enough resources to sustain and fund their production activities, leave alone pay employees. It would only get worse if the business is a starting or a transitioned venture.

Indeed, the minimum wage cannot be compared to the living wage in the united states. A typical American family’s living wage is 16 dollars; that is why President Bidden was trying to raise it. However, while trying to support low-income families, it is also essential to consider the status of the state’s economy. Many resources have been used to deal with the coronavirus pandemic in the United States and other countries all over the world (Fine 32). The pandemic has led to a huge deterioration of the economy, and raising the minimum wage is not something that businesses can handle. Furthermore, the federal government cannot promise that they can release that much funds to support citizens whose minimum wages are below their living wages.

However, there are several ways that people can use to sustain themselves. The first thing should be to cut spending. In difficult times like this, people need to remember to cater to their basic needs first. Food, clothing, and shelter. Of course, there are other needs like education, but these come second after the three needs. The other thing should be to get a second job if you are in a position to. The good thing is that businesses cannot afford to let people work for long hours because they are trying to cut costs. Thus, it means they can have several shifts, indicating that a person can get at least two jobs to help them meet their living wages.

Reference

Fine, Janice, et al. Washington Center for Equitable Growth, 2021. Web.

1 hour!
The minimum time our certified writers need to deliver a 100% original paper
Print
Need an custom research paper on Minimum Wage: Overview and Analysis written from scratch by a professional specifically for you?
808 writers online
Cite This paper
Select a referencing style:

Reference

IvyPanda. (2022, October 26). Minimum Wage: Overview and Analysis. https://ivypanda.com/essays/minimum-wage-overview-and-analysis/

Work Cited

"Minimum Wage: Overview and Analysis." IvyPanda, 26 Oct. 2022, ivypanda.com/essays/minimum-wage-overview-and-analysis/.

References

IvyPanda. (2022) 'Minimum Wage: Overview and Analysis'. 26 October.

References

IvyPanda. 2022. "Minimum Wage: Overview and Analysis." October 26, 2022. https://ivypanda.com/essays/minimum-wage-overview-and-analysis/.

1. IvyPanda. "Minimum Wage: Overview and Analysis." October 26, 2022. https://ivypanda.com/essays/minimum-wage-overview-and-analysis/.


Bibliography


IvyPanda. "Minimum Wage: Overview and Analysis." October 26, 2022. https://ivypanda.com/essays/minimum-wage-overview-and-analysis/.

Powered by CiteTotal, best bibliography generator
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. Request the removal
More related papers
Cite
Print
1 / 1