The raising of minimum wages would benefit this economy we are living in today. There have been many strikes, from Walmart to many fast-food places that want more money so they can make a living. President Barack Obama has stated plans to raise minimum wages to around $9 an hour. This has sparked a lot of debate on whether it would not only help individuals but also help our economy or not.
I think that if we raise minimum wages, it would help this economy. A 2011 study by the Chicago Federal Reserve Bank found that for every dollar increase to the hourly pay of a minimum-wage worker, the result is $2,800 in new consumer spending from that worker’s household over the year.
The $2,800 in new consumer spending would boost the economy. Workers would have more money in their pockets to put back into the economy. If people are working two jobs to support themselves, or their families, we could open up job opportunities by raising minimum wage. If we increase the consumer’s demands, businesses will hire additional workers.
According to a poll in October 2011 from the National Employment Law Project, 67 percent of Americans support gradually raising the minimum wage from $7.25 an hour to at least $10 an hour. So with the increase of minimum wage we could benefit this country by supplying more money into workers’ pockets, and boosting this economy! People who work so hard and put in 40 hours of work a week should at least be able to live above the poverty line.
D’Angelo is a senior at Franklin Central School and is writing this letter for Stephen DeCarlo’s social studies class.