Minimum Wage Was Lowered, It Term Paper

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2% of minimum wage earners are household heads and only 2.8% of low-wage earners are single parents.

If we assume that companies will even out productivity in the long run via the means above, then the largest impact will be on net employment. In many parts of the U.S., companies that employ workers at minimum wage levels are perpetually hiring - they cannot fill positions at these wage levels. The impact of the economy overall is minimal as well, because the lowest-income workers contribute little to the economy.

Ultimately, increases in the minimum wage are good for the economy. Proponents of minimum wage increases may be wrong about the advantages to the most vulnerable of wage earners, but overall such increases force companies to increase efficiency in other areas, rather than merely relying on a cheap labor pool for productivity.

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The worst of the workers get flushed from the workforce and replaced with better ones who rejoin the workforce because of the higher wages. But many of the worst are teenagers, who will inevitably find other jobs sooner rather than later. Opponents of higher minimum wages fail to demonstrate how keeping the least productive workers in society employed is beneficial to the economy. In addition, they lean too heavily on the assumption that low-wage workers can be easily replaced by overseas workers or machinery. Given that the biggest employers of minimum wage workers are service sector industries and farms, these scenarios are implausible. Therefore, reasonable increases in minimum wage, in particular cost-of-living increases, have a net benefit to the economy.

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