Minimum Wage Research Paper

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The minimum wage has long been a contentious issue, sparking debates across various sectors of society. For example, in recent years, the fight for $15 movement has gained momentum, with low-wage workers and activists advocating for significant increases in the minimum wage. As the cost of living continues to rise, questions from the workforce about the adequacy and fairness of the minimum wage have come to the forefront of public discourse. The ongoing debates surrounding the minimum wage reflect its significant implications for workers, businesses, and the economy at large, highlighting the complexity of the issue and the diverse perspectives involved.

The minimum wage serves as a fundamental pillar of labor policy, aimed at ensuring that …show more content…
This virtuous cycle of economic activity fosters stability and resilience within the economy, ultimately benefiting society as a whole. Recent research conducted by Ioana Marinescu and colleagues at the University of Pennsylvania, entitled "Increasing Minimum Wage Has Positive Effects on Employment," supports this notion, indicating that increasing the minimum wage has positive effects on employment and economic stability (Marinescu). By empowering low-wage workers with greater purchasing power, it underscores the complex connection between wage policies and broader economic dynamics, emphasizing their potential to promote sustainable growth and equitable prosperity. Addressing income inequality through fair compensation not only lifts individuals but also fortifies the economy against downturns, making it a strategic imperative for fostering long-term economic vitality and overall well-being …show more content…
Reducing the wage gap contributes to social equity, ensuring that all workers, regardless of race, are compensated fairly. Improved health outcomes among children are a direct result of families having access to improved nutrition and healthcare, which are more accessible with increased earnings. Additionally, reducing financial stress through greater compensation can lower suicide rates, addressing an important public health issue. For example, studies by the Institute for Research on Labor and Employment at UC Berkeley and the American Psychological Association have indicated that regions with higher minimum wages often report reduced rates of stress-related disorders and better overall health outcomes (Allegretto et al. American Psychological Association).

Beyond the economic benefits, a hike in the minimum wage leads to substantial improvements in quality of life. When employees receive fair pay, they have less financial stress, which benefits their mental and physical health. This results in a more productive workforce and lower healthcare costs, benefiting society as a whole. Hence, raising the minimum wage is a pivotal strategy in fostering a healthier, more equitable society by not only alleviating financial burdens but also enhancing overall societal well-being through improved health and economic
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