Many even though goods are priced higher,

Many view minimum wage jobs as a way for young people such as high school and college students to make money, but in reality “89 percent of those who would benefit from a federal minimum wage increase to $12 per hour are age 20 or older, and 56 percent are women” (Line 1, Minimum Wage Mythbusters www.dol.gov). Some might argue that if minimum wage were to be raised than we would see a dramatic increase in unemployment rates and a general increase in the way things are priced in our country which could ultimately have a very negative effect on our economy. But even though goods are priced higher, the amount of money that is going to be put into the economy is also higher which could be very beneficial. Even though, minimum wage must be raised so that even the lowest paid workers in this country can afford their basic needs. Basic needs being goods such as food, clothing, and shelter are all things needed to survive. Although some feel that raising minimum wage will only raise prices elsewhere and increase unemployment, the fact is that with changing times today’s minimum wage is not high enough for one to afford their basic needs.Although there are many positive aspects of increasing the federal minimum wage, it is evident as to why many, such as business owners and higher paid workers are opposed to the suggestion. Some might argue that “Two-thirds of minimum wage employees earn a raise within their first year on the job, according to a study by economists at Miami and Florida State University” (Alfredo Ortiz, www.CNBC.com). Although some people may receive a raise from their minimum wage pay, the increase is likely no more than $1 at a time. At a rate like that it could take years until someone can make a wage that could support their basic needs. Also, some might argue that if minimum wage is increased than business’ are forced to pay their employees more, and their most effective way to cut costs is to hire less employees which would result in job loss and be a negative for our economy; “one consequence of minimum wage laws is that many people particularly the young and inexperienced end up out of work completely and, of course, are therefore unable to gain work experience and earn higher wages in the future” (The Economic Harms of a Minimum Wage, paragraph 1, Gale opposing viewpoints). Although this might be true Nick Hanauer points out by saying “We have been raising the minimum wage for 78 years, and as a new study clearly reveals, 78 years of minimum-wage hikes have produced zero evidence of the “job-killing” consequences these headline writers want us to fear” (Hanauer, “A Report That Analyzed Every Minimum-Wage Hike since 1938 Should Put a Bunch of Nonsense Ideas to Rest”).  Though Hanauer provides valid evidence of “job-killing” due to minimum wage increases, there is evident reason for concern that this might happen because we have never seen such a drastic increase in the minimum wage before and the actions of business owners who would have to pay these minimum wage workers is unpredictable. And evidently, if pay increases, then the general prices of goods and services would likely also increase. Mike Patton points out “Raising the minimum wage from $7.25 to $15.00 could put pressure on other lower-paying jobs which pay slightly more than the existing minimum. This could cause stress in the compensation structure of many small businesses. In fact, any mandate from the government which increases the cost of doing business could result in a number of consequences, mostly negative. First, it could cause prices to rise as businesses attempt to protect profit margins” (Patton, “The Facts On Increasing The Minimum Wage”, paragraph 5). For example, the price of a Big Mac from McDonald’s would increase from $3.99 to $4.16, a 17cent increase. Though the price would increase, it is not by any means a significant amount. An issue that might occur from this is the dissatisfaction of those who earn higher than minimum wage and therefore are left with having to spend more money while receiving no benefit from the minimum wage increase.  People would have more money to spend therefore helping them make the adjustment to higher prices more fluently. Although there are some obvious disadvantages to an increase in the federal minimum wage, the positives clearly outweigh the negatives of the increase.Everybody needs to have the opportunity to support themselves with basic needs but although it sounds simple, one must have access to an income that will support those needs. A minimum wage income is something that people usually associate with teens and young adults but the fact is many adults work for minimum wage jobs and deserve a chance to support themselves and their families. “The reality is that raising the federal minimum wage to $10.10 per hour would primarily benefit older workers. Eighty-eight percent of workers who would be affected by raising the minimum wage are at least 20 years old, and a third of them are at least 40 years old” (Dan Essrow, Economic Policy Institute, paragraph 1). Clearly, a federal rise in the minimum wage would benefit people of all age groups, not only teens and young adults. There are many adults, with families of their own, who work for a minimum wage salary and they need to have the opportunity to support themselves and their children with the basic needs for survival. Costs such as food, clothing, and rent all apply to the category of “basic needs” and even though they are “basic” by no means does that equate to be considered “cheap”. People talk about how poverty is such an issue in this country but without a reasonable income it is nearly impossible to overcome poverty and live a life of equal opportunity to afford schooling and have a successful future. Nowadays people are coming out of college with massive debt due to college loans “In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year” (Paragraph 2, Student Loan Hero.com). Student loans can be detrimental to most as it can be a major setback in beginning your life and career. With many teens working minimum wage jobs, an increase in pay could result in a decrease of debt for these students even with rising tuition costs. But even those who don’t go to school could enjoy the benefits of a minimum wage increase. There are teen moms and teen parents out there who don’t have the opportunity or time to go to school and get a good paying job with no college degree which could make the already difficult task of being a teen parent nearly impossible. Making $7.50 an hour does not come close to covering the costs of one’s basic needs for survival along with schooling and supporting a child and even though $15 an hour might be cover all the expenses either, it at least helps the person out considerably and they will be able to make at least some type of support money.With a federal increase in minimum wage, many are left wondering what effect may be left on the economy. There are many variables that need to be taken into consideration when analyzing how the impact of such a drastic increase from $7.25 to $15 per hour might affect our economy. Evidently, with more people making more money; there is going to be more money available for people to spend on goods in the economy. This is an obvious positive for the economy and would only increase the annual GDP of our nation therefore making our country as a whole wealthier than it is today. Mike Patton points out that “If the minimum wage is increased to $15 per hour, the total wage earned by this group would be approximately $52.6 million per hour or $78.9 billion per year (assumes 30 hours per week, 50 weeks per year). The increase in annual pay would be approximately $40.8 billion ($78.9 billion – $38.1 billion). If we exclude all taxes and assume 100% of the increase was spent on various goods and services, it would equate to 0.23% of total U.S. GDP ($40.8 billion / $18 trillion)” (Patton, “The Facts On Increasing The Minimum Wage”, paragraph 3). Some might argue that although it is an increase, that it is not by a substantial margin and would not have a significant effect on the economy. But the fact is, that regardless of its significance, in general it is still an increase and a positive impact nonetheless and $40.8 billion more dollars are being put into the hands of consumers who then recycle the money into our market economy. Also, evidently with a higher pay comes higher taxes which gives our government more money to spend on our country’s infrastructure and funding. Although more taxes are not something that would be favorable to the working class, it is actually beneficial is building and strengthening our country.Overall, the more money you give to consumers, results in more money being spent, aka being put into our economy, which could ultimately lead to lifting those out of poverty and giving all people the equal opportunity of success in life.Although many might argue that an increase in minimum wage can only lead to an increase in prices and unemployment, the fact is that at the current minimum wage rate, people cannot afford to buy a single pizza pie per hour, let alone put themselves through school, support their basic needs, or even support a child. If done the correct way, I believe that an increase in minimum wage could greatly impact this country economically in a positive manner and eliminate some of the impact of things like student loans and provide all with an equal opportunity to survive and to move out of poverty and advance in social status comfortably. A possible solution could be to not raise wages to the desired $15 an hour but instead raise it to something where it is affordable for small businesses to hire employees without making cuts to save profit, as well as offer student loan packages as part of a worker’s benefit for college and high school students. Clearly, with changing times and rising prices, the current minimum wage needs to be raised in order to give equal opportunity to all in supporting individual basic needs.  Works CitedArmstrong, Ari. “Minimum Wage Laws: Immoral, Crippling, and Nevertheless Supported by Many.” The Objective Standard, 10 Mar. 2015.Essrow, Dan. “Low-Wage Workers Are Older Than You Think: 88 Percent of Workers Who Would Benefit From a Higher Minimum Wage Are Older Than 20, One Third Are Over 40.” Economic Policy Institute.  Hanauer, Nick. “A Report That Analyzed Every Minimum-Wage Hike since 1938 Should Put a Bunch of Nonsense Ideas to Rest.” Business Insider, Business Insider, 6 May 2016, “Minimum Wage.” Opposing Viewpoints Online Collection, Gale, 2014. Opposing Viewpoints in Context, link.galegroup.com/apps/doc/PC3021900111/OVIC?u=p1841&xid=3ced67ba. Accessed 3 Jan. 2017. Ortiz, Alfredo. Https://www.facebook.com/CNBC. “Raising the Minimum Wage Won’t Work.” CNBC, CNBC, 6 Oct. 2015.  Patton, Mike. “The Facts On Increasing The Minimum Wage.” Forbes, Forbes Magazine, 13 Apr.2016, www.forbes.com/sites/mikepatton/2014/11/26/the-facts-on-the-minimum-wage-increase/#3b3e40c433a1. Swartz, Thomas R., and Frank J. Bonello. “Page 275.” Taking Sides, McGraw-Hill/Dushkin, Guilford, CT, 2002.”U.S. Student Loan Debt Statistics for 2016 | Student Loan Hero.” Student Loan Hero.