Maximizing the Minimum Students discuss potential changes that would come due to an increase in minimum wage By Hannah Larson Design By Anushka Nair
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fter the inauguration of a new president, there seems to be a lot of new changes on the horizon; one of these changes being a potential increase in minimum wage. Senior Trisha Yerragudi and junior Charlie Terry are anxious about what this change could do for the country. “I think an increase in minimum wage would be a good idea,” Yerragudi said. “It would help mend economic inequality in some way and help those who had to face financial losses during the pandemic.” Yerragudi further explains the benefits from increasing the minimum wage. “Many people whose pay would be at the current minimum wage could be pulled above the poverty line, which many people are below right now,” Yerragudi said. “In turn, the government would have to spend less of its money on expenditures for financial aid programs. Effectiveness of employees can also increase as they are able to maintain a better way of living and can be more motivated.” Although there could be many benefits from increasing the minimum wage, there could also be several setbacks. “It would increase taxes which would be a con to a lot of people,” Terry said. If a minimum wage increase does occur, it
could potentially affect high school students. Senior Trish Yerragudi reflects on the possibility of raising the minimum wage. “Raising the minimum wage would affect me,” Yerragudi said. “I am planning on pursuing a career in the healthcare field, so until I finish medical school, my first jobs will pay close to that of minimum wage jobs.” Like Yerraguidi, Terry also believes he could benefit from a minimum wage increase. “The minimum wage increase would help me because my current job pays less than the $15/ hour increase,” Terry said. Similar to the impact on students, a minimum wage increase could affect the entire economy. “There are two expected impacts associated with raising the minimum wage,” Yerragudi said. “One being that as the workforce is given higher wages, they are also likely to spend more, which would stimulate the economy. Some economists also argue that raising the minimum wage would imbalance the labor market and result in inflation.” Because an increase in minimum wage is all in theory at the moment, there is the question of if it will actually happen. “I think there is a possibility of an increase in minimum wage as President Biden is in support of raising it to $15 an hour, and there is Democratic majority in Congress, which makes it
senior Trisha Yerragudi more likely for this to happen as compared to a raise during Trump’s presidency,” Yerragudi said. If an increase in minimum wage was to occur, Terry believes that it would be beneficial for students. “I think it’ll help a lot of high school students because a large portion of students have jobs that would be increased,” Terry said. “I think the students would be for the increase because we’d just want more money.”
World’s Hourly Wages South Korea $6.84 Israel $7.94 Canada $9.52 United States $7.25 Source: worldpopulationreview.com
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