Minimum Wage Reform Paper Example

The present-day life standards portray that it is not logical to keep the same minimum wage for Americans. Additionally, psychology outlines that happiness and improvement of one's self-esteem is connected to wages and the attainment of needs in a less strenuous manner. Consequently, the socioeconomic changes provide a challenge for the old minimum wage for Americans. There should be a change in the minimum wage rate to enable individuals to have high-self-esteem that is relevant for the better association of people in the society (Weir n. p.). The wellbeing of people is majorly defined by the income levels that has a connection to enabling human acquisition of shelter, payment of bills and carrying on a less strenuous life.

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People living in economic hardships that are resulted by minimum wages suffer from various psychological and social problems including resulting in low IQ in children. additionally, the report by the American Psychologists Association proves the wellbeing of people is defined by their income which also determines the state of the mental health of people. Therefore, the former minimum wage of $7.25 per hour should be reformed to a minimum of $12 per hour due to the rise in living standards (Weir n. p.). Incomes should enable people to acquire shelter since homelessness has been found to be caused by unethical minimum wage rates in America.

Poverty harms are evidence provided by psychologists concerning the call for minimum wage reforms (Weir n. p.). since higher socioeconomic status promotes mental wellbeing, there is the need for psychologists to necessitate the revision of the old minimum wage reforms should as a way of solving the society's developmental delays and behavioral issues.

Conclusion

The fact that when companies are urged to give back to the society, the socioeconomic benefit will be shared among many people makes me to disagree with Dorfman (n. p) ideas that low wage can't be solved by doing businesses into social service agencies. Additionally, the aspect of considering labor demand of the equation cannot be adopted since, at some point, commission payments are usually set with certain limits. In that perspective, companies should be encouraged to adopt the idea of considering employees to be passive shareholders in their organization by paying them well and also participating in giving back to the society (Dorfman n. p.). Businesses and profitability index should not go beyond the moral knowledge that people work to improve their life.

Works Cited

Dorfman, Jeffrey. "Low wages cannot be solved by turning businesses into social service agencies." Forbes. Retrieved from https://www.forbes.com/sites/jeffreydorfman/2013/08/08/low-wages-cant-be-solved-by-turning-businesses-into-social-service-agencies/#7349173a4414

Weir, Kirsten. "A living wage," American Psychology Association. Retrieved from http://www.apa.org/monitor/2016/04/living-wage.aspx