Essay about Minimum Wage : A Economic And Social Issue

1141 Words Dec 20th, 2016 5 Pages
Minimum wage is described as the lowest price which workers can sell their labor and the lowest price which employers can pay their workers. In the United States, raising the minimum wage has become a prominent economic and social issue. The social class divide seems to be getting larger and a stagnant minimum wage is not a solution to income inequality in the United States. There are many proponents and opponents of the issue today, with both sides presenting strong arguments to successfully justify their positions. For the most part leading economic experts are torn, they have discovered evidence to support both sides of the issue. Numerous economists fear that raising federal minimum wages will be unfavorable for the economy, while the opposition feels that increased wages are a necessity, which would also stimulate the nation’s economy.
Jeffrey Clemens, a Harvard University graduate and current Professor of Economics at the University of California San Diego is firmly against increasing the minimum wage from what it currently is. In a study done in 2014 with a colleague Professor Michael Wither, Clemens came to the conclusion that raising the minimum wage will lead to a significant loss of low wage jobs. The study examined the effects of employment and income trajectories of low skilled workers. Looking at the federal minimum wage increases from 2007 to 2009, low skill workers were separated into two groups, those whose wages were increased by the federal minimum…

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