Essay On Increasing Minimum Wage

The simple definition of minimum wage according to the Merriam Webster dictionary is an amount of money that is the least amount of money per hour that workers must be paid according to the law. Minimum wage was first introduced and dated back to the presidency of FDR in 1938. The minimum wage back then was about .25 cents an hour, take note that the dollar and money back then did not have its value like it does in today 's economy. Minimum wage was introduced as part of the Fair Labor Standards Act. The FLSA also covers things like youth employment standards, overtime pay, recordkeeping, and standards for government employees at the local, state, and federal levels. Minimum wage has increased over the years at a steady rate throughout the …show more content…
Increasing minimum wage would have a positive effect on the economy as it would increase the spending in the economy. By increasing the spending throughout our economy it would ultimately boost demand of products, reduces turnover, cut costs that low-road employers impose on taxpayers, high human capital, and pushes business toward a high road. These are only some of the positive effects of increasing minimum wage. Though they would not show significant or dramatic changes to the economy, it would definitely be a starting point to help better this country in the years to come. Also by increasing minimum wage the distribute of economic wealth would be more equivalent, as there wouldn 't be such a gaping gap between the rich and poor as well as it would not hurt job creation. In fact more people would be willing to seek and strive to find work as it may be able to support them now. Which this then results in people getting off government programs such as food stamps and such in that nature. This then could lift people out of poverty and save the government money, now that they don 't have to spend it on the poor and