The hot topic of discussion today in the U.S. is currently the minimum wage rate. It all dates to when New Zealand passed the very first national minimum wage law in 1894. The U.S. history leads us back to when President Roosevelt signed a law in 1938 as part of the Fair Labor Standards Act of 1938. Back then, the wage was set to 25 cents an hour. That adds up to about $4 per hour in our currency system. As a part of Franklin Roosevelt’s first minimum wage, it has been raised 22 times by 12 different presidents. If it weren’t for the 12 presidents raising the wage, we would still be getting FDR’s beginning pay of 25 cents an hour. With reasonable minimum wages, worker exploitation and underemployment can be avoided. When it comes to minimum
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By increasing the minimum wage, it would result in higher wages, also for the 3.7 million people earning minimum wage, but as well as for up to 35 million workers who are producing up to 150% of the federal minimum wage. Researchers found that an increase of $10.10 an hour would raise wages for 28 million Americans which about nine million of those due to the ripple effect. The ones whom support the raising of the minimum wage believe it will sustainably benefit our economy in the long run. Majority American citizens have the mind set of, if they have the extra money in their pocket then they’re going to spend it. There as, streaming more money back into the economy could possibly stimulate the minds of others to do the same. This could possibly increase the spending of each and every household to about $700 more per quarter. A major pro from this argument is that it would improve the standard of living tremendously. Studies show that it would help families escape from poverty. By increasing the minimum …show more content…
In a Susquehanna University article, it states that the federal minimum wage has a catastrophic impact on teenagers because firms will not pay many young workers who have little to no skills or experience minimum wage, let alone a higher wage. Those who experience unemployment at an early are open to an increased possibility of unemployment ahead of them. The result is to reveal the workers whose skills do not exceed a level corresponding to $7.25 per hour to the competition of more skilled, better educated workers directly able to earn wage rates ranging from just above $7.25 to just below $10.10. The minimum wage is the first spot of the employment set of steps. It is the lowest paying steps which provides the basic skills and experience workers need to climb the next set to reach the best way to a better life. With different wage laws coming intact it makes it more difficult for workers to move up the economic steps. These inflexibilities can decrease relative mobility and can decrease absolute upward mobility also. Workers learn the skills needed to gain a promotion through upward mobility in the hospitality industry entry-level and if the wage were to increase to $10.10, then it would decrease those opportunities. Employers would need to spend correspondingly more to pay their minimum wage employees than employers in higher cost areas, such as Hawaii. Then, they’d have to raise the prices because their
By increasing the minimum wage, it would result in higher wages, also for the 3.7 million people earning minimum wage, but as well as for up to 35 million workers who are producing up to 150% of the federal minimum wage. Researchers found that an increase of $10.10 an hour would raise wages for 28 million Americans which about nine million of those due to the ripple effect. The ones whom support the raising of the minimum wage believe it will sustainably benefit our economy in the long run. Majority American citizens have the mind set of, if they have the extra money in their pocket then they’re going to spend it. There as, streaming more money back into the economy could possibly stimulate the minds of others to do the same. This could possibly increase the spending of each and every household to about $700 more per quarter. A major pro from this argument is that it would improve the standard of living tremendously. Studies show that it would help families escape from poverty. By increasing the minimum …show more content…
In a Susquehanna University article, it states that the federal minimum wage has a catastrophic impact on teenagers because firms will not pay many young workers who have little to no skills or experience minimum wage, let alone a higher wage. Those who experience unemployment at an early are open to an increased possibility of unemployment ahead of them. The result is to reveal the workers whose skills do not exceed a level corresponding to $7.25 per hour to the competition of more skilled, better educated workers directly able to earn wage rates ranging from just above $7.25 to just below $10.10. The minimum wage is the first spot of the employment set of steps. It is the lowest paying steps which provides the basic skills and experience workers need to climb the next set to reach the best way to a better life. With different wage laws coming intact it makes it more difficult for workers to move up the economic steps. These inflexibilities can decrease relative mobility and can decrease absolute upward mobility also. Workers learn the skills needed to gain a promotion through upward mobility in the hospitality industry entry-level and if the wage were to increase to $10.10, then it would decrease those opportunities. Employers would need to spend correspondingly more to pay their minimum wage employees than employers in higher cost areas, such as Hawaii. Then, they’d have to raise the prices because their