Minimum Wage Research Paper
Generally speaking, there should not be a minimum wage. If the United States removed minimum wage, we could wipe out unemployment completely. Businesses could hire workers at all levels. Furthermore, we could discard price increases and tax liability.
Minimum wage increases make it more likely that firms won’t hire new …show more content…
For example, a job that pays fifteen dollars an hour may be able to get over on or cheat a teenager or young adult although they may possess the appropriate skills. A business may pay ten dollars an hour rather than fifteen as they would an adult. To employers, a typical job for a young adult is something like working at McDonalds or the local movie theatre that will pay $8.75 an hour.
Minimum wage jobs are designed to encourage entry-level workers join the workforce, not to support the financial needs of a family. The purpose of minimum wage is to join the workforce at the low end of the wage scale, build your skills, get an education and move up the ladder to a better paying job.
On the other hand, minimum wage is a standard however employers do not have to pay more than the minimum wage standard. Employers are likely to reduce fringe benefits and on-the-job training to help offset the higher wages. If the minimum wage were raised to $10.10, more than 1.7 million American workers would no longer rely on public assistance …show more content…
They must pay a higher minimum wage, fewer hours and jobs are available for less-skilled and less-experienced employees. As the wage rate rises, it becomes more expensive for firms to hire workers, and so firms hire fewer workers.
In the final analysis, there should not be a minimum wage. Minimum wage minimum wage jobs aren 't paying enough to keep families out of poverty, and minimum wage is not something you want to stay on as a permanent basis.
When the government imposes a higher minimum wage, employers face higher labor costs and are forced to respond by decreasing other production expenses. Increasing the minimum wage benefits those who already have a job at the expense of the unemployed. However, employees will not experience the full benefit of a minimum wage increase since businesses raise prices to compensate for the increase in labor costs.
Minimum wage increases job loss, poverty, prices, and harms low-skilled workers. Minimum wage does not keep families out of poverty nor does it promote economic growth. Anyone who’s trying to pay bills with minimum wage income knows it doesn’t cut the mustard. Therefore, the real minimum wage is