Minimum Wage Essay

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  • The Minimum Wage And Minimum Wages

    Wikipedia, “the federal government set $7.25 an hour of the minimum wage in the United States. There were 29 states raising their minimum wage higher than the federal minimum on January 1, 2015. In addition, from 2014 to 2015, nine states increased their minimum wage levels, because 11 other states increased the minimum wages by legislative or ballot” (Wikipedia, July 2009). For many years, the argument of increasing wages has continued. When the minimum wages increase, the issue will come. On the one hand, many experts worry the minimum wage continued increasing, which brings many economic pressures. The pressures are from the different economy level of each state. For example, the rich states such as California and Massachusetts, which have strong economies that are able to cope the minimum wages increasing; but Wyoming and Georgia, such as weak economic states will meet the huge financial crisis. On the other hand, more than 200 economists support the minimum wage $15 an hour because from 1968 the labor productivity raised quickly (Coy, P. Is a $15 Minimum Wage Too High? August 10, 2015. p.14-16). They also said the federal minimum would achieve $26 an hour that fair to the minimum wage workers. The minimum wage workers’ productivity is very strong, so they are worthy of raise wages. Actually, making a good policy to change the minimum wage always is an issue in society. The public supports increasing the minimum wage, but the government not…

    Words: 1508 - Pages: 6
  • Minimum Wage Benefits

    The goal of a minimum wage is to help alleviate low-waged families out of poverty (Stigler 1946). The minimum wage does not successfully achieve its goal. Therefore, the mayor of New York City should eliminate the minimum wage, instead of increasing or decreasing the minimum wage. The main reasons the minimum wage cannot fully help alleviate those in poverty are poor allocation of resources, different ways wages vary, and the lack of increase in family income along with minimum wage increases…

    Words: 2034 - Pages: 9
  • Minimum Wage Essay

    Minimum wage is the minimum price that can be offered in exchange for labour in the unskilled labour market. Minimum wage is an example of a binding price floor, where the government sets a legal mandated price above the equilibrium price for that particular market or product. A binding floor price leads towards a surplus of supply. In minimum wages, the surplus is unemployment. This essay will address the concept of binding minimum wages and the affect of the minimum wage on unemployment and…

    Words: 1095 - Pages: 4
  • Minimum Wage And Macroeconomics

    Minimum wage is broken into two different wages, One is from the federal standpoint and the second is from the State 's standpoint. Federal minimum wage is set so that no state is allowed to go under the given minimum wage. State’s minimum wage is when the State agrees to make the minimum wage higher than the given federal wage. Personal experience has to lead me to think minimum wage should be a starting wage and it should not be expected to support a person or a family. I started working when…

    Words: 1393 - Pages: 6
  • Minimum Wage Essay

    In an ideal world raising the minimum wage would be extremely helpful, however, we do not live in an ideal world. While an increase in wages will be helpful for some employee’s, for the families running small businesses it could hurt a lot. The question still remains will the benefits of raising the minimum wage overcome the damage done? How will business deal with this, will they overcome it by cutting the hours of some employees or will they increase the cost of goods and services, or will…

    Words: 1053 - Pages: 4
  • Violation Of The Minimum Wage

    Minimum wage is the set amount an individual makes an hour. There is no set minimum wage from state to state. It must be equal or greater than the federal level. Many people thought of the minimum wage to be a violation of the 5th amendment. In 1938 there was a minimum wage set at 40 cents an hour. The state with the largest minimum wage is Washington which is set at $8.55. As the economy changes so will the minimum wage. It hasn 't been changed from 7.50 in five years. If the minimum wage was…

    Words: 1069 - Pages: 5
  • What Is The Minimum Wage?

    getting her children ready for school and herself ready for her minimum wage job, she has got the pounding uncertainty if her children are going to go to bed hungry. 1 in 7 families have this concern every day in America. At the current $7.25 rate, minimum wage is the least amount possible to compensate someone 's work in a large industry (Burgess). Almost 75.3 million people work in the minimum wage category, which is over 59% of the U.S. workforce (“Minimum Wage”). The federal minimum wage law…

    Words: 1346 - Pages: 6
  • Minimum Wage Essay

    It is frequently proposed by members of society to raise the minimum wage. It sounds like a great idea initially since it will have people earning a little bit more money per hour. How much is that little bit extra money actually costing these people? More than the people battling for the raise even realize. There are reasons why a minimum wage exists. It is a price floor as to maintain a stable economy, helps prevent inflation, and increases job availability. If the minimum wage is increased,…

    Words: 762 - Pages: 4
  • Minimum Wage Essay

    Reducing worker’s hours, due to an increase in minimum wage, affect employees who work lower end jobs. If the unemployment rate increases, the possibility of getting a job can be slim because of everyone else looking to get hired. If there are not enough jobs, people with a higher education will be attracted to lower end jobs and will surpass those who typically work the lower end jobs (Reisman). If two applicants apply for the same lower end job, one with a higher education than the other, the…

    Words: 1177 - Pages: 5
  • Benefits Of Minimum Wage

    Many citizens in the United States struggle, barely making it with minimum wage paying jobs. Most people work two to three jobs put together, to pay for their livings and to support for their families. Based on the State of California: Department of Industrial Relations, in October 1, 1996, minimum wage was $4.25-increasing to $4.75 within that year. A year after, in March 1st, the wage was $5.15-$5.75, but it changed again on September 1st. Increasing a dollar twenty-five. Today, minimum wage…

    Words: 1697 - Pages: 7
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