Minimum Wage Definition

Concerning the wage rate, the United States government has intervened to maintain a lower limit on the hourly wage rate of a worker’s labor by implementing a price floor known as the minimum wage rate. This legal floor on the market price of labor sets a minimum hourly pay rate for workers in the United States. Effective July 24, 2009 the federal minimum wage rate is $7.25; in states that also have minimum wage laws the employee may be subject to both federal and state minimum wage laws, in which case they are entitled to the higher minimum wage rate (U.S. Department of Labor Wage and Hour Division, 2011). Since the Fair Labor Standards Act (FLSA) was created in 1938 the federal minimum wage rate has gradually increased from $0.25 in 1938 to $7.25 present (U.S. Department of Labor Wage and Hour Division, 2011). Although continuing to increase the minimum wage rate may include potential positive factors, it would hinder the U.S. economy overall.

1938 -- The minimum wage was first enacted into law as part of the Fair Labor Standards Act (FLSA) of 1938. The original minimum wage applied to workers engaged in interstate commerce and the production of goods for interstate commerce. In 1938, this applied to roughly 11.0 million workers out of a total of 54.9 million workers. The minimum wage was set at $0.25 per hour.

The Fair Labor Standards Act (FLSA) is a law that states what the lowest amount a business can pay a contracted employee. Currently the law states that the federal minimum wage is $7.25 but there are many states that have their own minimum wage laws. There has been an ongoing protest over minimum wage for a long time and it has been changing consistently ever since 1938 with the latest change in 2009 when it went from $6.55 to $7.25. Many people think it should keep going up but many other people think it is going to hurt our economy if it goes up. There are many things that raising the minimum wage can affect in the economy and there are many steps that go into raising it. I think that the minimum wage should be raised to

Minimum wage affects many people and by understanding its evolvement throughout the years we can better understand how our government can better provide for those working minimum wage jobs today. Inequality is an inevitable factor in a capitalist market, people need proper incentives to work hard and be productive, and the incentive of more money or more opportunity is the driving force of capitalism and even the American dream. However there are several current complications that even those who are actively employed are living under the poverty line, like stated previously minimum wage from when it was first implemented raised along with inflation but then began to lose momentum in the 1970s and since then it began to stagnate and then drop along with increased inflation; if minimum wage were to be raise to $10.10 to become congruent with inflation it would bring 4 million people above the poverty line. Congress instituted the minimum wage in 1938 as part of the Fair Labor Standards Act (FLSA). The first minimum wage stood at 25 cents an hour. The last minimum wage increase occurred in 2007, when Congress raised the rate in steps from $5.15 an hour that year to $7.25 an hour in July 2009. The District of Columbia and 19 states have also established local minimum wages higher than the federal rate. The highest state minimum wage in the country occurs in Washington State at $9.32 an hour, however

In 1938, President Franklin D. Roosevelt signed into effect the Fair Labor Standards Act (FLSA). Among other things it banned child labor, limited the workweek to 44 hours, and set the national minimum wage at 25 cents an hour (United States Department of Labor). This is one of 121 bills put forth by Roosevelt after Congress had adjourned. The purpose of the bill is associated with the Great Depression. For the purpose of assisting the nation back onto its feet after the Great Depression, this solution has succeeded, but unfortunately the issue had evolved and this one act could not sustain the growth of a nation. So technically this is no longer a solution for this very important issue. There has been a somewhat steady increase in wages through adjustments of the act, up to the current solution, but according to the Pew Research Center and the Economist, the set wages are actually less than what they use to be due to inflation: “Adjusted for inflation, the federal minimum wage peaked in 1968 at $8.54 (in 2014 dollars). Since it was last raised in 2009, to the current $7.25 per hour, the federal minimum has lost about 8.1% of its purchasing power to inflation”. This clear disconnect proves that the previous solution(s) is no longer working and therefore needs to be adjusted to meet America’s ever growing economy.

It was introduced by the 32nd POTUS Franklin Roosevelt, and was referred to as the Fair Labor Standards Act (Sessions). The first minimum wage set in the country paid workers 25 cents an hour. As noted on the website Bebusinessed.com, minimum wage is deliberately set up so it does not rise with inflation. It can only rise if congress believes it should. In other words, lawmakers from the house and senate who make an average of $174,000 annually decide whether or not the wages should increase. Looking at how the minimum wage has increased over the years; in 1968 the base rate at its highest level was at $1.60/ hour which is equivalent to $10.75 today. From 1990 to 2009 the minimum wage has declined sharply since its highest point. In understanding how minimum wage works, it is important to understand who it is intended to help. 64% of minimum wage workers are part-time while 36% are full-time workers (Tufts). It remains a matter of pure debate on if a higher minimum wage causes unemployment. The benefit would have a greater impact on low-income Americans than the risk it poses. "If the US economy were 9% bigger than it is today, it would have created about 11 million additional jobs. Imagine how great that would be for both American workers and

In 1930 the United States passed a federal law controlling minimum wage. This has led to random increases in minimum wages. For more than a century minimum wage has been a key factor in public policy. Minimum wages were first used to prove against the idea of American factories being “sweatshops” (Josh Barro 01). Over time the minimum wage level has risen and fallen do to the progress of the economy. The amount of money earned from a minimum wage salary today is thought to not be enough to live a regular life (. "Four States Vote to Raise Minimum Wage." 01).

​Increase in the amount of the federal minimum wages distributed to working American’s can affect the process of the economy as a whole. What is minimum wage you ask? Minimum wage is the minimum amount of money paid to you at a job. It is a set amount of money that is illegal to go under when paying an employee for work. In the United States of America the federal minimum wage varies from $7.25 to $9.19. The federal minimum wage for jobs that include tipping is only $2.13 per hour, assuming that the difference would be made up in the tips. The initial law began in the early 1900’s; to be exact it was in 1938. This was all initiated when Franklin D. Roosevelt was President.

Congress as part of the Fair Labor Standards Act (FLSA) instituted minimum wage back in 1938. The first minimum wage was at $0.25 per hour and the last minimum wage increase occurred in 2007. Over the past 65 years the minimum wage has varied considerably in inflation-adjusted buying power. It has averaged $6.60 an hour in purchasing power in 2013 dollars, but it has ranged from a low of $3.09 an hour in late 1948 to a high of $8.67 an hour in 1968. Today’s minimum wage buys somewhat more than the minimum wage has historically, although it remains over a dollar an hour below its historical high. In addition to the federal minimum wage, nearly all states within the United States have their own minimum wage laws with the exception of South Carolina, Tennessee, Alabama, Mississippi and Louisiana. Sixteen states have a minimum wage that is higher than the federal minimum wage. The first moves to legislate wages did not set minimum wages, rather the laws created arbitration boards and councils to resolve labor conflicts before the recourse to strikes.

The minimum wage is the lowest wage employers are to give an employee for every hour working . In the United states this was not always the case, it was not until the end of 1800 some sort of regulation was established. In 1984 New Zealand published the first minimum wage law (Smith, Halpen 2018). As other countries adopted this law United States also created their own version as they released The Fair Labor Standards Act of 1938 (FLSA) . This established a minimum wage and overtime pay. The new law at that time also required some form of recordkeeping for the first time, along with setting a standard for youth employment, for full-time and part-time workers in the private sector, Federal State, and local governments. During this time

Minimum wage is the lowest wage permitted by law or special agreement. This is the lowest amount of money to be paid in accordance to law. In US, the first federal minimum wage was introduced by Franklin D. Roosevelt as part of Fair Labor Standard Act in 1938 and it all started with $0.25/hr(about $4 in today's value). Since then, there have been many debates over raising the federal minimum wage and so far it has been raised 22 times. As of 2015, the federal minimum wage is $7.25/hr. Even though there is federal minimum wage law, only 20 states follow it including Texas and the rest of them have their own minimum wage laws. Therefore, there are list out there of the pros and cons of raising the minimum wage and the current debate.

A minimum wage is the lowest hourly amount that employers may legally pay to their employees. This also means it is the lowest wage at which workers may sell their labor. Minimum wages laws exist in many different cities and countries, but opinions about their advantages and disadvantages vary throughout. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, boosts morale and forces businesses to be more efficient. Opponents of an increase in minimum wage say it increases poverty, increases unemployment and damages businesses.

According to Webster, minimum wage is the lowest hourly, daily, or monthly wage employers may legally pay to employees or workers. Minimum wage is the most commonly used wage in the United States. Minimum wage has been an ongoing conversation for over a hundred years because people in today’s economy want to get paid more. People have been fighting for the minimum wage to increase ever since it was established in 1938. The minimum wage during that time was twenty-five cents and the United States increased it during June, 2009 by seven dollars. But, increasing minimum wage has more disadvantages than advantages.

The minimum wage has had an effect upon our economy for over 75 years. When the Fair Labor Standards Act was signed into law by President Franklin Delano Roosevelt in 1938, it set a federal minimum wage, stipulations for overtime, and minimum working conditions for child labor

In the United States, minimum wage has remained at a low number for several years. Minimum wage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimum wage is considered a price floor and the minimum wage laws determine the lowest price possible that any employer must pay for labor. In an economic model, the quantity of supplied is greater than the quantity demanded and the minimum wage is above equilibrium price and quantity. Minimum wage prevents labor supplied and labor demanded from moving