Minimum Wage Is The Minimum Amount Of Compensation An Employee

There are a lot of people around the world who struggle with money and a satisfactory way of life. Whether they be in the United States or across the globe, there is a standard minimum wage set for the working class of their country. In the Unites States, there is a federal minimum wage of seven dollars and twenty five cents per hour worked. Almost every state has another set minimum wage, which typically is a little higher than the federal minimum wage, but it cannot be lower than seven dollars and twenty five cents. Countries set minimum wage laws, to ensure there is a basic quality of life amongst its citizens. As the minimum wage goes up in certain states, the quality of life also improves. The problem with a higher minimum wage, is now people are getting paid higher for entry level jobs which are meant for teenagers and people new to the workforce. If the minimum wage keeps increasing across the country, teenagers and young adults will have a much more difficult time finding jobs.

The controversy over what to establish as the official minimum wage in the United States has been debated and argued over for many years. Due to inflation, the gradual increase of pricings due to a saturation of printed currency, the minimum wage for workers has to be increased in order to compensate for the ever-fluctuating value of the U.S. Dollar. Many today are rising to the conclusion that a minimum wage of fifteen dollars an hour is necessary. This motion is designed to keep those who have minimum wage income out of poverty and to increase the amount of money in the consumer’s pocket overall. However, this particular increase in minimum wage will lead to the inevitable downfall of the United States’ economy and be a catastrophe for the working class.

For many years, there has been an ongoing and strong debate in the United States on whether or not minimum wage should be raised from $7.25 an hour to over $10.00 an hour. Minimum wage is the lowest amount a company or employer can pay their employees. Many argue that the benefits of raising minimum wage surpass the negatives, yet many also disagree. But as a whole, the benefits of a higher minimum wage clearly outweigh the costs that come with it. Minimum wage should be raised because it would increase economic activity, reduce poverty levels, and allow for less government spending.

We all need money. We need it to buy food or to pay for bills in adult life. It is a necessity for us to survive in this world. The minimum wage law was introduced in 1938 during the Great Depression as part of the Fair Labor Standards Act. These laws require employers to pay an employee nothing less than a set amount . The first wage set was 25 cents per hour, and recently in 2009 to $7.25. Congress only raises the minimum wage when the economy is healthy, mainly when there is low unemployment (Sherk). Ultimately they should not increase the federal minimum wage. It hurts the less fortunate, it keeps people below the poverty line and creates unemployment.

What is minimum wage? It is the lowest amount that employers must pay their workers per hour of their labor, legally prescribed by federal government. According to Bureau of Labor Statics, United States Department of Labor, minimum wage was first introduced in United States by President Franklin Delano Roosevelt in 1938 called Fair Labor Standard Act (FLSA). The initial minimum wage was set to $0.25 per hour in 1938 (Grossman). The minimum wage was increased twenty-two times from 1938 to 2009. At present, the federal minimum wage has not changed since 2009, and is fixed at $ 7.25 (U.S Department of Labor). The raise of minimum wage becomes a controversial topic among citizen, some people are in favor of raising the minimum wage, while

Raising the minimum wage is a false idea that millions of Americans have; people believe it will put more money in their pocket and will be making more money than he or she is now. This is a wrong accusation to make. The people wanting to raise the minimum wage is the people of lower income levels. If the government raises the minimum wage, the cost of living is going to go up, guaranteed. Many people think that raising the minimum wage will help kids pay for school, when this actually encourages them to drop out early in the pursuit of money.

In the summer of 2014, legislature intended to raise the current minimum wage floor of $7.25 in the United States stalled in Congress. As the November election approaches, many Democratic senate members are placing the issue of minimum wage at the forefront of their election campaigns, hoping to sway working-class voters in their favor. The issue of minimum wage has become a matter of politics, politics which far overshadow the far more pertinent concern of minimum wage’s economic effects. Minimum wage is a complex issue, and understanding both the benefits and harms associated with minimum wage is critical to making an informed political decision, a decision hopefully substantiated by economics.

Money. Money is how we are able to eat and drink. It is how we stay clothed in different climates. Money is how we have a roof over our head. Money is what we earn from jobs and then, in turn, we recycle it back into the economy. A salary is how we get from point A to point B quickly and efficiently. Money is in a constant cycle of being in one person’s hands, going to someone else’s hands, and one way or another, coming back to the first person. Almost everything in this world can be boiled down to money. And in America, when you are employed, there is a minimal amount of money someone must pay you for your employment. This minimum wage is the base pay rate any American can earn. The minimum wage in America is supportive of the economy

Minimum wage is at a drastically low number. It has been 9 years since the last raise in 2009. The minimum wage is way to low for people to live off of. Minimum wage is essential for businesses to have a starting pay that is enough for people to be able to provide for themselves and their family. America needs to make a stand to raise the wage. The minimum wage needs to be raised in order for people to provide for themselves, for the US to keep up with other world leaders, and in doing so it will only better the economy.

Minimum wage is currently a very heavily debated topic. Many are in favor of raising the current national minimum wage of $7.25 to a more livable wage; suggestions for this increase are anywhere between $9-15 per hour. While the minimum wage has been raised several times throughout the years, it has not been kept proportional to raises in inflation which has led to a decrease in the amount of goods that people are able to buy with those wages, in turn making their economic lives more difficult. Those that are trying to live and survive off of minimum wage are naturally most concerned with this issue as it greatly impacts their life and well-being, however, it is also an issue that concerns the whole nation as raising the minimum wage could end up in higher tax rates or higher prices by way of inflation.

The idea of minimum wage is that workers are guaranteed enough money to live off of. The price of minimum wage is determined by the state, but a federal minimum wage is set. Some states choose to go above the minimum wage, while others, such as Alabama and Louisiana, choose to not have minimum wage at all (Root). Minimum wage is important to society, because it can affect many people’s lives. There are many pros and cons to having minimum wage in the United States. Furthermore, various stakeholders are also impacted by this policy in numerous of ways. Minimum wage is a microeconomics and macroeconomic problem that has many consequences. Therefore, minimum wage has been a great economic issue because of people’s support and opposition to the policy.

Minimum wage is just bad to the economic policy to even start. Its unfair, raises prices, and more. They should not consider to raise minimum wage.“The government has instituted a price control related to wages for labor. This price control is called the minimum wage.” Many citizens believe that by raising minimum wage it will help and improve how the world runs. Will it improve though? I believe that we should not raise minimum wage, not only would it be harmful, it would stop the process of full employment, economic growth and more. Is raising minimum wage really worth all he consequences. Take a look for yourself on the reason being why we shouldn’t raise minimum wage.

Minimum wage is the lowest wage permitted by law or a special agreement that can be applied for an employee. Governments set minimum wage on business for reduced poverty and increases in the standard of living. In 2009 from six dollar and fifty five cents to seven dollars and twenty five cents, minimum wage has increased and has been beneficial up to the minimum wage. In 2014 it will be a dollar up so it is going to be tough. The issue is whether to raise the minimum wage or not. For this reason I think it would be beneficial to the economy if the minimum wage is stay to seven dollars and twenty five because it will decrease the unemployment rate, increase product price and help youth and unskilled workers.

Increasing minimum sounds like a great idea for most individuals in the United States, however making this change is not as simple as one may think. Minimum wage is the hourly amount an employer can pay their employees for the work they provide. These hourly wages are calculated into a weekly, bi-weekly or monthly paycheck. Minimum wage has been a hot topic in Americans and Congress over the past decade that was established by the Department of Labor as a cabinet-level agency in 1913. Many believe the United States have not seen the need to increase wages for workers. The majority of employees is considered to make the average income of a family. They struggle from pay check to pay check and felts it is hard to survive out with an increase

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