Minimum Wage Of The United States Of America And Australia

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.

Fast-forward to the present, year 2016, and the federal minimum wage is still in tact. It stands at $7.25 now. The minimum wage in America has always been a topic of controversy. Whether it is fair or not. Whether it is enough to live off on in America

The current U.S. Federal Minimum Wage is $7.25 per hour. In just two years from 2013, the demanded from advocates for raising minimum wage rose from $9 to $15. However, raising the minimum wage is more complex than simply raising the number of federal standard of pay for employees. Relative control groups and other market activities play a part in the outcome of the minimum wage. For example, one instance of market activity was observers said that raising the minimum wage did not hurt individuals; however, wages were raised during an economic downturn so the impact of minimum wage was masked by other activities. Federal Minimum Wage is pressing topic and it is important to consider the pros and cons to raising it, to ask what people and how people are affected, and to look further into the microeconomic theoretical framework of wages surrounding the topic.

Minimum wages across the United States differs based on region. Most states including Alabama, Louisiana, Utah and Tennessee enforce the federal minimum wage which is $7.25. The District of Columbia, Washington, Massachusetts and California have the highest minimum wage rates at $11.50, $11.00, $11.00 and $10.50,

Minimum wage was created in the year of 1938 with the pay of twenty-five cent an hour. Minimum wage was created with the intent to support the minimum of living and limit the severity of poverty. The national minimum wage rate is seven twenty-five per hour. There are opposing sides in the debate to raise minimum wage. The debate for raising minimum wage is apparent. “Economists argue about minimum wages” by the Economist and “The argument against raising minimum wage” by Huppke, each have important information and details pertaining to the argument. The raising of minimum wage may in turn

The minimum wage is the least amount a worker can be paid at a job, by federal law. The present minimum wage is set at seven dollars and 25 cents. The wage can be determined by votes of the public or the average living cost.

Workers from around the world no matter the culture, country, or type of job believe that increasing the minimum wage would solve individual financial problems. It is important to know that this subject is not a black-and-white problem and can not be answered by a simple yes or a no answer. This article will be focusing on the minimum wage in America. Furthermore, we are focusing on the State 's minimum wage rather the Federal minimum wage. It is important to understand that the state 's minimum wage is different than the Federal. In some states it may be higher or lower than the Federal, and other states in comparison. Although increasing a state 's minimum wage would have a positive effect on individual workers, it may have a negative and long-lasting effect on the state’s cities and its economy.

“No person can maximize the American Dream on minimum wage” (Todd). For several years, minimum wage has been an issue among the citizens and politicians in agreeing on the exact value. This is based on the reason that minimum wage determines living standards for the population as well as the economy of a country at large. Minimum wage is regarded as the lowest level of remuneration that employers are needed to pay their workers under various legal jurisdictions. Currently, almost every person in the US including the wealthy, middle income and the poor have a great urge for having an increased pay per hour due to the current economic demands. Therefore, based on the needs of the populations and looking at recent economic studies and research,

The first minimum wage law was implemented in New Zealand and Australia in the late 1900s. In 1940s, George J. Stigler founded the first standard model of minimum wage. The model predicts that the minimum wage system. It set above equilibrium wage level, would create unemployment because some previously employed labors lose their jobs while some find it is not worthwhile to work at the minimum wage that is above competitive wage (Stigler, 1946, p. 361). Ehrenberg and Smith define the minimum wage as a policy that compels the employers to increase wages paid to all low-wage employees (2006). According to Lee, minimum wage is the minimum level of payment recognized by law for work performed (Lee, 2002, p.1). However, the fact remains that a minimum wage has social and economic effects, the dynamics that will be discussed in this paper.

In this paper I will introduce the concept of minimum wage and a few of the laws that govern wage rates within the United States. I will also discuss some of the idea of both the support and opposition to minimum wage. I will also introduce some United States companies who have made the decision to raise their own minimum wages, why they made the decision to do so, and the changes and expectations they have as a result. Raising minimum wage for a company is not easy, and what to raise it to is harder, but for many companies, it is a good idea. In this paper, I will explain why.

The problem addressed in this dissertation, is that the minimum wage in the United States (U.S.) significantly impacts the quality of life of millions of citizens. The current wage levels, limits low income workers’ ability to meet basic necessities. Despite the economic arguments against increasing the minimum wage levels, it is not practical for low income earners to endure a poor quality of life. Although, the impact of increasing the minimum wage, will increase the supply of labor, while decreasing the demand for it. However, the effects of low wages, impacts the economy, and policy makers have to recognize the short and long term consequences. While policymakers decide on whether or not to increase wages, the low income workers are held

Minimum wage has become a major part of the conversation on labor. The base hourly rate in this country is something that has been raised to $7.25 federally and can become as high as $9 in some states. This is important social policy because it deals with the distribution of wealth particularly with lower class workers. Part of the discussion about minimum wage is whether or not someone can make a decent living on it. Talks of subsidization and supplementation have always surrounded minimum wage talks. The idea is to make sure that on a full-time schedule at minimum wage, someone can afford housing, food, and clothing. With those things taken into account, lawmakers have debated whether or not to raise

Minimum wages are a very important aspect when it comes to evaluating the economic health of a country. The minimum wage is the one detail in a country’s economy in which many low class families take into consideration. There are many families that struggle with having to buy groceries and being able to purchase items that the children require for schooling. As mentioned earlier on, the minimum wage is a substance in which many people of America live off of and hope for an increase in pay. Humans are constructed from proteins, carbon, and other scientific elements, but not require money as to make one human. The need for money in one’s life has increased over the course on this nation’s existence.

Minimum wage is the lowest or minimum compensation for workers by their employers. As such, it has a noticeable impact on the economy through various channels including standard of living, business efficiency, wage and income inequality, etc. Although minimum wage has many positive effects such as increasing the standard of living as well as reducing inequality, there are also many drawbacks to having a minimum wage such as inflation and unemployment. This paper will attempt to determine the influence of having a regulated minimum wage has on the economy.

Minimum wage is a difficult number to decide on because it affects different income earning citizens in different ways. According to Principles of Microeconomics, by N. Gregory Mankiw, minimum wage is a law that establishes the lowest price for labor that and employer may pay (Mankiw 6-1b). Currently, the minimum wage in the United States is $7.25 per hour. For many years politicians and citizens have argued on what should be the minimum wage that would benefit the economy and society in general. A minimum wage was first established in 1938 to increase the standard of living of lower class workers. To discuss what is better for the country and its citizens, people have to understand what is a minimum wage and what are its effects.