Taking a Look at Minimum Wage

Using this approach causes a substitution effect, because the firms increases the use of capital (robots) and decreases the use of labor. However, in order for the employer to use this approach they must firstly have the financial resources to adjust their operations.

The articles "Rethinking Work" and "Higher Minimum Wage" has many differences but also some similarities. A difference is in rethinking work it talks about people hating work and in minimum wage it talks about people liking work if they got paid more. This shows how different they are because one is supporting that people don't like to work and the other is saying people do like to work. A similarity that they share though is that If people get paid a little money they will be less willing to work than if you paid them lots of money. It shows that even though the two articles are different they have a connection to each other. Another difference is that they are based around different themes. Rethinking work talks about people not liking

This of course is far from the reality. New workers needs to be trained and be accustomed to doing a certain job. While he or she is on this stage the production level goes down which mean lower profits for the company.

Ira Knight, who is an author of article “Let’s Make the Minimum Wage a Living Wage”, expresses an opinion that increasing the minimum wage would help all struggling workers and at the same time improve U.S economy. On the other side, Janice Steele in her article “Keep the Minimum Wage Where It Is” argues that raising the minimum wage would have bad effects on workers, consumers and small businesses. Ira Knight’s article seems to be the stronger of the two positions because her arguments are based on several recent studies, and last but not least, she had a personal experience with the minimum wage job.

The people of America need to afford to live. Millions of minimum-wage workers today live in near destitution. Minimum wage workers are not paid nearly what they should be to survive. The minimum wage being raised to fifteen dollars an hour helps the U.S. economy, reduces the number of people in federal assistance programs, and is supported by the majority of U.S. citizens.

In summary rather than a minimum wage we should create a system where if you have a husband/wife/kids you get paid more than someone who doesn’t. This would hopefully get rid of the inequality in the U.S. thus allowing everyone to afford “good” food forcing farmers to stop putting chemicals in their products because of the low demand. Also I believe giving people an incentive to begin growing their own food would also help our environment greatly some examples of incentives for growing your own food tax reductions, you could sell your food to help fund your garden.

Barbara Mantel “Minimum Wage” According to Barbara Mantel she point out that nearly 47 million Americans, or 15 percent live in poverty according to the U.S. Census Bureau. Many opponents argue that raising the minimum wage will help many low-wage workers from middle class household who are employed part time many supports say many of those household who are struggling financially and would be group as poor if it was not for the government assistances. Further, many workers who are making minimum wage are employed in the food-services industry than any other according to the U.S. Bureau of Labor Statistics. However, many advocated imply that raising the federal minimum wage would help the low-come families by decreasing poverty rate and increase

Six years after the end of the 2008 recession, the pay for American workers remains at the same rate as when the recession began. Low wage jobs have dominated the job growth associated with the post-recession recovery. The federal minimum wage of $7.25 per hour remains decades out of date. “The federal minimum wage has lost more than 30% of its value and would be more than $10.59 per hour today if it had kept pace with the cost of living over the past forty years”. (“Fair Minimum Wage Act of 2013, 2013).

Raising minimum wage has been an ongoing issue for many years. Similar to every debatable issue, pros and cons are inevitable. In the United States, minimum wage started when the Fair Labor Standards Act of 1938 (FLSA) was passed and minimum wage started at 25 cents per hour. The purpose of setting a minimum wage is to set a maximum workweek and to eliminate child labor. It is defined to be the least amount of money employers are obligated to pay their employees by law. As the years passed, the minimum wage began to increase to accommodate the growing economy. Although the wage has increased from a mere 25 cents per hour to $7.25 over the course of 75 years, living expenses are much higher causing many people to be poverty stricken (Debate.org). President Obama proposes raising the minimum wage, so that it would help minimize the income gap in America. However, most business organizations and the Republicans oppose to the idea, saying that it could potentially lead to more economic problems. While both sides have valid points, which one provides a more compelling argument? In the United States, the minimum wage should be raised in every state; therefore workers can have a more comfortable standard of living, lower the poverty line, and minimize the income gap.

The government has set a minimum wage for labor market, businesses are forced to pay the least amount. An individual working full time only earns $15,080 due to the minimum yarn of $8.05 per hour, this is below the federal poverty level for a family of two. They will have a difficult time supporting a household. With minimum wage it is not enough to pay bills like energy, water, cable, health insurance, and our necessities. As a student, I know minimum wage is not enough to pay school owns or tuitions, that is the reason why most students are in dept. Many people will get a second job. Even though having two jobs to support their family and household, it is still not enough with minimum wage. We all have responsibilities and many bills to pay.

The issue of the minimum wage has recently come to the forefront of the debate on social policy. There is much disagreement over the wisdom of an increase in the minimum wage in the current fragile economic recovery. Some argue that a dramatic increase is what is needed in order to lift the standard of living for those in the bottom of the economic pyramid. Economists reason that the basic principle of supply and demand mandates than an increase in the wage would result in the loss of available jobs. Small businesses maintain that it would spell their doom.

A huge controversy has been raised by the rise and fall of the set rates for minimum wage within many states in the US. Many people believe that the rate should be raised and some believe that the rate should remain or even decrease. If the minimum wage rate was heightened, then there would be more high school dropouts, prices would heighten, and fewer people would have jobs.

Competitive product markets place financial pressure on an organization and challenges its ability to attract and retain qualified employees. Increased competition creates pressure to do faster, better and cheaper. These added pressures place a strain on the employee population. In a climate epitomized by strong competition between organizations accompanied by a

Critique: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania

Employee turnover is the difference in the rate of employees leaving a company and new employees filling up their positions. Nowadays, it is becoming a major problem among most of the companies, especially in low paying jobs or jobs where workers are not proactive about their job. There are many aspects that play a significant role in the employee turnover rate of a particular company. Such aspects can stem from both the company as well as the employees. The employers generally give more importance to the employee turnover rate, as it is a very expensive aspect of the business.