The Effects Of Raising The Minimum Wage

1944 Words8 Pages
Introduction At one point or another, minimum wage is a term that most American people will familiarize themselves with. The topic of minimum wage can sometimes be a particularly controversial one, so it is important that we understand the true effects that this has on our nation’s economy. Before the fall of our economy and the increase in prices of everyday necessities, such as monthly bills, groceries and gasoline, a family could have found it easier to survive off of this wage; however, as the prices continue to rise in today’s economy, it is harder for the working family to “get by”. As of 2015, the national minimum wage is $7.25 per hour or a little more than $15,000 annually and for a working family in today’s economy, it may be difficult. This paper will focus on the effects of raising the minimum wage and discuss how it will affect our economy and the American people. Defining Minimum Wage Minimum wage is defined by Merriam-Webster (2015) as “the lowest wage paid or permitted to be paid” or “a wage fixed by legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons” (Merriam-Webster.com, 2015). This rate will sometimes differ between countries and even some states as well, but this will be discussed further on. In some states, they will have a higher minimum wage law than what is considered to be the “federal” one, so employers must comply with both the state and federal laws,
Open Document