Paper Is Minimum Wage a good idea? Introduction / Thesis Statement: 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
Is Raising The Minimum Wage a Good Idea? Many people may believe that raising the minimum wage is a great idea. An employee making federal minimum wage is below the poverty level. But could it be that a decrease in, or not having a minimum wage at all, would be better for the economy? The government shouldn’t decide how people run their own businesses. It’s not even constitutional. Amendment X of the constitution states “The powers not delegated to the United States by the Constitution, nor prohibited
The Effects Minimum Wage on the Economy The controversial topic about increasing minimum wage is debated countless times over the years. Minimum wage is the lowest wage an employer can pay an employee permitted by law. The contemporary federal minimum wage is $7.25. Minimum wage applies to all domestic workers but teenagers are the main receivers of minimum wage. Minimum wage has a major effect on the economy. The question is are the effects positive or negative. There are many arguments on whether
Increasing minimum wage has always been a tipping scale for the economy and the public because there are issues about it causing more harm than doing any good. Increasing minimum wage is supposed to help everyone especially the ones in poverty or low-income families. Increasing minimum wage is also a way to get more workers in the job place or give the workers a little more pay. But on the other hand, it could cause problems in the business industry. Such as increasing the prices and decrease in
than triple the minimum wage. If the minimum wage is increased, it would eliminate people’s incentives to improve. On top of that, inflation would occur, and poverty would virtually stay the same. In addition, raising the minimum wage would bring on hardship for small businesses. Of course, one may argue that the minimum should cover the cost of living, but people should have to work for their money. The minimum wage should not be raised in the United States. If the minimum wage were to go up, people
Three-quarters of Americans favor a higher minimum wage (Smith). Although so many favor raising the federal minimum wage, it is still a highly debated topic in today's politics. The federal minimum wage was enacted in 1938 as a result of Franklin D. Roosevelt’s New Deal. One of the main goals of minimum wage was to establish a standard living wage for employees. However, over time this living wage has turned into a starving wage. The federal minimum wage should be raised because it has not kept up
the state of being extremely poor. The United States minimum wage is $7.25 an hour. For the average family of two working adults and two children the U.S. poverty level is “$24,037” (Nadeau 1) per year. “45 million” (Gongloff 1) American citizens are living below the poverty line as of late 2014, because the federal minimum wage isn’t enough to support their basic needs. Increasing minimum wage would reduce poverty because the federal minimum wage isn’t enough to comfortably support a family as things
Kirkpatrick 27 November 2017 Minimum Wage “I don’t know of a single economist who disagrees that when you raise the minimum wage, you kill the jobs of the poor,” (Newt Gingrich). Minimum wage is the bare minimum amount of money a person can make while working. Minimum wage was first introduced by the law created in 1938 called the Fair Labor Standards Act. This new law introduced the first minimum wage salary, which was $.25 an hour. Since then, the minimum wage has risen slowly, and today, it
The Federal Minimum wage was implemented by president Franklin Roosevelt in 1938. Minimum wage was set at $0.25 at this time to help the people sustain a happy healthy and efficient life. In today's society your gonna need more than $0.25 an hour to live, better yet survive. That’s why the bare minimum wage today is at $7.25 per hour. Through the years the world has advanced and prices have increased this is why minimum wage has been increased since that time and is still changing. This may be the
What are the Effects of a Minimum Wage Law? A minimum wage is the lowest amount of money per hour that the government of the country assigns employers to pay their employees. The minimum wage is based on an idea that the employers have a responsibility for their employees to live in a reasonable standard of living. The minimum wage laws have directly effect to most industries because of the potential of decreasing their budget. As a result, the minimum wage is still an issue that people research