The Minimum Wage Laws Will Secure Prosperity For American Business

1024 WordsNov 11, 20145 Pages
President Calvin Coolidge said once in an address to newspaper editors that the chief business of America was business. Although his remark is often analyzed as the typical overconfidence that may have lead up to the Great Depression, Coolidge’s statement is clearly more valid now than ever. America’s standard of living is deeply affected by its businesses and their success, which translates to a monumental importance of need to ensure they are allowed to flourish. The minimum wage law hinders American enterprises in numerous ways. Ultimately, the removal of minimum wage will improve the country’s standard of living by creating more lucrative businesses and also by helping citizen’s needs to be met. Dismantling minimum wage laws will secure prosperity for American business and in turn improve the standard of living for Americans. According to the U.S. census bureau and the U.S. Bureau of Economic Analysis, or BEA, the American trade deficit has been increasing since a peak in about 2009. Robert Scott, director of trade and manufacturing policy research at the Economic Policy Institute, believes that a negative correlation between wages and American trade deficits may be an important factor to notice. In The U.S. Trade Deficit: Are We Trading Away Our Future?, Scott demonstrates the existence of the relationship between wages and GDP percentage with a graph showing how between the years 1947 (which was when America was the “leading export powerhouse”) to 1997. The deficit

More about The Minimum Wage Laws Will Secure Prosperity For American Business

Open Document