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The Pros And Cons Of Minimum Wage

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The Pros And Cons Of Minimum Wage
Minimum wage is a common economic principle that influences and impacts social and individual are government policies. The term can be defined as, “the lowest level of earnings for employees set by a government. Many nations across the world have adopted a minimum wage policy to ensure can maintain a minimum quality of life. Over time many nations have seen both positive and negative effects from this policy. The minimum wage concept has been around for a very long time. The first signs of this approach can be dated back to 1894 in New Zealand, according to the Organization for Economic Cooperation and Development. This theory was introduced to the United States in 1938 in response to the Great Depression and offered workers a guarantee …show more content…
Workers with minimum wage jobs benefit because they tend to be at the lower end of the pay scale, according to in the SmartMoney article: Winners and Losers of the Minimum Wage Hikes. We also see part-time workers making minimum wage are often offered a full-time opportunity, which also tend to help save an employer the cost of hiring and training new employees. From a business perspective, without a minimum wage, it would is difficult for small businesses to budget their money. With a minimum wage in place, a small business owner knows what they will be expected to pay per hour and he can create new jobs with their company based on this budgeting information. The minimum wage also makes the hiring process easier for young or unskilled workers and employers. When the worker knows upfront what kind of wage they can expect, and the employer does not have to go through the process of negotiating a wage with a new employee. In conclusion, raising the federal minimum wage is a bad idea. Today, according to George Will of the Washington Post, most of the working poor earn more than the minimum wage, and of that percentage, workers earning the minimum wage are not poor. We see that one in five workers earning the federal minimum lives in families with earnings below the poverty line whereas, sixty percent work part time, and their average household income is well over …show more content…
Economics Help: Minimum Wages
[ 2 ]. Organization for Economic Cooperation and Development.
[ 3 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 4 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 5 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 6 ]. The Heritage Foundation: The Economic Effects of Minimum Wages
[ 7 ]. U.S. Department of Labor Wage and Hour Division: Minimum Wage Laws in the States
[ 8 ]. U.S. Department of Labor Wage and Hour Division: Minimum Wage Laws in the States
[ 9 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 10 ]. The Heritage Foundation: The Economic Effects of Minimum Wages
[ 11 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 12 ]. Economic Policy Institute: The Impact of the Minimum Wage
[ 13 ]. The Minimum Wage: The Benefits of Raising the Minimum Wage
[ 14 ]. Economics Help: Minimum Wages
[ 15 ]. The Minimum Wage: The Benefits of Raising the Minimum Wage
[ 16 ]. SmartMoney article. Winners and Losers of the Minimum Wage Hike. Lisa Scherzer
[ 17 ]. The Right Minimum Wage: George Will. Washington Post
[ 18 ]. The Right Minimum Wage: George Will. Washington
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