Minimum Wage In the United States Minimum Wage is approaching record lows. Even with recent increases inflation is one of the main reasons that workers are being paid less for labor than they were back in the Seventies. There are about 3 million workers in the United States that worked full time year round last year and still fell below the National poverty level. If everyone earns exactly the same amount of money‚ then the income distribution would be perfectly equal. If no one earns any money
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comes with a minimum wage hourly rate. Many teens taking on their first job are willing to take any pay and are therefore satisfied with this rate. The current minimum wage in California is $9 and $7.25 across the United States. The minimum wage must be raised because the cost of living has gone up severely‚ the cost of education has increased‚ and it will save the government money. Since the cost of living has sky rocketed‚ it has become almost impossible to raise a family on a minimum wage job. A person
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The concept of minimum wage is to ensure that employers do not pay wages below the mandated level. However this does not always happen instead this policy ends up hurting these workers and the economy in terms of lower job opportunities. This is because the increase of labor costs keeping all other things constant would eat into the net profits of the company. Therefore in order to offset the decrease in profits‚ the need for low skilled labor decreases and companies look for higher productivity
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The Economics of Minimum Wage One might ask‚ what is minimum wage? Minimum wage is the lowest hourly amount an employer can pay an employee. There may be some exceptions based on the type of worker. There are two kinds of minimum wage rates‚ state and federal. Right now‚ the current minimum wage is $7.25 per hour. In some states‚ minimum wages are higher than the federal rate. Workers are paid the higher amount in those locations. Minimum wage has been a hot subject among the policy makers and
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History of the Minimum Wage · 1938 -- The minimum wage was first enacted into law as part of the Fair Labor Standards Act (FLSA) of 1938. The original minimum wage applied to workers engaged in interstate commerce and the production of goods for interstate commerce. In 1938‚ this applied to roughly 11.0 million workers out of a total of 54.9 million workers. The minimum wage was set at $0.25 per hour. · 1961 -- Amendments to the minimum wage law extend coverage primarily to employees in large
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I believe that minimum wage should be raised. One reason is it would not only be better for the worker‚ but it would also affect the worker’s families in a positive way. If a worker is bringing home more money they will be able to better support their family. They would be able to buy more groceries and necessities that the family would need. Another reason we should raise minimum wage is it would be good for the economy. If a worker were to bring home more money they would be able to spend more
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and evaluate the extent to which it achieves its purpose The minimum wage is the lowest rate at which a worker can be played. There she minimum wage laws pegged to hourly‚ daily and even monthly rates‚ although U.S. law is pegged to an hourly wage. Also‚ a minimum wage law usually makes it illegal for a person to sell his labor for less than the minimum wage rate The general purpose of the minimum wage is to guarantee a living wage to all workers who work a standard period of time‚ whatever that
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for the low-income workers and their families whenever the government increases the minimum wage. The United States Congress adopted the Fair Labor Standards Act in 1938. Congress created the minimum wage toward the end of the Depression era to ensure a "minimum standard oPremium 2048 Words 9 Pages Macroeconomics: Should the Minimum Wage Increase? Should the Minimum Wage Increase? Minimum wage is the lowest wage permitted by law or by a special agreement that can be applied for an employee or put
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Yet Minimum wage has been a continuing matter since its first establishment‚ and it is something everyone faces. Though‚ the recurring problem being brought up again and again is the issue of being underpaid‚ and is the set minimum wage fair? And will raising minimum wage be more beneficial or harmful in the long run? Through its history can society better understand and find a solution to this problem. Minimum wage was not instituted in the United States until the 1920s‚ and the idea of wages being
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The concept of a minimum wage has been around for over a century; New Zealand was the first country to have a minimum wage‚ enacted in 1894. The United States introduced minimum wage during the Great Depression in 1938. (Anderson) A minimum wage is a price floor; this sets a base line wage that companies have to pay their employees. Currently in the United States nearly 75 million people work minimum wage jobs. (Goldstein) In 2004 the federal minimum wage was $5.15 an hour and only 12 states had
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