that is being debated across the country is raising the minimum wage. Minimum wage is the lowest pay you can legally give to workers. The minimum wage is currently $7.25 an hour. There are some people that think the minimum wage should stay the same. Others think that is too low‚ and they want to raise it. However‚ research shows that the current minimum wage is high enough to live a normal life with essential needs. If minimum wage is raised then the effect will be huge. The economy will go down
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Why Raising Minimum Wage To 15$ An Hour Is Bad For The Economy The minimum wage is the lowest wage permitted by law or by special agreement‚ but as of late many minimum wage workers have been complaining about their low wage of 7.25 an hour. Many people also believe that the low minimum wage is the reason why a lot of people are in poverty and why there are so many poor people. Common sense would have you believe that if you raise minimum wage you raise the standard of living and you bring people
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minimum wage has been around for quite a while. If increasing the minimum wage helps every one‚ no one would oppose an increase. In your opinion‚ who are helped and who are hurt by an increase in the minimum wage? In my opinion‚ more people are hurt by a minimum wage increase than are helped by it. Increasing the minimum wage helps some low wage workers in the short run but is detrimental to the majority of society in the long run. An increase in the minimum wage helps some low wage workers
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a debate on the subject of a statutory minimum wage. Different parties have different point of views about it. The unionists believe setting a higher amount can help to reduce the continuously increased wealth gap in Hong Kong‚ but the businessmen worry that it will increase the operating costs of their businesses. I will discuss the pros and cons of a statutory minimum wage in the following paragraphs. For the advantages‚ firstly‚ a minimum wage can force employers to offer reasonable salaries
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The minimum wage today is less than what it was over thirty years ago. The minimum wage as of today is around seven dollars and fifty cents every hour worked. If you add up how much that would make a year‚ it would equal around 14‚000 to 15‚000 dollars a year for full time workers. For some family’s‚ seven dollars and fifty cents is the only income they receive. The amount made from minimum wage lies on a thin sheet of ice and just right below is poverty. Increasing the minimum wage would beneficent
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State of the Union address‚ Obama advocated for increasing the federal minimum wage to $9 per hour. The timing of Obama’s speech comes at a time when income inequality has become the biggest economic issue in the United States of America. During the Great Depression‚ The United States of America designed a minimum wage as part of the Fair Labor Standards Act. Since its inception‚ the government required minimum wage has grown from 25 cents to $7.25 per hour. Unfortunately‚ the erosion of consumer
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suffering due to the fact that the minimum wage isn’t going up. Prices are increasing over time and it’s making people struggle to be able to pay the bills. A minimum wage is the amount of money that people earn from working. We are talking about minimum wage because some people think it would be a good idea if it went up. Some people say it shouldn’t because things would get worse. Things that have been going on about this topic is that if the minimum wage goes up it will support families who most
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Statutory minimum wage regulation was first introduced in New Zealand in 1894. Some attempt to control wages had been present since policymakers started believe that the market wages of labour was unfair to the workers. Minimum wage laws dictate a lowest hourly or monthly wage rate that employers may legally pay to workers. For instance‚ the Minionion government had set a new minimum wages rate of MS900 which intend to ensure that the basic needs of the workers and their families are met. Since that
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The second fallacy that was enlightening was how minimum wage works. In this crazy year before the next presidential election‚ minimum wage has become a hot button issue. The problem with politics is that no one ever explains the economics of minimum wage. They just throw out policy ideas without actually informing the voting public on how they came to a conclusion. After learning about supply and demand of work force‚ it finally cleared up all the misinformation that I have heard. The greatest thing
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Minimum Wage Good or Bad Rachel L. Hathaway Professor Myung Han Economic Problems and Issues – ECO 40500816 March 15‚ 2009 Whether minimum wage is good or bad‚ has been an ongoing debate since before 1938 when the government set the first federal minimum wage at $0.25/hr thanks to the Fair Labor Standards Act. The federal minimum wage is currently at $6.55/hr with yet another increase to come July 24‚ 2009 to begin the federal minimum wage up to $7.25/hr. Minimum wage was ideally set
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