The Minimum Wage - 766 Words

There have been multiple debates on whether or not the minimum wage should be raised. Minimum wage can produce an impact on everyday life more than most may think. It is not just about more money in a person’s pocket; it can affect the economy in multiple ways. Many people think it would be a good idea to raise the average minimum wage, but they do not understand or take the time to think of the disadvantages. The minimum wage is the least amount a worker can be paid at a job, by federal law. The present minimum wage is set at seven dollars and 25 cents. The wage can be determined by votes of the public or the average living cost. Before the Fair Labor Standards Act, corporations were free to choose any pay rate of their choice. This†¦show more content†¦Another disadvantage to a rise in pay includes the possibility that some people may lose their government benefits due to their new annual income, such as food stamps or health insurance. The loss of federal and state aids could produce a greater hardship on people and their families than the preexisting minimum wage. For those who have already earned a higher pay due to noticeably hard work or time spent working for a company, the raise of minimum wage would cause the experienced workers to demand more. If the company is already struggling to pay the difference of the raised minimum wage, there will be no option but to either refuse the request of an experienced worker or fire employees. Even though workers have dreamed of a pay raise for years, it has been concluded that the money will not be coming very soon. It is expected to be a few years until an increased minimum wage could be developed (Mcgeehan). This does not include all of America due to larger cities usually having higher wages. Some states have more of a demand due to the different living conditions and different prices of products. Smaller towns have been known to produce smaller prices for average pro ducts due to supply and demand. This means the ratio of pay to living expenses averages out. The outcomes aren’t all bad. There are also some goodShow MoreRelatedMinimum Wage And The Wage1639 Words   |  7 PagesMinimum wage is one of the many microeconomic policies that serve to correct imbalance in the economy. It is defined as the lowest amount of remuneration required of an employer to pay his employees during a given period of work. There exist different laws in different states that can fix the minimum wage policy. A current economic issue is minimum wage, or specifically, its pertinence to social inequality. Many sectors of society would be affected by changes in this policy. Minimum wage relies onRead MoreMinimum Wage And The Wage960 Words   |  4 Pagescountry, or type of job believe that increasing the minimum wage would solve individual financial problems. It is important to know that this subject is not a black-and-white problem and can not be answered by a si mple yes or a no answer. This article will be focusing on the minimum wage in America. Furthermore, we are focusing on the State s minimum wage rather the Federal minimum wage. It is important to understand that the state s minimum wage is different than the Federal. In some states it mayRead MoreMinimum Wage And The Wage1176 Words   |  5 Pageswork weeks at minimum wage can be insufficient to provide for life’s necessities. Many minimum wage workers must supplement their income with taxpayer-funded federal assistance programs in addition to working beyond the standard 40 hour work week. There is an economical and ethical imperative to increase the pay of low-income workers, and this can most effectively be done by raising the federally established minimum wage. The federal government assumed responsibility for ensuring wage fairness by implementingRead MoreMinimum Wage And The Wage916 Words   |  4 PagesEliminate the Minimum Wage Darity Has described minimum wage as: â€Å"Minimum-wage legislation has been to improve the terms of employment of the least-fortunate wage earners.† (Darity) Since the beginning of minimum wage laws in 1270 France the intentions of minimum wage legislation has been good. The idea is that a worker is worth a certain amount regardless of the work they are able to do. One can see how this could create inefficiencies in an economy. The law was meant to help poor families.Read MoreMinimum Wage And The Wage Essay1208 Words   |  5 Pages Minimum wage requires paying every employee a specific wage regardless of the employee productivity. It is the responsibility of the government to set the minimum wage. To understand this, a biology analogy can be used: some animals are stronger compared to others. In economic perspective, some people are relatively unable to deliver compared to others. Among them include, disabled, unskilled, and the youth. Due to their low productivity, th ey are entitled lower wages corresponding to their effortsRead MoreMinimum Wage And The Wage Essay1728 Words   |  7 PagesRoyer Political Science 120 7 November 2016 Increase Minimum Wage Introduction The United States’ minimum wage has been a concerning issue amongst the low wage earners because of the amount they earn is not enough for them to live on their own. Therefore causing the citizens who earn minimum wage to have an impossible time finding a place to stay and expenses for daily survival. Increasing the minimum wage will solve the issues that the minimum wage earners make, thus increasing the chances of survivalRead MoreThe Wage Is The Minimum Wage1098 Words   |  5 PagesEnglish 9 6/5/16 â€Å"The minimum wage is the minimum hourly wage an employer can pay an employee for work. Currently, the federal minimum wage is $7.25 an hour (part of the Fair Labor Standards Act) and some states and cities have raised their minimum wage even higher than that.† minimum wage was first introduced during the great depression in 1930s. Before it was introduced thousands of people were forced to work in horrible conditions for pennies a week. Early attempts on minimum wage was ruled unconstitutionalRead MoreMinimum Wage And The Wage1437 Words   |  6 Pages Minimum wage was established on October 24, 1938 after President Roosevelt signed the Fair Labor Standards Act. (Grossman) Minimum wage was set to allow working class citizens an opportunity to work a reasonable amount of hours for pay that would enable individuals to maintain a minimal quality life. In today’s economics minimum wage is used as a price control or price floor that the government enforces. A price floor is a minimum price for a product or service above the market’s equilibrium priceRead MoreMinimum Wage And The Wage Essay1204 Words   |  5 PagesThe minimum wage is one of the most controversial issues on our country, which is United States has been facing last ten years. There have been never ending debates over this issue until the government, company, and others party stand together, and raise the minimum wage throughout the nations. There are communities that believe raise the minimum wage has negative impact of every sector of the country. Other communities have different beliefs over the issue, raising the minimum wage helps the poorRead MoreMinimum Wage And The Wage1269 Words   |  6 PagesMinimum Wage There are a lot of people around the world who struggle with money and a satisfactory way of life. Whether they be in the United States or across the globe, there is a standard minimum wage set for the working class of their country. In the Unites States, there is a federal minimum wage of seven dollars and twenty five cents per hour worked. Almost every state has another set minimum wage, which typically is a little higher than the federal minimum wage, but it cannot be lower than