Economics Of America s Minimum Wage - 956 Words

Six years after the end of the 2008 recession, the pay for American workers remains at the same rate as when the recession began. Low wage jobs have dominated the job growth associated with the post-recession recovery. The federal minimum wage of $7.25 per hour remains decades out of date. â€Å"The federal minimum wage has lost more than 30% of its value and would be more than $10.59 per hour today if it had kept pace with the cost of living over the past forty years†. (â€Å"Fair Minimum Wage Act of 2013, 2013). In November 2013, New Jersey became the 20th state to establish a minimum wage higher than the federal wage raising the hourly rate to $8.25 from its previous amount of $7.25. According to a poll taken by the Pew Research Center, Americans are in favor of increasing the minimum wage by a wide margin (71% to 26%). (The Complex Economics of America’s Minimum Wage, 2013). The statics prove that there was a large margin in regards to the results, but was there any logical thought process put into that vote? Or did Americans just hear ‘pay increase’ and jump the gun? We all want to help others. It’s part of our human nature. So why not raise the minimum wage and help these people living on the poverty line to provide a little extra for their family? It sounds like the right thing to do. But is it really helping? The ethical, legal and political standpoints on the minimum wage increase are complicated at best. Throughout this paper you will be informed on both sides of theShow MoreRelatedIncrease Of Minimum Wage Increases Economic Woes1129 Words   |  5 PagesIncrease of Minimum Wage Decreases Economic Woes An issue that has been debating throughout centuries is whether or not America should increase the minimum wage. This is an issue that has been arising to be relevant to pboeople all over the nation. Researches have provided logical facts and statistics on how increasing the minimum wage would be the solution to America’s debt. Increasing the minimum wage has also been successful in several countries including Germany. Studies have shown that decreasingRead MoreAmerica Should Increase The Minimum Wage1117 Words   |  5 Pageswhether or not America should increase the minimum wage. This is an issue that has been arising to be relevant to people all over the nation. Researches have provided logical facts and statistics on how increasing the minimum wage would be the solution to America’s debt. Increasing the minimum wage has also been successful in several countries including Germany. Studies have shown that decreasing the minimum wage is unlikely to solve any economic woes. While when we increase the minimum wage it benefitsRead MorePersuasive Essay Outline :Minimum Wage964 Words   |  4 Pages Persuasive Essay Outline :Minimum Wage 1 Intro - I want you to think about your very first job .Were you a Bellhop ,cashier ,bartender ,cooks(fast food ),lifeguard, .Now how about your second job were you a airport worker or child care worker.About how much were youRead MoreFederal Minimum Wage Should Be Increased1180 Words   |  5 Pagesto come to conclusions that the federal minimum wage is excessively low. The government can stand to help people gain more money, resulting in a less poverty-stricken country. The cost of living or gaining has increased significantly over the past twenty years, and the minimum wage, for most isn t enough for them to support themselves. There have been efforts to increase the federal minimum wage, but none has succeeded in getting approved. Minimum wages are too low for a human, to provide forRead MoreThe Case For A Higher Minimum Wage1659 Words   |  7 PagesHigher Minimum Wage In 1938, the Federal Government established a minimum wage through the Fair Labor Standards Act, during the Great Depression. Its stated purpose was to keep American workers out of poverty and increase consumer purchasing power to help stimulate the economy. President Franklin Roosevelt, understood that the minimum wage should be a living wage, he stated â€Å"by living wages, I mean more than a bare subsistence level — I mean the wages of a decent living.† Today, the Minimum wage is criticalRead MoreEssay on Minimum Wage is The Bare Minimum1018 Words   |  5 PagesMinimum Wage: The Bare Minimum They work hard every day; they stock our store shelves, wash dishes at our restaurants, clean our offices at night, care for our kids during the day...They have in common the minimum wage. And they need a raise, and as you saw, they deserve a raise (Clinton). President Clinton made this speech on the south lawn of the White House at 10:30 a.m. on the 8th of March 2000. He argued for the minimum wage hike to go into effect. He argued for the populationRead MoreThe Issue Of Income Inequality And Minimum Wage1179 Words   |  5 Pageswhile the economic situation in the United States is much better than that of China or India, money, or the lack thereof, is one of the biggest issues plaguing the Unites States of America. One of the key issues that have risen in recent times on the media is the widening wage gap between the rich and the poor, and the debate on whether or not an increase in minimum wage could solve the problem. While the whole nation would like to solve the issue of i ncome inequality and minimum wage, the focusRead MoreMinimum Wage Regulations Strike At The Very Heart Of The Free Enterprise System1526 Words   |  7 Pagesprice control, minimum wage legislations strike at the very heart of the free enterprise system. The father of economics, Adam Smith explained in his masterpiece, â€Å"The Wealth of Nations†, that â€Å"the price system is the communication mechanism that coordinates, motivates, and harmonizes the actions of consumers and entrepreneurs†. His renown metaphor and philosophy of the â€Å"Invisible Hand† captured the idea that free-market pricing system molds individual self interest into extensive economic bettermentRead MoreThe Minimum Wage Act Of 20071607 Words   |  7 Pages Introduction In 1938, the first national minimum wage laws in the United States were passed as part of the Fair Labor Standards Act, which served as â€Å"a floor below wages,† to reduce poverty and to ensure that economic growth is shared across the workforce. Today, many people who work for companies that pay at or near the minimum wage and remain near or below the poverty level rely on government health and food security and income programs to supplementRead MoreDispute over Minimun Wage1281 Words   |  6 Pagesgovernment of our age has broken their social contract. Minimum wage is a disputatious issue because it is contested in an array and discriminatory audience. Minimum wage I believe is the epicenter of the economist’s sphere of interest as he in constantly in hot pursuit in finding its relationship with job loss. President Bill Clinton’s administration proposed in 1993 that it had intentions to have an increase in the minimum wage in America. The liberals applauded the step in good faith whilst their