Many studies show that increasing the minimum wage has little impact on the poor. It determines a lot to the type and kind of job one would choose to perform. Even if you did or did not attend college you know the afflictions that student loans have upon your financial stability in your later on life. In addition to policy enactment, the United States government also has two main economic responsibilities in order to reduce income inequalities among its citizens. With products more expensive, consumers will not be able to afford to buy as much as they normally would, and businesses will start to go under; causing a huge loss of jobs. However, while this is only an inconvenience for the paying customer, it is the difference between poverty and making ends meet for a server. In order to illuminate his view on slavery, Banneker uses biblical pathos, personalized repetition, and blatant irony.
Key expenses, for example, gas and housing prices, have gone up significantly since the minimum wage was last changed in 2007 Wagner 52. It seems good that the government protects your purchasing power by adjusting the minimum wage with respect to the inflation rate. The prospects of this proposed legislation have left workers and liberals alike in Massachusetts rejoicing while employers and conservatives all five of them have balked at the bill. Some argue that if an increase in minimum wage is passed businesses will raise the prices of goods and services to help compensate the cost of pay raises. It is a hot topic in labor, human interest, and especially in economics. Available jobs range in pay from 15 dollars per hour to minimum wage. However, one idea has come up repeatedly in order to spark the economy once more.
Studies have shown that a 10 percent increase in the minimum wage increases the average wage of all teenagers around 2 percent. The minimum wage is a tool that was introduced in the 20th century to protect workers from abuse. Conlin, Michelle, and Aaron Bernstein. The misinformation that is being delivered to the ever growing population of poor individuals provides them with false hope that the extra money that they will be receiving in their paychecks will pull them out of poverty and save them. Minimum wage laws were invented in Australia and New Zealand to guarantee a standard living for all of the unskilled workers at the time. Otherwise, it is possible that the town with the minimum wage increase also had an improvement in business conditions while the other town did not that off set the negative effect of the minimum wage on employment.
All of these workers have respectable paying careers. Their living expense would just be too much. The harsh reality is that minimum wage is not intended to enable people to raise a family to live on. Every time there has been an increase in minimum wage, there was also an increase in the unemployment rate Jaarda 1. Along with recognizing who is actually affected by a minimum wage salary, it is also crucial to understand the economic stability the federal minimum wage accommodates for. Sayour April 16, 2015 The Effects of Minimum Wage The main focuses of this article is the effects minimum wage has on all aspects of the economy in a microeconomics perspective.
Another raise in the minimum wage would, as all the others before it, raise prices for consumers, which would again result in another demand for a raise in the minimum wage. But according to the article The Negative Effects of Minimum Wage Laws, research proves that the minimum wage has absolutely no direct effect on poverty Wilson. They do benefit from a raise as it corresponds to the raise in the cost of living. Its supporters often peddle the minimum wage as a means of economic justice to insure that unskilled workers receive a fair, living wage and are not taken advantage of by employers. The advocates of the increase automatically answer poverty with an increment in wages, a position which leads to the loss of jobs due to automation. However, the minimum wage has gradually been on the decline since 1968 when adjusted for inflation.
The low wage is hurting the economy as a whole because it is squeezing the lower income level so tightly that they have to make choices between paying rent or buying food. Increasing minimum wage overall, decreases available jobs within individual businesses. Today, during these tough economic conditions, workers are simply not going to hire people whose labor produces less than the cost of hiring them. Women have their fundamental right to be paid similarily to men but many factors influence wage gap between men and women. This can be seen within the American education system, such as allowing each state to decide curriculums for graduating high school. Another… the minimum wage was established as part of the fair Labor Standard Act.
Some have children and has to worry about the cost of food, utilities, transportation and other essentials. Unfortunately many people already employed rely solely on a minimum wage increase instead of seeking out ways to make themselves more valuable in our work force. But workers are 10 percent more productive, so employers would need 10 percent fewer workers to produce the same numbers of goods as before indeed, that is what being more productive means. A common reference is Mcdonald 's, the multi-billion dollar fast food company who seems to hire every half of my high school. My Argument As my thesis demonstrates I disagree with the conservative stance. They should not be paid less than the minimum amount which is different for every state in America. It also reflects the inflation rates and the average income needed to reach the standard of living.
More troubling, it does not increase the number of people who want to work, which suggests that it creates some offset such that workers on the whole are not better-off. Taking that position represents adulthood and is a very exciting time for a young person. A person living on his or her own cannot survive on minimum wage job either. It would provide sufficient funds necessary for a descent life, improve the economy, and even promote equality among American citizens. Think back to the time when you were a young child. So why are the majority of republicans in our country against raising it at all. An increase would also encourage people to go get jobs.