Minimum wage paper. Minimum Wage Research Paper 2022-11-01
Minimum wage paper
The minimum wage is the lowest wage that an employer is legally allowed to pay their workers. It is a crucial policy that impacts the lives of millions of workers, particularly those who are low-income and struggling to make ends meet. In this essay, we will examine the history and current state of the minimum wage, the arguments for and against increasing it, and the potential consequences of such a move.
The first minimum wage law was enacted in the United States in 1938 as part of the Fair Labor Standards Act (FLSA). The initial minimum wage was set at 25 cents per hour, which is equivalent to about $4.40 in today's dollars. Since then, the minimum wage has been increased numerous times through legislation and inflation adjustments. Currently, the federal minimum wage is $7.25 per hour, although many states and cities have set their own minimum wage laws that are higher than the federal rate.
One argument in favor of increasing the minimum wage is that it can help to reduce poverty and income inequality. Many minimum wage workers are struggling to make ends meet and are unable to afford basic necessities such as housing, food, and healthcare. By increasing the minimum wage, these workers would have more disposable income and be able to afford a higher standard of living. This, in turn, could lead to a reduction in poverty and income inequality, as low-wage workers would have more purchasing power.
However, there are also arguments against increasing the minimum wage. One concern is that it could lead to job loss, as some employers may not be able to afford to pay their workers a higher wage and may choose to lay off workers or automate certain tasks. Another concern is that it could lead to higher prices for goods and services, as businesses may pass on the cost of higher wages to consumers in the form of higher prices. Finally, some argue that increasing the minimum wage could lead to a reduction in the number of available jobs, as businesses may choose to hire fewer workers in order to offset the increased labor costs.
Despite these concerns, there is evidence to suggest that increasing the minimum wage can have positive impacts on both workers and the economy as a whole. A number of studies have found that increasing the minimum wage can lead to higher pay for low-wage workers and can also boost economic growth and job creation. For example, a study by the Economic Policy Institute found that increasing the minimum wage to $15 per hour would lead to higher pay for 27 million workers and would also result in the creation of approximately 1.3 million new jobs.
In conclusion, the minimum wage is a complex and controversial issue with arguments for and against increasing it. While there are valid concerns about the potential negative impacts of a higher minimum wage, there is also evidence to suggest that it can lead to higher pay for low-wage workers and boost economic growth. Ultimately, the decision to increase the minimum wage should be carefully considered, taking into account the potential costs and benefits for both workers and the economy as a whole.
Minimum Wage Research Paper
Journal of Economic Literature. Yet we have to think about what the outcome would be to each scenario. In effect, a minimum wage increase appears to be a redistribution of wealth from customers to low-wage workers. Stanley; Hristos Doucouliagos September 2014. Raising the minimum wage can affect more people and businesses than you think it would.
Minimum Wage Essay: Useful Tips For Writing
In Polachek, Solomon W. Minimum Wage Fair Research Paper 426 Words 2 Pages Is minimum wage fair? In the article, they discuss that pay is not always the issue. Many families can not afford to support the basic needs of living. Minimum wage is some times seen as what we should make to make a way of life. Fitting a family's basic needs is costly and should be given to everyone. New York: Worth Publishers. The Drawing Board: An Australian Review of Public Affairs.
Minimum Wage Survey Paper
According to the article from Iowa State University, they mentioned that not only cutting hours but reducing hiring more workers etc are all negative factors that can come from an increase in wages. Overall, allowing the working class to have more money benefits the economy. So it is possible that a hike in the minimum wage may, by boosting the search effort of job seekers, boost employment. And, of course, you should make sure there are enough transitional words, phrases, and sentences to make your text cohesive. Stanley showed that Card and Krueger's results could signify either publication bias or the absence of a minimum wage effect. From a seller's perspective, some have argued that by increasing the minimum wage this could cause some businesses to move out of the city to avoid paying the increased minimum wage to workers. However, Krugman does not consider the outcome of raising the minimum wage towards the main goal of improving the welfare of the poor.
Raising the minimum wage
Many would argue that raising the minimum wage would benefit the economy by reducing income inequality. Concepts: The central concepts involved in this case can be thought of in terms of supply and demand of both production and consumption. If people are choosing to be employed with minimum wage, then they will remain in poverty, no matter what the raise in the minimum wage. The minimum wage should be raised depending on the prevailing economic conditions and dynamics in the labor market. The other point is that raising the minimum wage does not achieve one of its major goals; promoting the welfare of the poor in the society.
Raising The Minimum Wage Research Paper
Many people are constantly complaining about the low pay they receive in their checks by the end of the week. Employers also must strictly abide by all stated and sanctioned Child Labor Laws as dictated by the U. With all the bills and other expenses, is a weekly or bi-weekly paycheck enough? This cost of raising the minimum wage will lead businesses to react by laying off workers instead of giving these raises. The Expert panel conducts yearly wage reviews, to determine if the minimum wage needs to be adjusted based on the economy's current and projected performance. International Economic Conference of Sibiu 2013 Post Crisis Economy: Challenges and Opportunities, IECS 2013. If a worker earned less than the new minimum wage, it is beneficial to them to get an increase in their hourly wage, as long as the prices of goods and services stays the same and the company they work for is not forced to downsize. Pay is not the only problem Although minimum wage is an issue, most places will not let you work over a certain amount of hours because of making sure they give everyone else the equal amount of hours.
Research Paper On Minimum Wage
This higher demand then leads to bosses and owners needing to compete for labor, and to win the competition they drive up wages. Minimum wage should not be increased because people who work at fast food restaurants should not get paid as much as someone who workers harder than they do and it would not be a benefit to the people of the United States. Long; Robert Plotnick; Emma van Inwegen; Jacob Vigdor; Hilary Wething June 2017. Raising the minimum wage has many disadvantages in the long term and some advantages for the short term. Affordable housing managers responsible for determining the income of applicants and residents need to be aware of state and local minimum wage laws in order to ensure the most accurate possible projection of income.
Minimum Wage Position Paper
They argued that the different policy views were not related to views on whether raising the minimum wage would reduce teen employment the median economist said there would be a reduction of 1% , but on value differences such as income redistribution. Procedia Economics and Finance. PDF from the original on 2 April 2015. No one should struggle for their survival needs. There are many facts that show an increase in the minimum wage would hurt our economy. Many poor people will not be unaffected by an increase in the minimum wage as they do not have a steady job or not working at all.
The responses of the firms represent a key Essay on Pros and Cons of Raising the Minimum Wage Pros and Cons of Raising the Minimum Wage When you picture a minimum wage worker, who do you picture? This occurs during high periods of growth in which the demand for labor increases. Retrieved 25 July 2008. Retrieved 19 March 2014. He provides reasonable claims to come to his conclusion, but he is missing certain points that could strengthen his argument. Policies thus far have only made small changes that have led to minor progress in a few states. Some poor people who earns the minimum wage would likely stop developing their lives if they make enough to survive.
Minimum Wage Increases Will Occur in 27 States in 2023
Raising the minimum wage will not change their financial position. For instance, instead of paying three to four dollars for a coffee at Starbucks that would cost us less than a dollar to make at home, we would be paying eight to nine dollars for that coffee because it will cost more to make and produce it and cost the company more to pay the worker that is making it. Hence, this matter is very sensitive and should be dealt with great precautions. Increasing minimum wage will not hurt the workers or companies; they want to find a nice minimum wage that helps the economy Columbian 1. Bureau of Labor Statistics, 3. It will show how the minimum wage rates contribute to older people missing out on jobs, less of a skill set among young people, and youth homelessness. People deserve what they put in.
Minimum Wage Essay
Behavior: The buyers' Explanation: The increase in the minimum wage will provide buyers a great income which will increase their purchasing behaviors. The annual minimum wage review decisions in 2016—17 found, based on research tendered and submissions to the review, that moderate increases to minimum wages do not inhibit workplace participation or result in disemployment. In response to an April 2016 Council of Economic Advisers CEA report advocating the raising of the minimum wage to deter crime, economists used data from the 1998—2016 Uniform Crime Reports UCR , National Incident-Based Reporting System NIBRS , and National Longitudinal Study of Youth NLSY to assess the impact of the minimum wage on crime. Costly technology that increases business efficiency is more appealing as the price of labor increases. Yet with the last change in minimum wage on the federal level happening in 2009, much is left to be done concerning public policy changes.