Issue Minimum Wage Rate and Unemployment Levels - a Direct Relationship In any labor market‚ free or regulated‚ there is friction and rigidity that result in labor issues. With 11 million people unemployed‚ and millions more discouraged or underemployed‚ there is justification to believe that these high population levels represent a glitch in the American labor market (1). These basic statistics‚ coupled with the elementary economic theory of supply and demand‚ demonstrate that minimum wage regulation
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Minimum wage can be defined as the lowest salary that employers may legally pay for an employees work or service. Minimum wage was first enacted in 1938; this law was called the Fair Labor Standards Act. The Fair Labor Standards Act‚ or the FLSA‚ established minimum wage to ensure that the lowest-paid workers would still receive a sufficient amount of pay. Evidently‚ minimum wage has increased over the years‚ but some argue that the current minimum wage is still not enough. It can be debated whether
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been 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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Did you know that 4.4 million workers who earn the minimum wage or less have a college degree? Minimum wage is a difficult place to be in life‚ but it’s a better place to be than unemployed. And as a result‚ when you do achieve a job that is minimum wage you should do the very best you can to keep an incredibly tight budget. I was at a friend’s house a few nights ago for a small get together and she mentioned that she used to live with her dad in Texas for awhile because it was a place where she
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The idea of a 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
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The federal minimum was originated in the Fair Labor Standards act signed by President Franklin Roosevelt on June 25‚ 1938. The law established a minimum was of .25 cents per hour for all employees who produced goods that were shipped in the interstate commerce. The wage is equal to $4.04 in today’s market. The Fair Labor Standards Act covered about thirty eight percent of the labor force‚ mostly in the manufacturing‚ mining and transportation industries. Congress expanded the coverage and increased
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“To everyone in this congress who still refuses to raise the minimum wage‚ i say this: if you believe you can work full-time and support a family with less than $15‚000 a year‚ go try it. If not‚ vote to give millions of the hardest-working people in america a raise”. This a very famous quote stated by former president of the United States Barack Obama. I most definitely agree with this statement . There should be no reason why a person should be working 40 plus hours every two weeks (full time)
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The minimum wage should not be raised for many reasons. The minimum wage in Florida as of 2015-2016 is $8.05/hr. Minimum wage is a minimum amount of money a worker shall get per hour. Many people want the minimum wage to raise but it shouldn’t because “more than half of the minimum wage workers are under the age of 25‚ and many are students trying to pay their way through school”(Brian Brenberg The Kings College.) Raising the minimum wage can also put small companies in debt. Also if the minimum wage
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Argument Essay Did you ever work a minimum wage job‚ and feel like you worked hours and hours but never had the money. Many people are constantly working their minimum wage job and they make very little money. While some believe the minimum wage should stay the same because it would be too much for business owners‚ others believe it should be raised because it could save taxpayers’ money and create more jobs. Many people who are working minimum wage jobs are still not making enough to support
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there is a higher minimum wage they would have a better life. However‚ a higher minimum wage will not be great for people in the long run; it will most likely hurt them. The idea of raising minimum wage to $15 a year compared to current price floor of 7.25 is very controversial. Raising the minimum wage may result in unemployment because there would be less hiring of new employees‚ increase in current products‚ and create a higher standard of living. There are a lot of minimum wage workers in the United
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