Why Raising Minimum Wage To 15$ An Hour Is Bad For The Economy The minimum wage is the lowest wage permitted by law or by special agreement‚ but as of late many minimum wage workers have been complaining about their low wage of 7.25 an hour. Many people also believe that the low minimum wage is the reason why a lot of people are in poverty and why there are so many poor people. Common sense would have you believe that if you raise minimum wage you raise the standard of living and you bring people
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The minimum wage today is less than what it was over thirty years ago. The minimum wage as of today is around seven dollars and fifty cents every hour worked. If you add up how much that would make a year‚ it would equal around 14‚000 to 15‚000 dollars a year for full time workers. For some family’s‚ seven dollars and fifty cents is the only income they receive. The amount made from minimum wage lies on a thin sheet of ice and just right below is poverty. Increasing the minimum wage would beneficent
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State of the Union address‚ Obama advocated for increasing the federal minimum wage to $9 per hour. The timing of Obama’s speech comes at a time when income inequality has become the biggest economic issue in the United States of America. During the Great Depression‚ The United States of America designed a minimum wage as part of the Fair Labor Standards Act. Since its inception‚ the government required minimum wage has grown from 25 cents to $7.25 per hour. Unfortunately‚ the erosion of consumer
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suffering due to the fact that the minimum wage isn’t going up. Prices are increasing over time and it’s making people struggle to be able to pay the bills. A minimum wage is the amount of money that people earn from working. We are talking about minimum wage because some people think it would be a good idea if it went up. Some people say it shouldn’t because things would get worse. Things that have been going on about this topic is that if the minimum wage goes up it will support families who most
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Minimum Wage Good or Bad Rachel L. Hathaway Professor Myung Han Economic Problems and Issues – ECO 40500816 March 15‚ 2009 Whether minimum wage is good or bad‚ has been an ongoing debate since before 1938 when the government set the first federal minimum wage at $0.25/hr thanks to the Fair Labor Standards Act. The federal minimum wage is currently at $6.55/hr with yet another increase to come July 24‚ 2009 to begin the federal minimum wage up to $7.25/hr. Minimum wage was ideally set
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of minimum wage‚ why it should be increased‚ how it can help the economy ‚ the benefits of increasing minimum wage‚ what states have recently increased minimum wage‚ how the government is involved and what we can do as citizens. (Next Slide) According to the U.S. Department of Labor‚ minimum wage is the lowest wage permitted by law or by a special agreement. President Roosevelt and members of Congress adopted the Fair Labor Standards Act in 1938. This established federal minimum wage of twenty-five
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The Receding Minimum Wage The minimum wage has‚ since it was instituted in 1938 been a point contested by many. I believe that the minimum wage needs to be increased (Burgess ‚574). There are many arguments in favor of this position. The fact that the current minimum wage barely keeps many families fed‚ clothed‚ and with a roof over their heads is very concerning. In addition‚ it forces many college students to take out extremely heavy school loans with no hope of paying said loans back for years
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questions in our society is whether or not the government should raise the minimum wage. While raising the minimum wage would not only lift individuals out of poverty‚ but it would also put our economy in danger. Raising minimum wage in the United States will destroy the economy because it will increase inflation‚ raise the unemployment rate and decrease corporations’ fundings due to labor cost. Raising minimum wage in the United States will affect our economy because of the high rates caused by
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Advantages of Minimum Wage • Reduce the income gap between poor and rich Minimum wage helps to close the income gap between the rich and poor. Although the society still has a significant difference‚ the minimum wage at least puts a floor in the gap so it does not develop wider. Narrowing this gap is important to maintaining a population with equal freedoms. In the short term‚ minimum wage is not effective to reduce the income gap between poor and rich. But in the long term
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and families who are trying to live on minimum wage jobs. In today’s society‚ this is almost impossible. An increase in the federal minimum wage is in the interest of the nation as a whole‚ although it will impose some costs. This nation has finally realized that the time to raise the minimum wage is long past due. Federal minimum wage has not been raised in over 8 years‚ since September of 1997. This is only the second time that the minimum wage has remained unchanged for such a long period
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