College essay on minimum wage
The federal government believes that increasing the minimum wage will assist numerous people in the United States as most individuals are working in a minimum wage job to support their families Increasing minimum wage will also increase productivity in many companies since the employee will be motivated to work hard and be creative.
Minimum wage essay conclusion
The effective amount that improves access to jobs happens when the margin cost MC curve and the demand curve intersect. Linda Gorman Minimum wage puts a price on the services one offers. President Clinton made this speech on the south lawn of the White House at a. By definition, minimum wage is the minimum hourly wage an employer can pay an employee for work. It hypothesized it may decrease the number of jobs rather than increase them. The Benefits of Increased Minimum Wage for Companies and Employees With the minimum wage inevitably rising, we should not be afraid of the externalities of this change. There are some businesses which believe all employees should be paid at minimum wage while other businesses pay well over minimum wage. There exist different laws in different states that can fix the minimum wage policy. Having to go through a lot of sources can be a daunting task that lasts hours. The resultant increase in the gross domestic product during the period of the increment will be 25 billion. A rise in the income of those who are employed will also raise the cost of hiring unskilled labor and can potentially reduce the number of people hired by businesses.
Jennifer, a mother interviewed by Edin and Shaefer, faces problems of inability to pay for food, shelter and clothes for her kids The laws creating the minimum wage were intended to improve the standard of living and decrease poverty New York: Algora Pub.
Therefore, there is not equal distribution of the income.
The minimum wage is under debate if whether it should be increased. The quality of life for minimum wage families is terribly low, and that is unacceptable This decree appears between the poor working people in America and an ongoing loss in the purchasing power of their incomes Neumark and William Review of Economics of the Household, Vol.
Minimum wage attention getter
Tipped minimum wages also has to be increased from the minimum of 2. Many learners, part-timers, and other younger employees are willing to take much less than the standardized minimum wage, especially if it is an academic-related job. They have in common the minimum wage. A Review on Conservative and Liberal Views on Minimum Wage Laws Understanding Conservative and Liberal Views on Minimum Wage Laws There are many contradicting reports on whether or not minimum wage hikes can have harmful effects on the economy such as an increase in unemployment. Demand for Labor as a factor of production translates into more employment opportunities Parkin, Powell and Matthews, Therefore, the regulations of demand and supply regulate income, and the lowest salary is nothing more than a price floor which certainly causes an overflow in labor. The raise of minimum pay is important more so in the period of economic downturn. According to a study done by the John Hopkins University, working overtime increases the probability of heart attacks and heart disease. Every day for low wage workers is filled with struggle and anxiety. It sets the social basis of social classes and peoples personal choices and preferences as it plays a vital role when making financial decisions. It has reached a place where some children rely on themselves to pay for their education. Therefore, it is important to come up with a multiplier to show the multiplied effects on the economy Bernstein,
The minimum wage laws have directly effect to most industries because of the potential of decreasing their budget. The boost is small compared to other economic stimulus programs.
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