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THE MINIMUM WAGE: IMPACTS ON JOB GROWTH, HIRING PRACTICES, AND WAGE EARNERS, by Ronald Schoedel

THE MINIMUM WAGE: IMPACTS ON JOB GROWTH, HIRING PRACTICES, AND WAGE EARNERS, by Ronald Schoedel

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Published by Ronald Schoedel
The U.S. economy is in the midst of a major transition from being production-oriented to being service-oriented. As high-paying manufacturing and technology jobs are being exported to Asia and Latin America in growing numbers, many Americans are finding it difficult to make ends meet with the low wages earned from service jobs. Many wage earners find it necessary to work two or three minimum-wage jobs to be able to afford the bare necessities of life.

This paper examines the issue of the minimum wage in the economy and in the lives of Americans today. It offers an historical perspective on the minimum wage and attempts to determine whether minimum wage laws are effective in helping workers improve their lives.
The following questions are answered in this paper: (1) Why does the minimum wage ex- ist today? (2) What is the current state of minimum-wage and living-wage laws and movements in favor of them? (3) What are the effects of raising the minimum wage? and (4) Has the minimum wage been effective in meeting public policy goals of helping those it has been intended to help? Paper by Ronald Schoedel III
The U.S. economy is in the midst of a major transition from being production-oriented to being service-oriented. As high-paying manufacturing and technology jobs are being exported to Asia and Latin America in growing numbers, many Americans are finding it difficult to make ends meet with the low wages earned from service jobs. Many wage earners find it necessary to work two or three minimum-wage jobs to be able to afford the bare necessities of life.

This paper examines the issue of the minimum wage in the economy and in the lives of Americans today. It offers an historical perspective on the minimum wage and attempts to determine whether minimum wage laws are effective in helping workers improve their lives.
The following questions are answered in this paper: (1) Why does the minimum wage ex- ist today? (2) What is the current state of minimum-wage and living-wage laws and movements in favor of them? (3) What are the effects of raising the minimum wage? and (4) Has the minimum wage been effective in meeting public policy goals of helping those it has been intended to help? Paper by Ronald Schoedel III

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Categories:Business/Law, Finance
Published by: Ronald Schoedel on Sep 11, 2009
Copyright:Traditional Copyright: All rights reserved

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01/28/2011

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THE MINIMUM WAGE: IMPACTS ON JOB GROWTH,HIRING PRACTICES, AND WAGE EARNERS
An Issue Paper for Management Communications 320By Ronald C. Schoedel, III2 May 2005
 
Ronald C. Schoedel, iii 
rschoedel@gmail.com 
ii2 May 2005[This paper was originally submitted as an assignment for a Management Communications class.My professor recommended it might be suitable for publication with some minor modifications.I am placing this paper online as a contribution to the body of knowledge on the materialcovered. This paper is copyrighted by Ronald Schoedel III and may not be reproduced for anyreason without express written consent.]I am delighted to present to you my issue paper for Management Communications 320. Thisreport is the culmination of extensive research, which I found to be highly interesting andthought provoking.I have attempted to fairly portray the various positions held by persons and groups who havesomething to say about the role of the minimum wage in the American economy. I am fortunatethat my selected topic seems to be the subject of a large body of research. Most of myinvestigation dealt with periodical literature, as you indicate you prefer for this assignment.However, several of my works cited are position statements of the parties involved in theminimum wage debate. As with all issues with so many variables, this issue does not presentitself with an easy or obvious answer. I hope you will enjoy the viewpoints and information Ihave researched.Thank you for your time and consideration. I look forward to receiving your feedback on this paper.Respectfully,Ronald C. Schoedel, III
 
 iii© Ronald C. Schoedel III
TABLE OF CONTENTS
PageLETTER OF TRANSMITTAL.......................................................................................................2EXECUTIVE SUMMARY.............................................................................................................5INTRODUCTION...........................................................................................................................6Purpose and Procedures.......................................................................................................8Authorization for Report......................................................................................................8Historical Background.........................................................................................................8REASONS FOR EXISTENCE OF MINIMUM WAGE..............................................................10Part of FDR’s “New Deal”................................................................................................10Support of Organized Labor..............................................................................................11Support of Social Welfare Advocates................................................................................12CURRENT STATE OF THE MINIMUM WAGE.......................................................................14Federal Standards...............................................................................................................14State Standards...................................................................................................................15Local “Living Wage” Ordinances......................................................................................16EFFECTS OF RAISING THE MINIMUM WAGE......................................................................18Possible Reduced Job Growth...........................................................................................18Possible Layoffs.................................................................................................................19Possible Artificial Inflation of Wages for Other Positions................................................20EFFECTIVENESS OF MINIMUM WAGE IN MEETING ECONOMIC POLICY GOALS.....21Effects on Lowest-Paid Workers.......................................................................................22Effects on Other Workers..................................................................................................24Effects on Business Growth...............................................................................................24CONCLUSIONS...........................................................................................................................26

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