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With the minimum wage at the current rate you must work one hour to earn the seven dollars and
twenty-five cents that only supply you with small necessities for everyday living. Our economy is a
major reason whether you pursue a future of prosperity or poverty. Some countries have already
adopted a higher minimum wage like Germany, making it the first time they adopt a minimum wage.
Think of the families, students, everyday workers, and yourself. William Wascher of the Federal
Reserve Board and David Neumark of the University of California, Irvine in the book Minimum
Wages, said that they found a 1 to 2 percent reduction in low-skill employment for each 10 percent
minimum wage increase (Rugy). People should be able to provide for themselves and not have to
worry about being able to eat at night or pay their bills. Even if you did or did not attend college you
know the afflictions that student loans have upon your financial stability in your later on life. This
will not cause a large percent and over-inflation to occur within the country. Federal laws passed to
raise the current minimum wage will only increase unemployment, shut down small businesses,
prevent people from aspiring to higher education in life, increase the prices of products made by
minimum wage workers, and encourage companies to make their products in other countri. London:
Stationery Office. Jones, P.,; Farness, J. (2002). College writing skills. Besides, there are instruments
of guaranteed minimum income and refundable tax credit. According to the supply side economists,
the major opponents, minimum wage has negative implications at small businesses in local places as
well as in urban areas. While the model shows that raising the minimum wage could raise growth if
capital is below the Golden Rule Capital stock, the possibility is the unemployment caused by raising
the minimum wage in competitive labour markets- ignoring monopsony in the labour market- will
make more costs, as it directly lessens the output, savings and so investment and growth. Analyze
this data critically, considering different perspectives and the quality of the evidence. Yes, maybe not
as many people will get hired; but we should at least be able to have a good amount of people to
make it in this world we live in today instead of no one. With a higher rate, students can save more
money helping with later on expenses. Payment of wages below the set rate constitutes a criminal act
and violation of labor rights. In 1968, the minimum wage was high enough to cater the needs of a
family of three comfortably keeping them out of poverty. This can help save government funding
and allow money to be reallocated to other important issues such as education. Our experts will write
for you an essay on any topic, with any deadline and requirements from scratch. You can use our
samples for inspiration to write your own essay, research paper, or just to explore a new topic for
yourself. This was one of my emotionally charged approaches, and it worked on her. The level of
poverty is decreased and thus consumption is stimulated. Out of this eighty eight per cent are adults
and one out of four adults has kids. An increase in the minimum wage improves the quality of life
and society as a whole. If the consequences of the legislation are harmful, then it should not be
passed, regardless of how morally appealing it is to politicians or the public. Education, medicine
and food all cost more currently. For huge businesses, non-wage benefits could cost a significant
amount of money; for example, fitness requires an area for equipment, electricity, and staffs. The
part-time or full-time jobs that students are able to fulfill mostly pay by minimum wage. Social
Security will gain more money from the employee’s checks, helping later generations.
Answer: So dependent students will work seventeen hours every week, fifty-two weeks a year at the
federal salary before financial gain would affect their aid eligibility. Globalization began with the
improvement in communication and information technologies and was helped along by the lowering
of entry barriers to businesses and freeing of the cross border flow of capital. This might include
economic studies, government reports, and expert opinions. Wages are money that workers receive
when they have completed a job, that job which is not prohibited by law. Additionally, it is more
important to point out that only some of the workers will be happy: those that keep their jobs. For
this reason, governments in collaboration with labor unions engage in the minimum wage setting to
protect prone workers. Not many things benefit everyone at an overall standard. More people making
a living on their own, this must be good for the economy. In other words, the demand of labor will
decrease, and the supply of labor will increase as the government raises minimum wage. When labor
becomes more expensive than it was previously the case, then employers reduce their employment
opportunities. In our society today, so many low paid workers are not able to pay for what they
need. What is more, it is claimed that due to the rise of minimum wage government social welfare
payments can be decreased. Your thesis will guide the direction of your essay, providing a clear path
for your argument and ensuring that your essay remains focused and coherent. I trust that the time
has come back to bring all-time low pay permissible by law up all told condition of us. A well-crafted
essay will effectively convey your insights on the minimum wage and demonstrate your ability to
engage with complex economic and social issues. The aspect of wages is a grave concern in the
modern world due to the discussion among economic experts, whose opinions differ on whether it
should increase or stay stagnant (Kops, 2017). Analyze this data critically, considering different
perspectives and the quality of the evidence. Lowe, et al. explains how a woman’s job can affect the
development of her children. People should also be aware that minimum wage does not guarantee
jobs. Salary is the price of labor power formed by an agreement between the employers and workers
in accordance with the labor supply and demand relationship in the market economy. A person living
on their own cannot survive on the minimum wage job. Datuk Seri Najib Razak announced on
Monday a base pay of RM900 for the peninsula and RM800 in Sabah and Sarawak with a grace
period of six months. These savings could then be used to strengthen the other social safety net
programs which are operated by the government. We must be able to supply our own needs without
going through a struggle. Let us write or edit the research paper on your topic. The minimum wage
was demonstrated on October 24, 1938, after President Roosevelt scribble by the Fair Labor
Standards Act. Minimum wage is not the same in every place, so to the place Minimum wage is low
its an issue. Video Say more by seamlessly including video within your publication. Our country is
held together by the families that it holds within. A minimum-wage boost could improve employee
morale so that businesses can improve productivity and help keep turnover rates down.
Studies show that a moderate increase in salary doesn’t affect employment, but a high increase
might cause a state within the country. Branching off of financial aid for education, think of all the
other financial benefits that the government offers. Many low-income individuals have either
delayed college entry or postpone college to avoid hefty student loan debt. Arguably, there are
disadvantages that can be seen when the minimum wage rate is increased. This also supports the idea
of unemployment and how it will occur if the minimum wage were to be increased. If we raise the
minimum wage, a significant number of people who are on welfare would no longer require it and the
government could focus that money on other programs. Lastly, this legislation must pass is that
increasing the minimum wage would act as an economic stimulus. We must be able to supply our
own needs without going through a struggle. Our country will see the economic prosperity that it’s
been searching for. The minimum wage is the lowest wage employers can legally pay their
employees. It will help employers to increase profits and the economy. It’s a significant economic
and political issue, with debates focusing on its impacts on poverty, employment, and economic
growth. However, there can be grave consequences that result from such drastic economic changes
that must be considered, especially when these consequences hurt the intended beneficiaries. What is
more, it is claimed that due to the rise of minimum wage government social welfare payments can be
decreased. Also with a high minimum wage few people will need to depend on food stamps or
support from the government to feed their families. This paper seeks to develop five economic
implications that minimum wage has on the environment, global operations, nationally or locally.
This might include economic studies, government reports, and expert opinions. A person that is
putting to work hard at least needs the governments’ help by giving them a chance to make it.
Ample evidence supports the idea that the present generation's quality of life requires a higher
expenditure. There are many people who have provided their arguments against the fact. So many
workers and families will be better off with a minimum wage increase. By initiating a higher
minimum, the business must hire fewer employees or reduce the number of workers as a way of
complying with the minimum wage law. Once the workers are no longer below the poverty
threshold, the government would save money on welfare payments and other savings that would be
good for the nation’s economic health. One thing that I believe is that raising the minimum wage is
good for the economy. Children cannot improve and better their lives if their parents cannot afford to
pay for their education. Add Links Send readers directly to specific items or pages with shopping
and web links. Affiliated programs A network of state and local organizations improving workers'
lives through research and advocacy. Resources Dive into our extensive resources on the topic that
interests you. The first country imposes the minimum wage law was New Zealand in 1894, and since
then other countries have followed. Adobe Express Go from Adobe Express creation to Issuu
publication. A minimum wage rate may be calculated for an hour, for a day or for a month.