Discussion about what to do with minimum wage laws here in America has been at a higher than normal level since the Democratic Party took over as majority leader in both the House of Representatives and the Senate in the recent midterm elections, giving them control of Congress. There has also been talk on what […]
Ever since its creation by the congress, who passed the Fair Labor Standards Act in 1938, the federal minimum wage guaranteed a certain amount of money and the entitlement for it to workers in the United States of America, but yet has always sparked debates and discussions whether or not it should be raised or […]
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Get startedThe economics behind raising the minimum wage in the United States are largely misunderstood. Increases in minimum wage prove to increase unemployment among unskilled workers, leading to a survival-of-the-fittest labor market, where only the most skilled and desirable workers retain their jobs. Those justifying raising the minimum wage need to realize there are innumerable people […]
Some of the Human Resources roles are conducting a survey salary in relation to the payment of the other employer for a similar occupation. The centrality of these studies is to set up the rate of installment of a given compensation in connection to the work group. Moreover, HR does an assessment. It makes a […]
Japan impacts the USA vastly. Being the US’s 4th largest supplier of goods, it generates about $136.5 billion dollars of the USA’s goods (“Japan”). The United States has a large dependency on Japanese products. For example, automotive goods and high-technological electronic goods are a big component of Japanese products that the United States depends on. […]
As a Federal Reserve Chairman I will make sure to keep the inflation in check, I will use the monetary policy tools to raise the federal funds rate. To fight the recession I can cause the monitory tools to lower the federal funds rate. I will use this tool to conduct policy for the discount […]
A strong economic environment is essential for a country to sustain its GDP and the countries well-being. This is valuable for South Korea so other countries are interested in doing business with them. South Korea is striving to maintain economic freedom and a low unemployment rate. As of 2018, “South Korea’s economic freedom score is […]
One of Marx’s key predictions about capitalism is that the surplus population would grow in a sense that there would be more unemployment and/or underemployment. Another one of his key predictions about capitalism is that poverty would grow. The prediction that the surplus population would grow fits in with the contemporary world because even though […]
It is certainly not an overstatement to assert that the U.S. President and almost all Americans are concerned and discussing about the gradually disappearing middle class. In fact, the dilemma of the middle class in the U.S., particularly its weakening economic and political power and shrinking population, is indeed one of the most alarming developments […]
The purpose of this essay is to examine how to properly support and manage the growth and harvesting of a palm plantation. The part of the tree called the palm heart, will be the focus in this paper as it needs to be sustainably removed from the tree. This tree is found in the country […]
Taking the Other to Lunch: Republican and Democratic Views The Democratic party and Republican party are two major rival parties that take up most of American politics. Often, they disagree on hot button issues going on in the country right now and are on opposite sides of the spectrum. The republican party is conservative, which […]
According to the Bureau of Labor Statistics, almost half of all workers making minimum wage or less are less than 25 years old. At these ages, a large salary is not needed so why raise the minimum wage all the way to $15? Robert Reich of “Minimum Wage Should Be Increased to $15” argues that […]
There has been a heavy history behind minimum wage in the United States. This has been an ongoing issue from 1938 until today and has made significant changes over the years. The minimum wage topic has been hot way before 1938, but today in this 21st century it’s very apparent that the cost of living […]
Minimum wage is huge factor to why poverty rates nationally are high and will stay high for a longer period. This has led to a national crisis of people losing their homes even though they might be working three jobs at a time. In fact, Florida has 2.8 million people that live in poverty as […]
Impoverishment throughout the United States of America has affected many. According to the U.S. Census Bureau in 2017, the official poverty rate was 12.3 percent (“What is the Current Poverty Rate in The United States”.) With such an alarming and high number of poverty, what did Congress propose to the people? In order to fight […]
Currently our economy is facing problems, the implementation of an increase wage rate would boost the U.S economy and help Americans who can’t earn a steady income. Over time this would increase labor productivity. Right now it is crucial so that American workers can be paid a sustainably rate hourly. The term minimum wage was […]
Introduction In the work done by all the people in the world, generally if their wages increase it means there will be reduced need in their live since their salaries cater for their needs in their live. This paper is going to highlight the importance on the wage increase on the society. This is the […]
Deadweight loss is defined as a loss to society and there are three main causes of deadweight loss (Samuelson & Marks, 2015). The first is a price ceiling. A price ceiling is the maximum amount set by the government that a consumer can be charged for a good or service. A perfect example of this […]
Abstract: How much is too much? This is the question I asked myself over and over again about the minimum wage. I miss the days I didn’t know so much about the way our economy works then so you can hide in ignorance. I take the issue being against the minimum wage I think the […]
Did you know that in 1968 the minimum wage was worth $10,96 of todays dollars, and the todays minimum wage is only $7.25. Unfortunately that is true. So Today, I would like to persuade federal policy makers to increase the minimum wage as a way to easy the economical gap in America. To do it […]
The cost of living is so high, especially in major cities such as New York, it is nearly unbearable to raise a family that’s earning minimum wage. A single-family have to make ends meet to survive on a minimum wage job. The living expense is just too outrageous to do it alone. The salary of […]
New Mexico’s minimum wage has been set at $7.25 an hour since 2009. On January 1st 2020, they made a new law that minimum wage is now starting at $9.00 an hour. This could have many negatives and positives for companies and businesses. The new minimum wage law could make businesses go bankrupt and possibly […]
The team issue we have chosen for our topic is Gender Equality, as it seems to be a big dilemma around the world right now. I chose to write about the economic issue of gender equality since there have been many debates around the issue that men usually get paid more than women due to […]
There exists a force, controlled by politicians, that can impact the American economy and way of life for all. This possibly devastating effect can be caused by the raising of the minimum wage. In my Visual Argument, I took a stance showing the negative impacts of raising minimum wage. Some of these negatives include: impressive […]
America is a divided country full of divisive issues, with not many issues more divisive than the minimum wage. Some Americans believe that the minimum wage should be a livable wage and must be raised. While others believe that the minimum wage should not increase since any increase in the wage causes more harm than […]
All through the United States and among various countries in the world, the discussion of minimum wages has been a subject of debate as some argue that they’re not aiding our economy to wards improvement, but rather affects it as according to the sources, minimum wages in crease unemployment. Nonetheless, there are other that counterattack […]
Aetna embarked on the decision to increase the wage floor for its employees who fell within the lowest percentages of the wage scale. The increase in wages was promoted by shifts in the economy as well as the need to employ a high-level of new talent. To accomplish this goal, Aetna decided to increase the […]
In 2018, the minimum wage for an EMT in Wisconsin is 15 dollars an hour, an average of 32,000 dollars a year. I believe as well as other EMTs, that we are underpaid for the amount of work and daily tasks we achieve and overcome in a day. EMTs are like doctors and nurses on […]
Raise the Wage Act also known as the S150 Bill was introduced in Senate on January 2019 by Vermont Senator, Bernard Sanders. Senator Sanders is the original sponsor of this bill and have been actively advocating for a sustainable and fair minimum wage for Americans. According to statistics from the US Census Bureau, there was […]
The lowest pay (minimum wage) permitted by law increments was of utmost concem to Americans when questioning the presidential candidates earlier this year. These issues still have not progressed, and little has been done to endeavor to settle these treacheries. The lowest pay permitted by law ought to be a reasonable wage, nonetheless, in many […]
Whether the minimum wage should be raised or remain the same has been a burning topic in the United States for years. Though the benefits of increasing wages are numerous, there are also plausible reasons to keep income steady.
The debate is ongoing, with the labor force, businesses, and the government all cooperating to find an ideal solution. Since the issue affects everybody, from students to retired people, the youth should engage in raising minimum rage efforts.
One way to grab the attention of the masses is through research topics and thesis statements that reveal the core of the problem. For instance, you can pinpoint that a better living standard will increase productivity.
Writing a research paper on a topic that impacts the lives of millions can be daunting. You might wonder what to include in the introduction and conclusion of your work. Crafting the ideal hook for your paper and citing credible sources further complicates the matter.
Do you have to conceptualize an argumentative essay about minimum wage? Perhaps you need to draft a pros and cons speech outline? At SupremeStudy, you will find persuasive essay examples on minimum wage and endless thought-provoking titles.
Because of the possible intrusion of the government in the market and supporting increases because of the assistance from the government (Poole 1991). Aside from politics, economic interests may contribute to the opposition towards minimum wage. People often believe that the main concern is the potential for minimum wage to increase the pay of those earning about the statutory minimum through the effects of wage contour.
Ironically, the accepted wage floor theory understands these effects: minimum wage raises are viewed to be counterproductive because of the possible increase of “inflationary” pressures (Neumark & Wascher 2004). It is necessary for this debate to be broadened. Evidence has challenged the typical understanding about the presence of meaningful employment effect (Krueger et al. 1995 & Waldman 1999 & 2000). Concerning contours, the effects have now been more than a speculation because of the insufficient quantities of ideal contour data. This may be convenient of those who benefit from this typical understanding, but this is not the way to go about making policy.
The wage floor is set by minimum wages, which a worker can not accept employment if below the rate of pay. Unionized firms use collective bargaining to create wages for its employees. Without a union the minimum wage for workers, through the forces of law, achieves what unions may have achieved through collective bargaining. In this case minimum wage should be looked at as a legal measure that accomplishes the same goal that unions have achieved by discussing pay with individual employers, for the greater group of workers (Tarling & Wilkinson 1997).
The main purpose of the Fair Labor Standards Act was indeed to protect the unorganized people who lacked the power to bargain and negotiate sufficient wages for themselves (Miller 1999).It is clear now that institutions in the labor market like unions and minimum wage play a role in achieving wage equality. As the influence of such institutions decline, income inequality increases (Machin 1997; Fortin & Lemieux 1997). A raise in the minimum wage would provide additional wage growth in areas of recurring stagnation (Gottschalk 1997).
Wage contours are considered institutional features of the labor market. These contours were once defined as the similarities between the characteristics, the institutions, and the wages of workers. Each group of workers would have wage rates surrounding a particular reference point, which would be affected by changes within the reference point or key rate (Dunlop 1957). These rates were sought to vary from one industry to the next. However, wages are mainly determined in institutions rather than in the marketplace (Waldman 2002). This means focusing only on people earning a statutory minimum is too narrow to try to determine the use of minimum wage as a tool for fixing inequality and the low wages of workers. David Gordon infers that decreases in the value of minimum wage over time affects not only those who are paid the minimum, but also those who earn wages higher than that minimum. Yet, those earning more continue to have less buying power than minimum wages provided before inflation.
Gordon argues that increases in wages may lead to pressures on other wages due to employers feeling “pressured to pay more to their employees, even if they’re not directly affected by the statutory increase, simply to ensure that they’re able to continue hiring and employing the quality of workers they prefer.” Therefore, the scope of minimum wage depends on its impact on statutory minimum wages and above (Gordon 1996). The fact here is that there cannot be accurate measurements of the minimum wage population unless one stops looking at the minimum wage in statutory terms and more in real terms. For example, according to the Integrated Public Micro-use Data Series, Levin Waldman argued that a minimum wage increase would bring on more effects than supposed because the amount of people earning near the wage range was really larger than what was sought to be (Waldman 2005).
Bruce Klein and William Spriggs similarly suggest that minimum wage’s most important function is being a reference point for wages. Their research claims that firms maintain their wage structures due to statutory minimum wage changes. There is a chance of possible disemployment because of the increases, but those effects are insignificant. Instead, firms used minimum wage as a reference point for starting pay wages. Thus, suggesting a wage contour effect: when the statutory minimum increases, starting wages do too, shifting the wage structure in an upward motion (Spriggs & Klein 1994). William Wascher, David Neumark, and Mark Schweitzer have conducted research about wage contour effects.
Along with their conclusion that minimum wage affects workers, they note the findings of wage contour effects in those people earning more than the minimum wage. Nonetheless, they conclude that because workers who are unemployed are restrained from negotiating a low wage that would lead employers to demand their services, wage floors create low employment rates. Low wage workers were in the end hurt when wages were increased because of the loss in hours (Schweitzer et. al 2004). Still, there are two categories in workers wages, wage ranges or contours, creating other shifts whenever the minimum wages shift.
In order to understand how minimum wage effects the middle class we must distinguish the difference between statutory minimum wage and “effective” minimum wage populations. Those earning above the statutory minimum wage and considered the effective minimum wage population. According to the IPUMS from 2000, there were “two wage contours starting with the statutory minimum wage of $5.15 an hour and spanning 25 percent. The first contour includes all those earning between $5.15 and $6.44, which is $10,712–$13,395 annually.
The second contour includes all those earning between $6.45 and $8.25, which is $13,396–$17,160 annually” (Waldman & Whalen 2007). Contrary to the belief that many minimum wage earners are not considered primary earners, the data above suggests that wage earners in the first and second contour are actually primary or essential secondary earners. People who earn a little less than 50% of their family’s total income could be secondary earners because their contributions to their family’s income is necessary. The first two contours prove that “effective” minimum wage populations take up a larger percent of the labor force than statutory minimum wage populations.
It is obvious that low wage earners would gain more from a wage increase, but the contour theory suggests that others would also benefit. If the wage floor is raised, wage contours would pressure other employers to raise their wages, increasing wages for a large majority of the workforce. This would help to prevent the continuance of stagnation in the wages of the middle class. One reason that stagnation in the middle class has existed for such a long time is due to the mere fact that public policy allowed the real value of statutory minimum wage to fall through its cracks (Mishel 2007).
The purpose of minimum wage was not technically to benefit the poor, but primarily for economic performance. High wages were meant to stabilize the effect of consumer spending. The more money put into workers, the more willing they are to spend, which in turn helps the economy by increasing the supply and demand for goods and services (Waldman 2001). Creators of the FLSA understood how wage contours worked. When there was heavy competition in the workforce, cutting down wages, the federal law sent the wave in the direction of the poor workers and eventually into the middle class. For example, when collective bargaining had not yet existed, employers determined the outcomes of the labor market.
