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Minimum Wage Essay

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Minimum wage. Due to the slide on what we have learn in class, minimum wage " is a tool used by government to regulate the relationship between employer and employee by setting a lower-limit for wages" from this I understand that minimum wage is the lowest amount of salary that are allowed by law by a special agreement. The purpose of the minimum wage is to make sure that the person who work get the suitable payment for what they have work for, this also to protect them from the individual that may take advantage of them by not paying them on reasonable payments. The minimum wage also being made to create a minimum standard of living to protect health and well-being of the employee. Other than that, minimum wage also one of the important …show more content…

According to the article of "economic help" a minimum wage may increase the number of people working in the black market so firms can avoid paying the legal minimum. According to my online research from the Investopedia said that black market is the economic activity that takes place outside government-sanctioned channels and usually occur "under table" so that can run from the government price controls or taxes. The product usually are drugs and firearms are illegally traded. It means that many people are willing to be drug traffickers as well as firearm distributors as the income earned from the black market is more than the amount of the minimum wage that been apply. In spite of black market can toll the economy because the economic activity is not recorded and taxes are not paid since they are "shadow market" (Investopedia). Which means that the black market will cause losses and the economic downturn will occur when the goods being traded or the services carried out do not impose any tax and uninvolved transaction …show more content…

Firstly, minimum wage helps to reduce the poverty. According to UKEssays, when they being paid equally due to their work it will help them to support themselves and their family rather than they are not being employ. From my understanding is when the minimum wage being imposed to the people, even though they are not working in the better position to get money for living, but with this implementation of minimum wage in every state help them to get money to support their cost living even not being paid as much as the good position worker. As for example, in Malaysia the current rate for the minimum wage RM1000 not less than that so as in the reality to live in urban area it might not enough to support themselves for the whole month but it really encourages people to find job so they will be paid as low as RM1000 per month rather then they have to wait for the public assistance is not really much rather than they go to work and being

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Also, it will increase drug use. Another reason is that if there is an increase in minimum wage it would encourage workers with less skill to stay at the same level of experience that they have because nothing is pushing them to get a better job or to earn promotions. If the minimum wage were to be raised, people who are in poverty and that is on welfare has almost all the support they need to get a degree and try for a better job. People that are on

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First, one main reason that the minimum wage should be raised is because the economy will prosper. “Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period” (ProCon). This quote shows that the economy will flourish from the increase of the minimum wage and that unemployment will decrease. Another quote that shows how raising the minimum wage will affect employment is “To the extent that through these contour effects it affords as much as 70 percent of the workforce greater purchasing power, it effectively increases aggregate demand for goods and services, which should ultimately lead to the creation of more jobs” (Challenger 19). Bryan Covert supports raising the minimum wage by

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Definition of Minimum Wage and its Importance “Minimum Wage” refers to the legally mandated lowest

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Minimum wage is the lowest hourly wage that a state is legally required to pay a worker. Supporters of minimum wage believe that it guarantees the workers the ability to provide for themselves and for others. Minimum wage jobs are front desk workers on college campuses, a restaurant hostess, fast food workers, or even a cashier at a grocery store. In the United States, the minimum wage has risen from $1.00 in 1960 to $7.25 in 2015. I viewed two different locations, both of which being Chick-fil-A restaurants.

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One of the greatest effects of a $15 an hour minimum wage would be its impact on

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Minimum wage is not enough for people to rely on. Many people that make minimum wage are likely to go through a time of poverty. Employees that make minimum wage are said to put less effort into the job, than the

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Minimum wage is set so that it forces businesses to have a lowest hourly pay and no one is cheated out of their money. Right now it is a hot topic in San Diego as well as Seattle because it is so expensive to live their, that people are not even getting by with the minimum wage now. It affects many residents in San Diego and Seattle because they have many retail and fast food franchises and their lives could be changed dramatically if these businesses choose to raise their wages. San Diego has just raised their wage from eight dollars to nine dollars and they are still thinking about raising it to ten dollars in two thousand sixteen. Also the city of Seattle has changed their minimum wage to fifteen dollars, which is the nation's highest.

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Because taking into account negative employment effects and increases in consumer prices induced by the minimum wage would wipe out any positive direct effects on household affected by the minimum wage. The minimum wage becomes even less effective in reducing income inequality when negative employment effects are taken into account. I will address the negative effects in sociological aspects by the

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If we’re able to raise minimum wage it could be a game changer for many people as well as our country. It would allow us to get more people off of food stamps. Food stamps are a federal nutrition program that helps people of low income families be able to stretch their food budget. On top of that it could also help bring families out of poverty. Although the increase may not be huge those $2-$4 more really come in handy when you put it in perspective of per hour.

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If America raises the minimum wage to $9.00, it will help people in need or in poverty, but it also won’t hurt people in the workforce. If you increase the minimum wage to $15.00 it will make unemployment rates go high up. Which in the process, makes the homelessness rates go up in the country and in your community. If you keep the minimum wage at $7.25 people will stay in poverty and homeless or on the verge of homelessness.

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There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.

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Minimum wage Minimum wage in America is poverty it creates a wage lower than the living wage. It 's only backbone of support is social welfare and the affordable care act medicaid and obama care so people who have low wage paying jobs and minimum wage has to rely on taxpayers and the government to pay with their subsidizes, Because social welfare no longer becomes support but becomes a lifestyle. Minimum wage is set by the Department of labor, and fair labor standards act they set a minimum wage and a overtime pay. Why isn 't minimum wage raised to living wage or out of poverty level? Because if minimum wage goes up so does the prices of goods.

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A minimum wage is the lowest remuneration that employers may legally pay to workers. What do these two things have in common? They are both essential to our everyday life. They both have a factor in determining the percentage of poverty in America. Americans should be for the rise of minimum wage because it saves the government money, helps eliminate poverty, and gets workers paid their worth.

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Minimum wage was first established in 1938 by Franklin Delano Roosevelt, in an attempt to stimulate economic growth and create a better standard of living for the lower class. This attempt was fairly successful, but also has many consequences. You may be asking yourself, “how on Earth could setting a limit on how little you can pay someone be bad?” On the surface this statement seems logical, but if we delve deeper we begin to see many negative effects on the implementation of minimum wage. In our nation the minimum wage law almost seems out of place, like it doesn’t quite fit in.

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Many argue that an increase in minimum wage will help guide low skilled workers out of poverty and assist them into having a better career. That is not necessarily true, Many economists can agree that minimum wage jobs such as cashiers, host or a hostess are not jobs that meant to support a family. If anything by raising the minimum wage, it will put more people in poverty than guide them out of poverty. A raise in minimum wage will cause loss of jobs, an increase in the inflation rate, increase in

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