What is minimum wage and why is it important? It is self-explanatory; it is the minimum amount that a worker can be paid for an hour of work. It is important as it is the building block of someone’s career. The federal minimum wage is $7.25 an hour. There are also state minimum wages that differ from this but almost all of them are near the federal amount.
The minimum wage is supposed to be the starting point of someone’s wage/entrance into the world of business. For example, if you start working somewhere, they might pay you minimum wage if you have no experience or no education in that particular area. If you’re only worth “x” amount of dollars an hour, I’ll only pay you “x” dollars per hour. This is why someone with a college degree will be able to go farther in life than most of those without a college degree.
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For example: if you have a few workers doing a simple job like working as a sign holder or taking orders at a restaurant then you can pay them the minimum wage and if the minimum wage (Antimetabole) raises and that worker isn’t skilled enough to deliver that increased value, then the business will have to let go of some of their employees. In a research report by the Congressional Budget Office called: “The Effects of a Minimum-Wage Increase on Employment and Family Income”, they found that if the minimum wage was $10.10 that there would likely be a reduction of about 500,000 workers across the labor market (ET). It’s simple, no skill equals no success (Aphorism), and consequently, you should be paid what your ability is worth, which is the minimum wage (P). I don’t expect to receive more than I have earned, unlike how Khloe Kardashian received a Mercedes-Benz for her first car