A Comparison Of Minimum Wage Effects on Franchise and Non-Franchise Businesses One unique feature of recent local minimum wage battles is the focus on franchise businesses. The study also found little evidence that higher minimum wages harmed employment, except for some young adults. Raising the minimum wage in states or localities typically requires state or local legislation or a ballot initiative. When the minimum wage goes up, employers can reap such benefits without being placed at a competitive disadvantage, because all companies in their field are required to do the same. Keeping in mind these arguments will be kept rationale and objective. In the United States, this monetary value is set by a collection of laws on the federal, state, and local levels.
They should not be paid less than the minimum amount which is different for every state in America. Its economic side effects are so obvious that make this policy a bad one because it creates more unemployment, makes employers cut fringe benefits and is inefficient. President Clinton made this speech on the south lawn of the White House at 10:30 a. However, it has been observed that whenever there has been a rise in the minimum wage of workers, unemployment rate goes very high. Minimum Wage Essay Conclusion Minimum wage refers to the base rate of pay for workers for the ordinary time worked. Every day people struggle to make ends meet.
A higher minimum wage is a critical first step to families providing themselves and their children the lifetime of better opportunities that come with higher skills. More specifically though is the question of how this can be a bigger problem than I had originally thought. My first job was as a fry cook at Chick Fil-a when I was 16, and my second and current job is at Sports Authority. In seven states—Alaska, California, Minnesota, Montana, Nevada, Oregon, and Washington—tipped workers are guaranteed the full minimum wage—a best practice that has reduced poverty among tipped workers in those states. The average middle class person would be elated that minimum wage was going to rise. Reported on this way, research just turns into that much more noise. The current minimum wage by the Federal provisions stands at 7.
Mike Lapham is project director. Literature Review The first study I looked at was from Economist Arindrajit Dube, a professor of economics at the University of Mass. Contrary to stereotypes, workers whose pay scales are affected by the minimum wage are overwhelmingly adults, including many who are supporting families. Raising the minimum wage would have a negative influence on our country. It found that minimum wage increases did not cost jobs.
But this is a controversial issue — a debate, in part, over free-market forces vs. What does the opposition to the increase have to say? Raising the minimum wage helps strengthen the economy without increasing taxpayer costs. Anderson A minimum wage is a price floor; this sets a base line wage that companies have to pay their employees. Some families would experience a rise in income beyond the poverty threshold set by the Federal Government. The two changes effectively cancel each other out.
But the University of Washington's Jacob Vigdor, who co-wrote the Seattle study, says the two findings are not necessarily contradictory. Next, the pros of it all and the statistics of the numbers that are overlooked. Minimum wage should not be raised fifteen dollars per hour because it will increase the unemployment rate, harm small businesses, and it could actually harm the low wage workers that this movement is trying to help. Ten states currently index minimum wage increases each year: Arizona, Colorado, Florida, Missouri, Montana, Nevada, New Jersey, Ohio, South Dakota, and Washington. A double-digit compensation floor that affects employees at businesses with single-digit profit margins is guaranteed to create unintended consequences, no matter the political climate in which it occurs. She graduated during middle of the recession, so it was difficult to find a job anywhere. Our goal is to return the purchasing power of the minimum wage to just over half of the median wage by 2024.
Although that was a big increase in salaries, was it truly enough. This would push those who are less-skilled to either learn the job they want and obtain experience in someway or go back to school and get a degree for a job that will be able to support at least most of their financial needs. I was one of those people would were excited. This is enough money to get a family of three out of poverty. In the United States, the minimum wage is set by the collective efforts of the local, state, and federal statutes. The minimum wage depends on set laws and the industry of operation. Many also have minimum wage laws.
The minimum wage must be raised because the cost of living has gone up severely, the cost of education has increased, and it will save the government money. This activity has important effects on the labor market and even on the global economy. He argued for the minimum wage hike to go into effect. There is an economical and ethical imperative to increase the pay of low-income workers, and this can most effectively be done by raising the federally established minimum wage. He now says that other recent minimum-wage papers have underscored the limitations of the Seattle study. Employment, Inflation, Keynesian economics 2234 Words 6 Pages Yet Minimum wage has been a continuing matter since its first establishment, and it is something everyone faces.