A Higher Minimum Wage May Help Workers Essay - 1251 Words

With President Franklin Roosevelt’s cries for â€Å"A fair day’s pay for a fair day’s work,† the Fair Labor Standards Act established minimum wage in 1938 (Grossman). Overtime, the minimum wage has been raised in order to account for inflation (BLS 14). However, what the overall economic impact of raising the wage will be is once again a daunting and extensive question. The controversy over raising the minimum wage seems to come from often conflicting economic opinions. While raising the minimum wage is done with good intentions, critics argue that a higher minimum wage will harm those it is actually trying to help. Raising the minimum wage, while a controversial issue, will have an overall economic impact that reaches not only minimum wage†¦show more content†¦18). Many of these workers are young adults with about a half under the age of 25 (para. 11). Still, the other half of minimum wage workers are over the age of 25, many with families. Abo ut 28% of those affected by the minimum wage increase are parents and 23% are married (Hall and Cooper 5; Sherk para. 16). Women will be disproportionately affected by an increase in minimum wage. Women make up 54.5% of minimum wage workers (Hall and Cooper 2). In fact, women were twice as likely as men to hold jobs with an hourly rate at or below minimum wage (BLS 1). In 2012, the Bureau of Labor Statistics found that 3% of workers were men who held minimum wage jobs. About 6% of women held minimum wage jobs (1). Many minimum wage workers are uneducated. About 22.6%, of workers have less than a high school degree (Hall and Cooper 4). Surprisingly, 42.3% of workers at or below the federal minimum wage have â€Å"some college, an associate’s or bachelor’s degree or higher† (4). Minimum wage jobs are, in theory, used as a learning position to learn job skills first hand (Sherk para. 15). Consequently, many minimum wage jobs are meant to be temporary and will often be part time and low paying (para. 16). Raising the minimum wage has been a subject of disagreement amongst politicians. Right wing politicians seem to argue for a lower minimum wage, since in theory it would improve employmentShow MoreRelatedMinimum Wage And Its Effect On The Economy1015 Words   |  5 Pageshigh unemployment rate is the issue of minimum wage. Depending on the states in U.S., the price of minimum wage is different, but the low minimum wage may cause the economic condition worse. Minimum wage is the lowest wage that an employer is allowed to pay. This wage is regulated by the law, so all workers must follow this rule. According to the book, â€Å"Minimum Wages†, the author Neumark, David states, â€Å"in 1938, the U.S. Congress passed a federal minimum wage as part of the Fair Labor Standard Act†Read MoreLink between Higher Minimum Wage and Higher Unemployment1179 Words   |  5 PagesIn theory when an increase in minimum wage increases the cost of low-wage workers firms should want to hire less workers, however in reality this basic theory might be wrong according to Plumer B. (2013) While some studies found a link between higher minimum wage and higher unemployment level many others such as a recent paper from U.C. Berkeley that exploited differences across state borders did not find a link between higher minimum wage and higher unemployment. A study by John Schmitt of theRead MoreRaising Minimum Wage Will Benefit Our Economy1576 Words   |  7 PagesThere are many people who will debate whether-or-not raising minimum wage will benefit our economy. 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In those states,Read MoreThe Effects of Raising the Minimum Wage on US Economy1507 Words   |  6 Pagesyear, the minimum wage has been increasing from less than a dollar to $7.25 now. The question that comes to everybody is that should we increase the minimum wage by too far. Does the minimum wage increase reduce the unemployment since now the current wage is high enough? Some people might think that we should increase the minimum wage in order to increase the labor supply. However, if we think deeply than this, there are more disadvantages than advantages of increasing the minimum wage. The fartherRead MoreMinimum Wages During 21st Century America1649 Words   |  7 PagesMinimum Wages in 21st Century America In the United States the time has come for the next president to be elected and the political fervor has come early this year with an unconventional, surprisingly interesting primary race. 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