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 workers, but also to small businesses and to the prices of commodities. There is nothing new about raising minimum wage. Congress has raised the minimum wage five times over the past four decades alone in an effort to keep minimum wage up-to-date. Yet, inequality between workers has risen since the last decades of the 20th century (Parks 701).
Stakeholder protection, long term unemployment and varieties of capitalism: Insiders, Outsiders and Long-Term Unemployment. Retrieved from Department of Economics-University of Pisa: http://www.siecon.org/online/wp-content/uploads/2011/04/Chilosi1.pdf OECD Economic Surveys: United States. (2012, June). Labour market policies. OECD Economic Surveys: United States, pp.
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Despite the fact that many adults and their families included depend on these wages to make ends meet there exists stiff opposition to any proposed and necessary increases (Shierholz, 2009). The debate over the minimum wage dates back to over seventy years ago. Most people today do not realize the horrendous conditions early American workers were forced to endure just too survive. Imagine for a moment, a world in which men and women, even young children, are forced to work sixty hours or more a week, six days a week, with no breaks during the workday. Adding insult to injury, the backbreaking work they are made to endure only pays mere pennies.
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