Minimum Wage And The Wage Essays

Minimum Wage And The Wage Essays

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The federal minimum wage became a law in 1938 and the first minimum wage started at .25 cents. Over the past years, the minimum wage has seriously changed because of the power of economy. In 1948 the minimum wage was starting with 3.09 to 8.67 dollars an hour, however, in 2013, the average was 6.60 dollars per hour. As the decades past, this amount of money was changing dramatically till today, which is 7.25 dollars an hour as shown in the graph below. That being said, today’s minimum wage is more than the minimum wage has historically presented, although it remains over a dollar an hour below its historical high. As a result, minimum wage laws today should keep increasing because it will be beneficial to employers of low incomes. People who are struggling financially will now have an opportunity to obtain a higher level of education. This will allow people to get better jobs and support themselves and their families.
( The graph has been taken from the article Is It Time To Deflate America? by Kerry Kobashi, 2011, page 1, http://www.kerryonworld.com/economy/is-it-time-to-deflate-america)

First, let’s see the economic effects of raising the minimum wage. Employers would get more money per hour, so their total income would increase. The plan that experts made just to see if the minimum wage laws are positive for people, showed that if workers gain 9.00 to10.10 dollars per hour, there are going to be distinct trade offs. The problem though is that if the minimum wage law increases, this is going to result in a reduction of 500,000 workers. Companies will close and economy would decrease because business people would have to pay the employers more and they won’t have the luxury to spend more money to products. Today, during the...


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... Minimum Wage, by the department of finance, page 2, http://murray.seattle.gov/minimumwage/#sthash.5OaWc9Dj.dpbs )

As a result, the increase and the decrease of minimum wage law is a serious subject, that can change many people’s lives. Both the rise and the fall of the wages have positives and negatives, but based in all the facts above, it’s better for the society, if the minimum wage increase. As I explained, wealthy people don’t have the need of higher education or a more exclusive jobs. They have a good amount of money to survive. However, poor people try really hard to work as many jobs as they can, so they can stay alive. Of course, without money education is not in their future plans, and they result to jobs with low salaries. All the people need to have opportunities in their lives and achieve their goals. Money can not be an obstacle to their dreams!



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