Pros & Cons on Minimum Wage
The first minimum wage in the United States was set at 25 cents in 1938. Through 2009, it had been raised 23 times, the most recent being on July 24, 2009, when it went up to $7.25.
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Effects
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The minimum wage increases the wages of the lowest income earners, helping them to earn enough to live on. Without a minimum wage, they would not make enough to get by.
Protection
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Without a minimum wage, there is no guarantee that companies will pay their workers fairly. Companies could refuse to pay a fair wage without government oversight.
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Spending
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A minimum wage means the poorest workers have more money to pour back into the economy, according to CNN.
Unemployment
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CNN claims that some businesses will not be able to pay the additional hourly costs and will have to lay off workers to stay in business.
Company Location
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Critics of the minimum wage argue that it forces companies to move factories and jobs to countries that do not have wage minimums.
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