The Pros & Cons of Raising Minimum Wage

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The minimum wage is the smallest hourly wage an employer can legally pay an employee. The first minimum wage was adopted in 1938 and as of July 24, 2009, the minimum wage is $7.25.

Features

  • Raising the minimum was would increase the income of the least paid workers to improve their standard of living.

Considerations

  • The value of a dollar decreases over time because of inflation, so in order to maintain a standard of living you must increase wages over time.

Function

  • Businesses need outside regulation in order to prevent them from abusing their power over workers. Without government intervention wages will remain low indefinitely.

Competition

  • When minimum wage jobs pay a higher rate, there is more competition for them, which makes it harder for entry-level workers to get into the job market.

Job Totals

  • If the United States raises the minimum wage, more companies will move their operations overseas where they can pay workers less to do the same work.

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