...essay will talk about the minimum wage laws, I have read a few articles and must decide based on these articles what is best for the economy to raise minimum wage laws or lower them. There have been multiple debates on the minimum wage law debut. Both have good arguments but, based on these articles we read and analyzed I believe we should not endorse new minimum wage laws because the unemployment rate would rise, the demand for things in the world will go down because they are so expensive, and it would also eliminate jobs at the bottom of the ladder who are inexperienced. It will cause unemployment because when you start to raise the minimum wage laws you are paying your workers more even if some are doing more or have a better past...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
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... pp. 258-269. The issue of the minimum wage permitted by law increments has been disputable since the initiation of the base wage law in 1938. The minimum wage permitted by law, which incorporates tyke work laws, was established to shield American specialists from exploitation and poverty during tough economic times (Schuldt, Robert; Woodall, Davis; Block, Walter E., (2012). Despite the fact that the law achieved what it was planned to at the time, increments in the minimum wage permitted by law through the years have delivered higher unemployment rates and higher destitution levels. As the minimum wage permitted by law expands, managers are compelled to dispense with representatives who are not living up to expectations up to the current the minimum wage permitted by law level and contract better-gifted individuals who are justified regardless of the wages they are paid. Expanding the minimum wage permitted by law causes an increment in unemployment among specific populaces for this very reason. Totally dispensing with the minimum wage permitted by law is not the answer for the issue, however in the event that the minimum wage permitted by law stays at its current level for a couple of more years, it may rouse the minimum wage permitted by law workers to accomplish more to ensure their own budgetary future. The civil argument over raising the minimum wage permitted by law has been a hotly debated issue after President Obama...
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...Increasing the Minimum Wage Jacqueline S. Nock May 19, 2014 Abstract The issue of minimum wage increases has been controversial since the inception of the minimum- wage law in 1938. The minimum-wage law, which includes child labor laws, was put into place to protect American workers from exploitation and poverty during tough economic times (Schuldt, Robert; Woodall, Davis; Block, Walter E., (2012), par.4). Although the law accomplished what it was intended to at the time, increases in the minimum wage over the years have produced higher unemployment rates and higher poverty levels. As the minimum wage increases, employers are forced to eliminate employees who are not working up to the current minimum wage level and hire better-skilled people who are worth the wages they are paid. Increasing the minimum wage causes an increase in unemployment among certain populations for this very reason. Completely eliminating the minimum-wage law is not the solution to the problem, but if the minimum wage remains at its current level for a few more years, it might motivate minimum wage earners to do more to protect their own financial future. The History of Minimum-Wage Law President Franklin D. Roosevelt signed the federal minimum-wage law into effect in 1938. It was part of a larger bill called the Fair Labor Standards Act. The minimum-wage law was created to protect workers from not being paid a fair wage for the work they perform. It guaranteed workers a fair wage, ensured safe working...
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...KEVIN RYEN Micro Economics Minimum Wage State the purpose of this legal price, assess its impact on the market for labor, and evaluate the extent to which it achieves its purpose? The minimum wage is the lowest rate at which a worker can be played. There she minimum wage laws pegged to hourly, daily and even monthly rates, although U.S. law is pegged to an hourly wage. Also, a minimum wage law usually makes it illegal for a person to sell his labor for less than the minimum wage rate The general purpose of the minimum wage is to guarantee a living wage to all workers who work a standard period of time, whatever that might be. In theory, any labor who works 40 houses a week on minimum wage should be at or above the poverty level line. However, the minimum wage has not kept up pace with the inflation in the United States, and the cost of living increases more than the wage increases that are given and that way behind the standards Minimum wage laws were first started in Australia and New Zealand in the 1890s.The first minimum wage to be law was in Massachusetts in the 1912, but it only applied to children and women. The federal minimum wage was established in 1938, by the Fair Labor Standards Act. Initially set at 25 cents 0.an hour, the wage has been raised periodically to reflect changes in inflation and productivity. That minimum wage often involve protracted political battles,” Did you know that one in five...
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...Overview of the Federal Minimum Wage The Fair Labor Standards Act (FLSA), a law that guarantees employees and youth a fair minimum wage and overtime pay. It is regulated by the Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL); it mandates employers to pay all nonexempt employees a federal minimum wage no less than the determine amount set by the government (U.S. DOL, 2011). Unfortunately, the federal minimum wage still sits at $7.25 per hour and has remained the same since George W. Bush signed a law to change it on July 24, 2009 (Risher, 2013; U.S. DOL, 2011). So, why did so many government officials decline the increase of the federal minimum wage and why do they fear the positive impact that the increase will have on America? This paper intends to briefly discuss six laws, all pertaining to federal minimum wage introduced to the House of Representatives within a year and highlight one member of the senate who disapproved the law for passing. In addition, this paper will briefly point out statements made about why some Senators chose to decline the bill; and finally, this paper intends to briefly explain any legal issues preventing the wage increase and implications for management. Start of Hope: Minimum Wage Fairness United States senators and representatives have introduced numerous federal minimum wage bills to the House of Representatives in order to amend the Fair Labor Standards Act (FLSA) during their term. These bills were designed to either...
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...MEMORANDUM To: Traci Goldeman From: Debora Snaw Date: March 13, 2015 Subject: Landslide Limousines Employment Law Compliance Plan As per you request, I have developed and Employment Law Compliance Plan for Mr. Bradley Stonefield. Your instructions indicated that Mr. Stonefield will be starting a new business, Landslide Limousines, in Austin, TX. with up to 25 employees in the first year. The location and the number of employees are critical in determining the applicable employment laws. There are several laws that will become a part of the Landslide Limousines Employment Law Compliance Plan as the company grows, determined by the number of employees and the amount of business. Based on the information you have provided, I have including the following employment laws for Landslide Limousines Employment Law Compliance Plan that are applicable for the number of projected employees: Texas Minimum Wage Act, The Equal Pay Act, Title VII of the Civil Rights Act of 1964 (Title 7) and The Age Discrimination in Employment Act of 1967 (ADEA). I will provide a description of each of the aforementioned laws and the associated penalty for violating that law. Texas Minimum Wage Act ties the Texas minimum wage for non-exempt employees to the Federal minimum wage and automatically increases with the Federal minimum wage.(Dolghih, n.d.) The Texas Minimum Wage Act covers the employees of small businesses that are not covered by the Fair Labor Standards Act (FLSA). The FLSA...
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...Lochner, a bakeshop owner, violated a provision of the act that held that bakers could not work more than ten hours in one day or sixty hours in one week. When faced with the consequences for violating this provision, Lochner challenged the law by claiming it was a violation of the due process clause under the 14th Amendment. He claimed that this was a violation of his liberty of contract and that he had the right to enter into contracts of this nature with his employees. The Supreme Court...
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...living. Working full-time in a minimum wage job pays $7.25 per hour. That's just $15,000 a year for full-time work. It's not enough to live on. A breadwinner for a family of four earning the minimum wage would be a full $7,000 below the federal poverty line. It is my opinion that minimum wages should at least cover the cost of living. There is such a large disparity in the way salaries are created. Some corporations’ continue to give their CEOs annual large raises and bonuses but claim they cannot afford to pay some of their employees enough to raise their standard of living above the poverty level. As of 1 January 2013 the following is a breakdown on the information about the minimum wages: § 23 states and VI have minimum wages the same as the federal minimum wage of $7.25. § 18 states and D.C. have minimum wages above the federal minimum wage. § 4 states and PR have minimum wages below the federal minimum wage (the federal minimum thus applies). § 5 states have not established a s state minimum wage. The lowest minimum wage is $5.15 and the highest minimum wage is $9.19. Louisiana, Mississippi, Alabama, South Carolina, and Tennessee do not have minimum wage laws. This does not mean they do not have minimum wages because there is a federal minimum wage that these states must still enforce. States can only choose to have higher minimum wages than the federal law or have no specific law at all and enforce the federal law. “Department of Labor...
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...Standards Act (FLSA) Overview According to the Fair Labor Standards Act (FLSA): “The FLSA sets minimum wage, overtime such as how many hours and what the pay is, record keeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments.” FLSA Minimum Wage: Instances as to where an employee is subject to both state and federal minimum wage laws the higher of the two is to be given to the worker. FLSA Overtime: A bare minimum of $7.25 an hour to all workers is required by law since July 24, 2009. And after reaching 40 hours in a work week each additional hour is to be compensated with one and a half times the amount. A work week as defined by the FLSA is ”any...
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...THE LIVING WAGE AND ITS EFFECT ON THE ECONOMY INTRODUCTION The topic of our study investigates the living wage and its effect on the economy. A survey will be distributed asking questions about wages, cost of living, and making ends meet. Our conclusions and recommendations on the topic of living wages will result from this survey. BACKGROUND The definition of living wage is “a term used to describe the minimum hourly wage necessary for a person to achieve some specific standard of living. This means a person working forty hours a week, ”should be able to afford housing, food, utilities, transportation, health care and recreation” at a basic level. (Wikipedia.org). Currently, a living wage is set by local municipalities based on a local cost of living assessment, and applies only to government employees and/or contractors. This is different from minimum wage, which is set by law through the Federal government. The federal minimum wage is the minimum amount that a worker can be paid an hour and this law applies to nearly all workers. In Michigan, the minimum wage is currently $7.40 an hour. Minimum wage does not always meet the requirements of a living wage. (Wikipedia.org). For example, in 2008, East Pointe, MI paid its employees a living wage of $10.40/hr , while Detroit, MI paid its employees and contractors $8.25/hr, both with health benefits in comparison to $7.40/hr Federal minimum wage.(laborstudies.wayne.edu/ According to the Economic Policy Institute...
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...FREE MARKET ECONOMY According to Pmiranda2857 (2009), the free market economy is an economy which promotes competitions between businesses. Basically, without this market system, consumers would not have a say in price determination of goods and services. Some consumers in some African countries have suffered with regards to pricing. According to Baye (2010), consumers do not have a say in the price determination of some services because the providers of such services enjoy the market monopoly. However, the free market economy is the best and only realistic alternative for determining the allocation of resources in an economy because of the following: i. Competition (Pmiranda2857, 2009; Rothbard, n.d.). Without competition, the free market economy will not be what it is supposed to be. The competition between the producers is the driving force in this market, providing the consumers with the most favourable product at the most affordable price. According to Pmiranda2857 (2009), a new product is priced high in the market. After sometime, the major competitors in the market begin to imitate the innovation in the market. This leads to price reduction in the once expensive product since new and similar products begin to emerge. Pricing therefore becomes a sensitive issue in competition. Rothbard (n.d.) also concluded that competition leads to the betterment in the standards of the market competitors compared to other markets. ii. It promotes entrepreneurship and innovation (Pmiranda2857...
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...practical application or implications. 5. Feel free to review classmates' postings and comment on their viewpoints. Week 1 Discussion Topic: Part 3: Government Price Controls 1. There are federal and state laws setting minimum wages for workers. There are also city laws setting price ceilings for housing rents. a. Why are there laws setting minimum wages for workers and maximum rents for housing? b. Why are there no laws setting maximum wages for workers or minimum rents for housing? 2. It has been stated that price controls cause shortages or surpluses. a. Do rent controls cause shortages or surpluses, and why? b. Do minimum wage laws cause shortages or surpluses, and why? 3. What are the advantages and disadvantages of minimum wage laws for: a. Workers? b. Employers? c. Consumers? d. If minimum wage laws are beneficial, why are minimum wages set as low as they are – for example, what about a minimum wage rate of $100 per hour? e. If rent controls are beneficial, why are rent ceilings set as high as they are – for example, what about a rent ceiling of $100 per month for every rent-controlled dwelling? 4. From the questions and answers above, what do you conclude in general about the advantages and disadvantages of price control laws that set price ceilings and price floors for any and all goods and services? Week 1...
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...in the UK must get a minimum level of pay. This is called: The National Minimum Wage (NMW), you can be paid more than the national minimum wage but you must not be paid less. Although minimum wage laws are in effect for many years, there are some differences of opinion still existing about the benefits and drawbacks of a minimum wage. The main aim of the national minimum wage is to reduce poverty and to reduce the level of pay differences between men and women. Other aims include reducing the exploitation of low paid workers and improving incentives for people to look for paid work in the market. While it is clear that socially and morally the NMW is a good thing, the economic benefits out of the NMW have been an issue for years. Many economists believe the minimum wage law costs the economy thousands of jobs, because they would be unable to afford to employ more people, and also because other workers would bid up their own wages in an attempt to maintain their differentials with the low-paid workers. Additionally, imposing a minimum price for anything will in general reduce the quantity that is traded. A minimum wage may improve the income of a few, but will deprive others of income. However, the government Officials in The Department of Trade and Industry say there is no evidence that the minimum wage will cost jobs, and the employment consequences of a minimum wage are not certain. An official spokesman said: "In the long run, the additional wage costs will be offset...
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...Introduction Minimum wage refers to the lowest hourly, daily or monthly wage an employee is legally entitled to when working. Minimum wage is in effect in a range of different jurisdictions with differences in the views on the advantages and disadvantages being disputed by people. Supporters claim minimum wage increases the standard of living for workers whilst reducing poverty. Opposite views are that if it is high enough to be effective then it increases unemployment, particularly among workers who are inexperienced or handicap, thus harming the lesser skilled workers to benefit the better skilled workers The effect on employment rates due to minimum wage rates is a highly contested policy within economics. The introduction of minimum wage into the market can lead to competitive employers cutting employment; this depends on the rate of the wage rises require to comply with the current minimum wage according to the “standard textbook model”. Other models have also been suggested in which a decline in the employment rate may not occur and in fact employment may increase. During my research I found a wide range of literature on minimum wages, particularly on the effects of a minimum wage policy in place. Though a lot of informative research was concluding I also found the argument between weather the effects and positive of negative on employment, both sides of the disagreement present a large amount of information supporting the theories. Research before the 1990’s mostly...
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