A minimum wage should be set in relation to the wages in the free market so as not to cause a sense of inequity or resentment among employees. Having a minimum wage may cause unemployment if it is not planned out properly (Bartlett 45-48). Non-compliance to the minimum wage may cause a crisis in the employment sector.
Abolishing the Minimum Wage Many Americans think of the minimum wage as a means of raising the income of the working people. However, the minimum wage is not the best way to combat poverty. In fact, the minimum wage does more harm than good.
Minimum Wage Should Be Abolished Essay Sample Firstly, minimum wage will result in high prices of products. If the minimum wage continues to be a mandate which is a relatively expensive amount for a minimum wage, the businesses will have to increase their product prices.Abolishing minimum wage might not necessarily increase GDP but it will definitely have a positive effect on GDP. The bottom line is that imposing minimum wage negatively affects the country’s GDP and its economic efficiency. Minimum wage not only increases unemployment but also decreases GDP as well.Thesis Statement: Although minimum wage helps reduce income inequality, we should abolish the minimum wage because it increases unemployment, it's unconstitutional, and it does not promote healthy competition. Annotated Bibliography Calton, C. (2017, April 17). The racist history of minimum wage laws you might not know about.
Pages 4 Abolish the minimum wage The Federal minimum wage was signed into law in 1938 by President Roosevelt under the Fair Labor Standards Act (FLSA), with the objective of maintaining a “minimum standard of living necessary for healthy, efficiency, and general well being, without substantially curtailing employment.”.
Sample Writing Essays. 3. The idea of a minimum wage has been around for quite a while. If increasing the minimum wage helps every one, no one would oppose an increase. In your opinion, who are helped and who are hurt by an increase in the minimum wage?
The paper presents the argument that this policy incorrectly associates a minimum wage with better working conditions for poor people. The paper contends that the minimum wage increases unemployment, primarily benefits middle class workers, not poor workers, and also creates a competitive weakness for American companies attempting to compete in the global marketplace.
A limitation of the minimum wage is that it doesn’t increase the incomes of the lowest income groups. This is because the poorest have to rely on benefits and are therefore not effected by the minimum wages. Also many who benefit from the min wage are second income earners and therefore the household is unlikely to be below the poverty line.
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With minimum wage establishment, small businesses are deprived of this right. Therefore, they must cut jobs or downsize. With the amount of 28 million small businesses existing in the US (Nazar 1), this has an unfavorable effect on the overall economy.
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Opponents of minimum wage point out that minimum wage cause unemployment and discourage economic growth. On this note, it is another high time that the government should abolish the minimum wage in the country. This essay discusses the pros for abolishing minimum wage. In a free market situation, wages are determined by forces of demand and supply.
Minimum Wage Even though minimum wage has been around for many years, and was established to make sure that working people could survive and pay their bills, there are still many problems with it. This paper address both the pros and cons to raising the minimum wage, discussing not only how people can be helped by the increase in pay, but also how they are ultimately hurt by it to a.
A. Marginalized workers Minimum pay harms a big per centum of the working groups. largely the fringy workers which includes adolescents. the less educated workers and the more elderly work force. Based on the 2005 informations released by the Bureau of Labor Statistics. the jurisprudence besides discriminates workers belonging to cultural minorities.