Should our minimum wage be eliminated or elevated? 1.Introduction: 1.Every man in the US makes a living only and only by working. b.Minimum wage 1.The lowest wage permitted by law or by a special agreement. c.Control 1.The Department of Labor enforces the Fair Labor Standards Act (FLSA), which sets basic minimum wage and overtime pay standards. d.Rates in different states e.Thesis: Poverty and unemployment rates will decrease, and GDP growth will increase when the United States government elevates the minimum wage of adults and high school students. Decrease in Unemployment rates (Caitlin)
."Many economists have backed away from the argument that minimum wage [laws] lead to fewer jobs." a.Adults- 7.2%- 11.3 million i.High pay- Senator Harkin and Representative Miller 1. The U.S. Senate and House of Representatives introduced the Fair Minimum Wage Act of 2012, companion bills that would raise the federal minimum wage to $9.80 by 2014 and impact millions of working Americans. “Millions of the nation’s lowest-paid workers are putting in long hours and working multiple jobs, yet are still struggling to afford basic expenses, 2.Yet the minimum wage worker cannot afford a 2 bedroom apartement. 3.Bills/- Not passed. Expected to be $10.74 but is $7.25
a.No debts/ less debts Cheques ii.Family support (Holly) iii.Sustaining a family .Food a.Clothing b.Shelter c.Education b.High school students (Caitlin) .Earn more i.More independent Parents .Don’t need to pay. Decrease in Poverty rates (Timothy) .Megastores .Walmart, Costco, Target, Lowe’s, KMart Challenges competitors (Berlatsky) a.Employing more people. (Caitlin) ."As the productivity of workers increases, one would expect worker compensation to experience similar gains," i."Poverty rates are higher now than in the 1970s, thanks in part to the eroded value of the minimum wage."(Sklar). b.Affordability
GDP Growth increases (Musser) The Economic Policy Institute said in August that raising the minimum wage to $9.40 by 2014 would increase gross domestic product by $25 billion, and create 100,000 new jobs. .Calculating- Measures standards of living.
Will increase if more people set up businesses that export and import goods. a.Income .People working b.Import and export .Greater import Conclusion .Results .Decrease in Unemployment rates i.Decrease in Poverty rates ii.GDP Growth increases (Musser)
Bibliography Hammock, Caitlan. The effect of minimum wage rates on high school completion. Gale Opposing Viewpoints in Context. N.p., Mar. 2010. Web. 27 Oct. 2013. . Henderson, David R. Raising the Minimum Wage Will Not Reduce Poverty. Gale Opposing Viewpoints in Context. N.p., 2007. Web. 27 Oct. 2013. . Rampell, Catherine. Teenage Unemployment Is at a Record High. Gale Opposing Viewpoints in Context. N.p., 2011. Web. 27 Oct. 2013. .
Sklar, Holly. Raising Minimum Wage Does Not Increase Unemployment. Gale Opposing Viewpoints in Context. N.p., 2011. Web. 27 Oct. 2013. . Sklar, Holly. Raising the Minimum Wage Will Help the Poor. Gale Opposing Viewpoints in Context. N.p., 2010. Web. 27 Oct. 2013. . - - -. Raising the Minimum Wage Will Reduce Poverty. Gale Opposing Viewpoints in Context. N.p., 2012. Web. 27 Oct. 2013.