Informative / Explanatory Essay
Informative Essay
Standard Way of Living
Minimum wage was first introduced in the Australian state known as Victoria, in the year of 1894. However, the minimum wage process wasn’t introduced in the United States until the year 1916. It wasn’t till 1938, the time of Franklin Roosevelt where he issued an enactment of the federal minimum wage law. At that time of 196, it was a mere 16 cents. . It wasn’t even enforced as a law, but it was known as “the lowest hourly, daily or monthly remuneration that employers may legally pay to workers”. Also known as the lowest wage workers could sell their labor.
Minimum wage was intended to do the following things, to increase the standard living of workers who are paid minimum wage, reduce poverty, and help expand business to be more efficient. However, controversy over these issues has been dated since the law’s existence. The raising of minimum wage hasn’t proved to reduce poverty, or even help business be more efficient. The minimum wage pay is an extreme problem; it’s not as nearly enough to fulfill its role as a “standard way of living”. In addition, raising the minimum wage is even more of a problem. Minimum wage has only been slightly increased since its existence, but with the price of economic problems. By raising minimum wage, businesses have to pay employees a lot more than before, resulting in unemployment, which will eventually lead to an economic downfall. Almost like the one were in today, known as the Great Recession.
Minimum wage is determined by state oversight committees. The oversight committees are a group of economists and business leaders who help decide the fate of a rising minimum wage. Some factors that they look at include the social and economic climate standing, inflation and unemployment rate. In addition, they theoretically take family incomes to help determine what they call a “living wage”. The difference between a living wage and a minimum wage is that living wage is significantly higher then a minimum wage, and better fulfills the role of a “standard way of living”. Generally in a pay up to 14 dollars an hour, more then 120 cities in the United States currently agree to have living wages. In recent days, raising minimum wage has slowly contributed to helping the economy. Studies have recently shown that small businesses have actually thrived with higher minimum wages opposed to ones who currently work the original pay. In fact, businesses face quarrels, raising the minimum wage in studies have recently showed a gain and loss in unemployment. In fact, in 2001, the raise of minimum wage had started a strong period of growth for the economy. But unfortunately, it’s estimated that around each 10 years, congress is only finally able to successfully pass legislator to raise minimum wage.
The issue under minimum wage is that the amount it pays it not enough to sustain many people of the working age. However, each state try’s to keep pace with the cost of living, substantially trying to raise minimum wage even by the smallest amounts. In fact, throughout the history of minimum wage, it’s only been raised by twenty five times here in California. But throughout these raises, the economy has actually profited and entered a growth period. Raising minimum wage serves as a cycle for the economy. It stimulates the economy by allowing consumer spending. In matter of fact, consumer spending funds seventy percent of the whole economy. President Obama’s recent actions on trying to bring minimum wage up to nine fifty and hour, estimates that consumer spending would fuel the economy, bringing nearly sixty billion in revenue for the economy.
With nearly sixty billion dollars in revenue, the economy can recover from the jobs that were lost back in the Great Recession. The recession hit high wage workers, in fields of construction, manufacturing and financing. With new job growth, and a higher minimum wage, the economy can be powered into an industrial growth age. Increasing opportunities for lower wage jobs, like food preparation and service workers. Raising the minimum wage would fully boost the career for millions of Americans who live their career on minimum wage.
Minimum wage was first introduced in the Australian state known as Victoria, in the year of 1894. However, the minimum wage process wasn’t introduced in the United States until the year 1916. It wasn’t till 1938, the time of Franklin Roosevelt where he issued an enactment of the federal minimum wage law. At that time of 196, it was a mere 16 cents. . It wasn’t even enforced as a law, but it was known as “the lowest hourly, daily or monthly remuneration that employers may legally pay to workers”. Also known as the lowest wage workers could sell their labor.
Minimum wage was intended to do the following things, to increase the standard living of workers who are paid minimum wage, reduce poverty, and help expand business to be more efficient. However, controversy over these issues has been dated since the law’s existence. The raising of minimum wage hasn’t proved to reduce poverty, or even help business be more efficient. The minimum wage pay is an extreme problem; it’s not as nearly enough to fulfill its role as a “standard way of living”. In addition, raising the minimum wage is even more of a problem. Minimum wage has only been slightly increased since its existence, but with the price of economic problems. By raising minimum wage, businesses have to pay employees a lot more than before, resulting in unemployment, which will eventually lead to an economic downfall. Almost like the one were in today, known as the Great Recession.
Minimum wage is determined by state oversight committees. The oversight committees are a group of economists and business leaders who help decide the fate of a rising minimum wage. Some factors that they look at include the social and economic climate standing, inflation and unemployment rate. In addition, they theoretically take family incomes to help determine what they call a “living wage”. The difference between a living wage and a minimum wage is that living wage is significantly higher then a minimum wage, and better fulfills the role of a “standard way of living”. Generally in a pay up to 14 dollars an hour, more then 120 cities in the United States currently agree to have living wages. In recent days, raising minimum wage has slowly contributed to helping the economy. Studies have recently shown that small businesses have actually thrived with higher minimum wages opposed to ones who currently work the original pay. In fact, businesses face quarrels, raising the minimum wage in studies have recently showed a gain and loss in unemployment. In fact, in 2001, the raise of minimum wage had started a strong period of growth for the economy. But unfortunately, it’s estimated that around each 10 years, congress is only finally able to successfully pass legislator to raise minimum wage.
The issue under minimum wage is that the amount it pays it not enough to sustain many people of the working age. However, each state try’s to keep pace with the cost of living, substantially trying to raise minimum wage even by the smallest amounts. In fact, throughout the history of minimum wage, it’s only been raised by twenty five times here in California. But throughout these raises, the economy has actually profited and entered a growth period. Raising minimum wage serves as a cycle for the economy. It stimulates the economy by allowing consumer spending. In matter of fact, consumer spending funds seventy percent of the whole economy. President Obama’s recent actions on trying to bring minimum wage up to nine fifty and hour, estimates that consumer spending would fuel the economy, bringing nearly sixty billion in revenue for the economy.
With nearly sixty billion dollars in revenue, the economy can recover from the jobs that were lost back in the Great Recession. The recession hit high wage workers, in fields of construction, manufacturing and financing. With new job growth, and a higher minimum wage, the economy can be powered into an industrial growth age. Increasing opportunities for lower wage jobs, like food preparation and service workers. Raising the minimum wage would fully boost the career for millions of Americans who live their career on minimum wage.