Abolishing Minimum Wage

521 Words3 Pages
Performance-Based Pay: Should the Minimum Wage be abolished?
Over time, economists have been researching on the necessity and effects of minimum wage on peoples’ lives. It is the amount of compensation imposed by the federal government since 1938 below which laborers should not sell their services. Since then, this wage level has been increasing with time. Its primary aim is to tackle poverty and improve standards of living by ensuring every worker enjoys a minimum level of income (Mark, 2012). However, some policymakers state that this policy is inefficient since it negatively affects more people than it benefits (Robert, 1974). This paper focuses on the positive and negative effects of minimum wage and whether the government should abolish
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