Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.
According to Source 4: Favor Abolishing The Penny? By the New York Times, The data shows 59 percent are for keeping the penny while an underwhelming 23 percent are for abolishing it. Conversely, the reason for the difference is unclear but, if more people were aware of the repercussions pennies are causing they arguably most likely would switch sides in the argument. According to Abolish the Penny by William Safire, “There is no escaping economic history: it takes nearly a dime today to buy what a penny bought back in 1950. Despite this, the U.S. Mint keeps churning out a billion pennies a month.”
Recently in 2009, the federal minimum wage went from $6.55 to $7.25 per hour. In 29 states including the District of Columbia the minimum wages are higher than the federal minimum wage. For example the minimum wage in Chicago, Illinois was $10 in July, 1st of 2017. People around the world have done strikes demanding higher wages.
Indentured servitude was a form of cheap labor equal to that of slavery. In the 1800s and into the early 1900s, immigrants from the eastern world were hired into low paying jobs to pay their debt to the wealthy bby working on plantations in terrible working conditions. The people were to sign a contract that bound them to work for up to 15 hours a day for a number of years until their fee for traveling to the new world was paid. The majority of the people That were indentured servants were from India and other Eastern parts of Asia this was due to the spread of the Industrial Revolution brought about by Western Europe.
Statistics show the United States economy is expected to incline steadily over the next few years. So if the economy is growing why shouldn 't the minimum wage grow as well. If the economy is steadily growing more than likely prices will go up on items, which for people who work minimum wage jobs will not be able to afford anymore due to the price of the item. The minimum wage
In 1994, labor economists David Card and Alan Krueger compared the rates of employment in New Jersey 's fast-food industry before and after a statewide increase in the minimum wage. The study found minimal impact on employment. "The weight of this evidence," Card and Krueger wrote in their 1995 book Myth and Measurement: The New Economics of Minimum Wage, "suggests that it is very unlikely that the minimum wage has a large, negative employment
And most of the regulatory boards are controlled by money and none will interfere in this injustice. Some work 100 hours per week and receive only a cent per hour ? Would you be able to live your life with $1.25 per day? You my tell me that the minimum wage is strict but even when educated people like us are taken advantage then what is the condition of the poor people out there. They are not aware of many laws and totally fooled b their employers everyday.
With Artificial Intelligence on the rise, an estimated forty percent of American jobs could potentially be filled by robots within the next ten to fifteen years. Contributing to the high unemployment rates already prevalent in the United States, introducing more robots to the workforce has the potential to leave up to seventy-five percent of Americans with no source of income. While in certain aspects, Artificial Intelligence may have positive impacts on society, it is dramatically diminishing the amount of human-operated jobs across the globe. Gradually, the “upper class” will slip into the “middle class,” and the middle class will fall into the “lower class,” resulting in the skyrocket of American poverty rates. The solution to this detrimental issue, a Universal Basic Income, granting every person, no matter their “status” or wealth, monthly payments of equal
But that still leaves 767 million people living on the edge of survival with less than $1.90 a day.2 One dollar and ninety cents a day, that is way less than what minimum wage is in the U.S., per hour. So many people go with that $1.90 a day, that couldn’t buy you a nourishing meal. Many countries have this problem, which is horrible. I learned that many people think that the appearance is all that country
The nation's financial aid system currently fails to provide an equal opportunity to everyone qualified. with high amounts of student loan debts has been shown to reduce a person's chances of owning a home, getting married, having children, and accumulating wealth. The earnings for a full time minimum wage worker is $15,080 at the federal minimum wage of $7.25. Full-time work means working 2,080 hours each year, which is 40 hours each week. A better educated population could result in smarter decision making at every level of society, which could lead to
In July of 2016, the average daily amount that was spent was one hundred US dollars. That was an all-time high. The spending amount dropped down to ninety-one US dollars in August of 2016. A nine dollar drop in total. Americans decided to get in gear and slow down their spending.
Almost all articles, for or against the raise, agree that as long as the poverty line is not adjusted, then state and federal services that low-income workers were previously using would decrease. This means that the money that is no longer being distributed in food stamps or other services can be returned to Washington, D.C. and be redistributed. Economists say that raising the Federal minimum wage to $9 will restore the dollar to its real value (The President’s Plan). And indexing the minimum wage would ensure that working families keep up with inflation.
Today’s minimum of $7.25 an hour is worth 25 percent less than the minimum in the late 1960s. From research, a full-time, minimum-wage worker earns about $15,000 per year, which is below the federal poverty line for a worker with just one child. We need to raise the minimum wage to the point where the lowest-paid worker can afford their basic needs, such as food and other necessities. An increase to $10.00 an hour as proposed by President Barack Obama would actually reinstate the wage factor to the same value it had back in the 1960s. In doing so, it would lift earnings for nearly 28 million workers nationwide roughly 1 in 5 U.S. workers.
But would it? The Congressional Budget Office estimates that raising the minimum wage to $10.10 would boost earnings for around 16.5 million workers, while causing up to 1 million jobs to be eliminated. To me that’s not a great trade-off: according to CBO, the typical family living below the poverty line would see its annual income rise by only around $300, or about 2.8%. But for up to 1 million workers, their salaries would go to zero.
Sanders also wanted to spike the minimum wage to be $15 in 2020. That might seem good, but it is actually not, a minimum wage of $15 would mean an increase in unemployment because most companies don’t have enough money to support that many workers and it would also mean an increase in everyday items. Most of Sander’s decisions have a great impact across the world and the economy and most of it isn’t going to be approved by the Congress, especially the republicans. The government doesn’t want to waste that much money on the people. Bernie Sanders being the president might mean a lot, but his chances of winning are very slim.