The Pros and Cons of Abolishing Minimum Wage - 954 Words

Abolishing Minimum Wage Increase, decrease or abolish minimum wage; which is best for our citizens and our economy? Minimum wage was implemented to help unskilled workers to make a living wage but as time goes on the value of minimum wage has plummet. In my research paper I will provide knowledge about minimum wage such as the history, purpose, benefits and the results. I will also present the pros and cons of abolishing the minimum wage and the increase/decrease of minimum. The minimum wage was originally implemented in 1938 in the Fair Labor Standards Act setting an hourly wage rate at 25 cents. Throughout the years it has been raised multiple times and recently been raised to $7.25 an hour. Between adjustment periods and inflation†¦show more content†¦Some argue that increasing the minimum wage will help improve the economy and benefit employers and employees, but it will have the opposite effect. It would be a heavy burden on small business owners; due to low income it would be very hard to have a great amount of employees if minimum wage shall be raised. Unemployment will likely to increase to 9% due to the money crisis and When legislators raise the price of low and unskilled labor, its usually low and unskilled laborers who end up paying the price (Boston Globe). Also the government has not yet proven that increasing minimum wage will lower the poverty rate. Multiple studies demonstrated little or no relationship between a higher minimum wage and a reduction in poverty. On the other hand decreasing the minimum wage has been argued, but decreasing minimum wage can represent an expense that a small business may not be able to afford. Small businesses will attempt to get more production from existing staff and new employees paying them a lower wage which will do no justice to poverty but will increase companys payout. It will also be very hard for single family homes and lower educated people to survive and make ends meet if the government decreases minimum wage. Iit would also hurt small business owners for they could not be able to afford to run which conclude toShow MoreRelated America Needs a Variable Minimum Wage Essay1468 Words   |  6 Pages Minimum wage is the least amount of money that an employer is legally required to pay an employee. It is something that all people in the American workforce know about. It was made to prevent the employer from taking advantage of employees. It is what creates the bare minimum standard of living for the 73.9 million hourly wage workers in the United States. However, there are many different jobs with varying amount of skills that are needed for those jobs. This is where the problem arises becauseRead MoreBenefits Of The Death Penalty Essay1295 Words   |  6 Pagesstates recently have been abolishing capital punishment. 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