Minimum Wage And The Cost Of Living Essay - 1518 Words

Today we live in a society that tells us what and when we can do it, with the complex of living in the United States which is supposed to be the land of the free. The cost of living now these days have put those who only make minimum wage in poverty stricken situations, which now they have no choice but to depend on the government to live. We either have to lower the cost of living so that people can live a somewhat sustainable life, or raise the minimum wage so that we can afford the cost of living that is provided to us. Somethings got to give, it s obvious that we cannot have both. About 77.2 million people ages sixteen and over worked for hourly wages in 2014, according to the US Department of Labor’s Bureau of Labor Statistics (BLS). These workers make up 58.7 percent of the US workforce. People earning the federal minimum wage or less (people earning less than the federal minimum wage are not necessarily a violation of FLSA as there are exceptions) totaled 3 million in 2014, or 3.9 percent of all hourly workers. It’s the glass half full concept tells us that we must want one thing and not the other then we have to see that over time we will want things that is called price indices, is we want satisfaction in the things we buy which cost more, and if the prices are up for the things we buy and they do not get better that is where we see that the cost of living goes up with it. More like a tix for tack scenario we want nice things like anyone would. If the medianShow MoreRelatedIncrease In Ontarios Cost of Living Tied to Minimum Wage Increase808 Words   |  4 PagesResearch Question. Should increases to Ontario’s minimum wage be tied to the cost of living? Minimum wage is something that maintains the stability of a states economy. Minimum wage is regulated by the provincial government where the most minor of changes creates an exponential ripple effect through both local and international economies. A minimum wage is the wage that is able to provide not only for bare physical needs but also for preservation of efficiency of workers plus some measure of educationRead MoreA Brief Note On Raising The Minimum Wage1503 Words   |  7 PagesWage War Alternatives to Raising the Minimum Wage Minimum wage is a topic of considerable controversy and a significant source of economic stratification. Essentially, the minimum wage policy is what defines the baseline income of â€Å"low level† or â€Å"starting positions.† Here in the U.S. most individuals will at some point in their life hold a minimum wage position. According to the U.S. Bureau of Labor Statistics, about 58.5% of U.S. citizens were paid at hourly rates, and about 2.6 million workersRead MoreRaising the Minimum Wage: A Counter-Intuitive Solution Essay753 Words   |  4 PagesWhile some believe that raising the minimum wage will resolve poverty issues and lack of pay with the signing of legislation, the raising of the minimum wage to $10.10 an hour (as advocated by President Obama and the Democrats) would cause the poverty issue to be worse than it already is; inflation would occur, employees would be laid off, and minimum wage employees would lose welfare benefits, thus offsetting the wage incre ase. The Government should consider the effects on the American economy asRead MoreThe Impact Of Minimum Wages On Society1741 Words   |  7 Pagestalking about how minimum wages can have impacts on society as well as if there are new laws coming into place to help the common person with a family. Also see if households are impacted by how much they are getting paid and see what companies are doing to help with those that are just making minimum wage. Providing minimum wage to workers ensures that he or she will be able to provide for him or her, as well as the family his or she is taking care of. â€Å"The federal minimum wage is not tied to inflationRead MoreMinimum Wage1471 Words   |  6 PagesThe issue of minimum wage and whether it should increase or not continues to be a hot topic among people. With today’s economy, families struggle to make ends meet due to their low income, while others argue that a minimum wage increase will do more harm than good. Others also argue that the minimum wage should in fact be the living wage (Huffington Post, 2016). As defined by The Balance (2017), a living wage is â€Å"the amount of income needed to provide a decent standard of living.† According toRead MoreThe Cost Of Idealism : Setting The Appropriate Minimum Wage1618 Words   |  7 Pages The Cost of Idealism: Setting the Appropriate Minimum Wage Blake Kaiser-Lack Williams Economics 19 November 2015 In Seattle this past August, Ritu Shah Burnham and his 11 co-workers at a small ZPizza lost their jobs and business to one seemingly beneficial culprit: the minimum wage. After huge wage hikes in cities like Seattle, San Francisco, and Oakland, small businesses similar to Burnham’s have been following suit due to increased labor costs that eradicate businesses’Read MoreCongress As Part Of The Fair Labor Standards Act1084 Words   |  5 PagesStandards Act (FLSA) instituted minimum wage back in 1938. The first minimum wage was at $0.25 per hour and the last minimum wage increase occurred in 2007. Over the past 65 years the minimum wage has varied considerably in inflation-adjusted buying power. It has averaged $6.60 an hour in purchasing power in 2013 dollars, but it has ranged from a low of $3.09 an hour in late 1948 to a high of $8.67 an hour in 1968. Today’s minimum wage buys somewhat more than the minimum wage has historically, althoughRead MoreThe Minimum Wa ge Should Not Reduce Poverty1214 Words   |  5 Pagesbelief persists that paying a higher minimum wage would aid in lifting people out of poverty by giving those with low paying jobs a higher income, however the evidence suggests otherwise. As the 2016 race for the White House heats up, the minimum wage battle stands at the forefront of every economic discussion. The rhetoric between candidates within and across party lines intensifies by the day. While the debate over whether or not to raise the federal minimum wage from $7.25/hour to $15/hour ragesRead MoreRaising The Federal Minimum Wage1225 Words   |  5 Pages Study shows that wage increases do lower poverty, by 2.4% if wage at $8.00, consistent with other studies. (Washington Post/ Arin Dube) 1. Raising the federal minimum wage doesn’t cause substantial unemployment as most economists agree, including over 600 economists who wrote a letter to Congress urging a wage increase, and the Economic Policy Institute. A. Identify shortcomings of the opposition (fallacies they make, or weaknesses in the evidence they use) 1. Arin Dube’s study would be great,Read MoreThe Issue Of Income Inequality And Minimum Wage1179 Words   |  5 PagesAmerica. One of the key issues that have risen in recent times on the media is the widening wage gap between the rich and the poor, and the debate on whether or not an increase in minimum wage could solve the problem. While the whole nation would like to solve the issue of income inequality and minimum wage, the focus of this argumentative paper will be on the state of California. An increase in minimum wage should be adopted since everyone deserves to earn a livable age, especially when the reality