Federal Minimum Wage Pros And Cons, Special Report The Minimum Wage

Pros and cons of the minimum wage 1620 words 7 pages.

Federal minimum wage bill. Tom harkin d iowa has introduced legislation that would raise the federal minimum wage to 980 about 20400 for a year of full time work within two years. Reasons against raising include. Pros and cons of minimum wages the discussion regarding the need for minimum wages is a topic that comes up quite frequently in talk shows and also in the political context.

Wages cannot be so high that they reduce a companys ability to keep labor costs low during a recession. Pro 2 increasing the minimum wage would reduce poverty. Since the last time the minimum wage was raised at the federal level over 80 of the income gains in the us.

Increasing the federal minimum wage has been a controversial topic around the united states. Many people are in favor of raising the minimum wage while others heavily oppose the idea. A person working full time at the federal minimum wage of 725 per hour earns 15080 in a year which is 20 higher than the 2015 federal poverty level of 12331 for a one person household under 65 years of age but 8 below the 2015 federal poverty level of 16337 for a single parent family with a child under 18 years of age.

In setting a minimum wage the government has to find the sweet spot between protecting workers and giving businesses the flexibility they need to remain competitive. List of the pros of raising the minimum wage. Employees receive whichever is higher the federal state or local minimum wage.

House of representatives passed an amended version of the raise the wage act of 2019 which would gradually increase the federal minimum wage to 15 by 2025. About 70 percent of minimum wage employees however work fewer than 35 hours per week and thus earn proportionately less according to federal labor statistics. On july 18 2019 the us.

But the pros only outweigh the cons if the minimum wage isnt too high. In addition to the federal minimum many states and cities have established their own minimum wage. As of 2018 twenty nine states set a minimum wage that is higher than 725 with more state level raises being implemented in 2019.

List of the pros of raising the minimum wage to 15 1. The federal minimum wage needs to be raised in order to account for inflation which raises every year and the minimum wage has only been risen three times in the past three decades. It creates wealth distribution to each socioeconomic group.

Has the highest minimum wage for all territories states and districts in the united states reaching 14 per hour starting on july 1 2019. Have occurred within the top 1 of income earners. Cons of raising the minimum wage.