Minimum Wage
The great scientist Charles Darwin illustrated with his theory of survival of the fittest that society will survive and people will excel in a world that allows dominance, accomplishment, and adaptation. We can see this theory in today's society as people strive to find better employment and make more money for their families in order to move up through society. The concept of minimum wage handicaps this theory because it sets a standard for all people to achieve regardless of their drive and experience. Let us look at the quick overview of history of minimum wage law. First in was introduced in 1933 under the "New Deal" program. Roosevelt's advisers developed a National Industrial Recovery Act (NRA). The act suspended antitrust laws so that industries could enforce fair-trade codes resulting in less competition and higher wages. As an early step of the NRA, Roosevelt publicized a President's Reemployment Agreement "to raise wages, create employment, and thus restore business". More that 2.3 million agreements were signed, covering 16.3 million employees. Signers agreed to a workweek between 35 and 40 hours and minimum wage of $12 to $15 a week and undertook, with some exceptions, not to
However, current minimum wage may vary under few conditions. If you are under age of 20 you may be paid as little as $4.25 an hour during your first consecutive calendar day of employment. Certain full-time students, student learners, apprentices, and workers with disabilities may be paid less than the minimum wage under special certificates issued by the Department of Labor. Also, Federal law requires payment of at least 1 and 1/3 times your regular rate of pay for all hours worked over 40 in a workweek. Minimum wage distorts the labor market's signals. A falling wage for lower-skilled and less-educated workers is saying that the economy needs fewer of these workers. In contrast, a higher minimum wage encourages more people to take the jobs covered by the minimum wage and so perversely increases the supply of such workers. Similarly, a rising reward to acquiring skills and education encourages students to stay in school. On the other hand, a higher minimum wage encourages students to take low-level jobs and thus not acquire more skills and education. In an empirical study for the United States, Neumark and Wascher found that a higher minimum wage very significantly increases the number of high school dropouts. Minimum wage can be disputed in many ways and there is no define solution or better concept for our economy to live by. For some, it helps, and for some it does not. People who address the challenges of the workforce and strive to lead the pack will be the ones that clear from this principle while other low achieving people bounce along the realms of minimum wage. Most of minimum wage workers are not the sole supporters of their families. Only about 11 percent of minimum wage workers are either single parents or married in a once-earner family. And more than one-third of them live with their parents, according to a study from Emlowment Policies Institute. Unions pushed and increase in the minimum wage because they stand to benefit indirectrly, since it would push up wages in the entire labor market. Over the last decade or so, the structure of wages has sent a loud and clear message to Americans of all ages, bu
Some common words found in the essay are:
EFFECTS ECONOMY, Institute Unions, Labor Act, Franklin Roosevelt, Charles Darwin, Neumark Wascher, Labor Federal, minimum wage, Reemployment Agreement, CONCLUSION Minimum, Act NRA, applies employees, minimum wage workers, wage workers, minimum wage vary, encourages students, lower-skilled less-educated, skills education, supply workers, acquire skills, less-educated workers, setting minimum wage, minimum wage encourages, stay school, lower-skilled less-educated workers,
Approximate Word count = 1444
Approximate Pages = 6 (250 words per page double spaced)
|
