A Brief Note On Raising The Minimum Wage - 1503 Words

Wage 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 workers are actively working in positions that earn the federal minimum wage or less. Unfortunately, in certain circumstances, minimum wage income is not sufficient to support individuals’ and families’ cost of living. Arising from this issue is the†¦show more content†¦There are many countries that have minimum wage policies that are more generous than the U.S., and the success of these policies varies. In the OECD Journal: Economic Studies, a 1991 economic comp arison of the U.S. and France, authors Stephen Bazen and John Martin identify that the French equivalent of the U.S. policy, titled â€Å"salaire minimum interprofessionnel de croissance† or SMIC, is more reactive to inflation, grows with the economy, and also shapes the demographics of the minimum wage workforce. Unfortunately, high minimum wage costs may impact the decisions of employers. Currently, according to The Organisation for Economic Co-operation and Development (OECD), the France unemployment rate is at roughly 10%, while the minimum wage is about $1596 per month (which is about $500-$600 more per month than the U.S.). Overall, there are several concerns related to raising the minimum wage such as decline in employment of younger and less-skilled individuals, decreased emphasis on education, and automation of jobs, to name a few. These concerns must be considered when deciding whether or not to raise the minimum wage. Although raising the minimum wage could immedia tely help individuals and families support themselves, it may ultimately result in more difficult circumstances. There are a number of alternative changes that could that should first be considered, and essentially raising the minimum wage—substantially (as has been recommended)—shouldShow MoreRelatedA Brief Note On Raising Minimum Wage1088 Words   |  5 PagesBrendan Mason Mrs. Scruggs 08/07/15 Raising minimum Wage There is always talk about the problems of North Carolina’s economy, and these problems then become publicized and put throughout the media, informing people on the condition of their state’s economy. A popular topic lately is the state’s minimum wage, and whether it should be raised or if we should keep the current minimum wage. 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