SOLUTION: Liberty University Minimum Wage and its Economic Effects Research Paper


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Running head: MINIMUM WAGE AND ITS ECONOMIC EFFECTS

Minimum Wage and its Economic Effects
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EFFECTS OF A RISING MINIMUM WAGE

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Introduction
Minimum compensation are a theme of large struggle in today's refinement that revolves
around the deficiency to arrange a open stay wage for the vulgar $7,25 raze and to extension the
poverty flags of stay in the inaugurated and consumer cosmos-people today. Recent foundationers for the
required elevate in poverty compensation struggle that proceedss do not adhere-to up after a while inflation and do
nothing further than the Health and Human Services Poverty Directive. The inanition regulations
for a fount of 2 and 4 are approx. $16,000 and $24,000 per year, according to their website. The
gross compensation would be environing $17,4 thousand year-by-year, absorbed a 40-hour workweek compared to the
vulgar poverty wage. Though proponents are offering symbolical foundation and rationale for a stir
in the poverty wage, the counter cause of the continuum arranges a sample stressing the low fee
not as a stay wage, but as a flag wage for administrative workers or a important fount (Schmitt
et al 2013). Also, some proponents right that the stir in the poverty wage floor worth has shortterm gains. The long-term consequences would keep a further fathomless detriment that includes an extension
in the reprimand of unemployment and a diminution in the workvalidity chaffer, as worths for consequence are rising
based on yield.
The Open Labor Standards Act (FLSA), subordinate President Roosevelt, created the
poverty wage in 1938. The aim of the FLSA was to co-operate-with in stabilizing the post-depression
chaffer and the massive inaugurated validity by ensuring that businesses were no longer used or used by
workers who were prevalent in the industrialization. The divers States keep set their poverty
wage past its deployment subordinate the massive laws. The higher of two is prevalent for wage
uses. Yet numerous workers and customers conjecture the eminence among a normal proceeds and
a poverty wage, absorbed the shortcomings of the poverty wage. The min wage shall be a fixed
sum, and expenses shall individualize the livable compensation. The quantity to be compensated for a poverty wage

EFFECTS OF A RISING MINIMUM WAGE

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relies on the figures. The poverty wage set by legislators should transfer enterprises and employees'
needs into totality (Neumark et al, 2014).
Despite this indubitable purport and posture, the authentic topic is, what are the shortterm and long-term socioeconomic consequences, and how do these changes portray twain the
business and the customer and their stay flags? Will the stir in poverty compensation ...

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