Minimum Wage and Inflation
An argument in favor of increasing minimum wages in greater increments in order to avoid the decline of living standards from inflation.
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The paper presents an argument for raising minimum wage increases in higher increments so that inflation does not erode living standards. The paper gives a background and history of the minimum wage explaining the original objective of the minimum wage compared to its current objective. A graph is provided showing the increase in minimum wage since its inception. Arguments are given for and against minimum wage laws. The paper also compares minimum wages in the United States with those in Canada showing how the law affects women and workers in the two countries. The paper discusses whether the minimum wage is appropriate for the future economy.
“Minimum wage is the lowest hourly salary that an employer is allowed to pay an employee for services rendered. The Federal Labor board sets the minimum hourly labor rates. The lowest hourly rates are decided by a *collective bargaining, an arbitration and a board action legislation. Minimum wage laws were passed to ensure that employees are reasonably compensated.”