Raising the Minimum Wage Free Essay Example.
An increase in the minimum wage raises the standard of living for impoverished workers. The minimum wage hasn't kept up with inflation consequently the pay of many workers, particularly those with families of 3 or more people, are now well below the poverty level. Studies show graduated increases in the minimum wage have low impact on unemployment. Additional income would be spent by consumers.
Minimum wage may cause inflation of the price as the increase of money supply available to workers will cause price to increase. Businesses will try to increase the prices of goods as the available money supply for spending has increased through minimum wage. Because workers have more money to spend, businesses tend to take advantage of the situation to undo the wage increase by raising the.
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The minimum wage increase policy was developed as a cost of living increase. Ohio will be affected by this new policy it will be more money back into the communities and give the minimum wage employees some spending power. The policy that has affected the local government is the minimum wage increase, which begins on Tuesday January 1, 2013.
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The first is a change in the federal minimum wage, which results in an increase in California minimum wage to the new higher federal level. The second is a state administrative process. Under this process, the California Industrial Welfare Commission can, by a majority vote of its members, issue wage orders to raise the state minimum wage for workers in any occupation, trade, or industry. The.
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