Talk about Minimum Wage
The changes in our economy are under discussion
In the beginning
Minimum wage was created to help stop sweatshop laboring, and to control proliferation in sweatshops. The first minimum wage was $0.25 in 1938. Since then many protests have been going on to raise the minimum wage. Which now stands at $7.25 for the federal level. Doesn't this make you wonder how our economy is affected by minimum wage? http://www.ncsl.org/research/labor-and-employment/state-minimum-wage-chart.aspx
The $1.75 job loss.
Is it worth it?
The increase of minimum wage would have two major effects: increase in income for low-wage workers and a decrease in employment due to job elimination. Many low-wage workers who don't have a family will potentially lose their job first compared to those with families. A $9.00 minimum wage would decrease employment by 100,000 workers (0.1%), although there would be more workers hired it wouldn't have much of an impact. Also would cause a higher average earnings per week. This impact would effect the supply and demand of our economy, money would slightly increase but there will be less people in the markets to buy items. Minimum wage is controlled by laws, acts, and the federal government. States can also control their minimum wage but many states abide by the federal standards. https://www.cbo.gov/publications/44995