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Micro economics - Term Paper Example

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Minimum wage refers to the lowest remuneration, whether hourly, daily, or even monthly, which employers are legally required by to pay to their…
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Micro economics
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Micro economics

Download file to see previous pages... Minimum wage is also controlled by local and state governments, which implies that different states in the US may have different statutory minimum wages. While the statutory minimum wage has significant benefits on workers, it is nevertheless known to have some economic effects on businesses, local employment, and individuals. This paper entails minimum wage in the United States and the associated effects.
By July 2009, the US federal government had set an overall minimum wage of at least $7.25 per hour. On the contrary, some municipalities and states in the same country had set minimum wage levels slightly higher than the federal government statutory minimum wage level. In the Washington State for instance, the minimum wage level was set at $9.32 per hour by January 2014 (Washington State Department of Labor and Industries, 2014). Connecticut passed legislation in 2014, on March 26, that advocated for the raise of minimum wage to $10.10 from $8.7 by 2017. It was the first state in the United States to address the call by President Obama to increase minimum wage in the country. Further, Seattle City Council, in Washington passed an ordinance on June 2 2014 to increase the city’s minimum wage to $15 per hour (New York Times Editorial Board, 2014). This legislation placed the city in the topmost position regarding the highest minimum wage in the entire country.
The overall minimum in the United States wage has remained as $7.25 since it was re-set in 2009, specifically on July 24. This increase was basically the third and the last step of the US Fair Minimum Wage Act of 2007, which had become a low in 2007, on 25th May. It was held by the Supreme Court that this federal minimum wage was constitutional and hardly exceeds the Commerce Cause’s scope in the United States v. Darby Lumber Co. ( U.S. v. DARBY, 312 U.S. 100 (1941) ). Nevertheless, some of the U.S. ...Download file to see next pagesRead More
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