In fact, since the average wage is probably higher than the median wage, more than 50% of the workers in these areas would likely be impacted some may think this is a good thing, since it means more people will get raises but the more people a minimum wage covers, the greater the effect on the overall labor market. Economics suggests the minimum wage is a bad idea the job market, according to elementary economics, is like any other market it works best if wages are set by supply and demand, not by any other factor, like government rules.
Ontario’s minimum wage increase: good or bad by mcdougall insurance | jul 12, 2017 | business , general , interest | 0 comments the proposal of the minimum wage increase in ontario is one of the more hot topic items in 2017. 10 reasons why minimum wage is a bad idea minimum wage jobs are a stepping stone to better job they are not meant for person to live on or to support a family unless you have another source of income or low expenses, such as parents, retirement, roommates, etc, you should not accept a low wage position permanently.
About half of all workers paid the federal minimum wage or less are less than 25 years old among employed teenagers paid by the hour, 21 percent earned the minimum wage or less, compared with three percent of workers age 25 and over many beneficiaries of minimum wage laws report family incomes that are twice the poverty level.
The minimum wage is a classic example of a good intention and a bad idea the idea behind minimum wage legislation is that government, by simple decree, can increase the earning power of all marginal workers. It got so bad that president obama had to freeze the increases until 2015, leaving the minimum wage at $559/hr currently 7 minimum wage laws close the gap between the middle class and lower class at the expense of the middle class. On an earlier show, we heard from guests who supported raising the federal minimum wage it now stands at $725 there's a proposal in congress to raise it to $1010 gene barr, president and ceo.
The general minimum wage is currently $1140/hour and is set to increase to $1500/hour by 2019, which is a 315% increase in minimum wage wages typically increase at approximately the rate of inflation, which is expected because the purchasing value of money decreases and people need more to purchase the same goods. Despite the claim that raising the minimum wage will benefit working families, according to the us department of labor, minimum wage workers tend to be young about half of all workers paid the federal minimum wage or less are less than 25 years old. Supporters of this movement argue that the current minimum wage is too low to allow workers to make ends meet but the minimum wage is a bad tool for those whose goal is to ease the burdens of poverty.
Minimum wage good or bad rachel l hathaway professor myung han economic problems and issues – eco 40500816 march 15, 2009 whether minimum wage is good or bad, has been an ongoing debate since before 1938 when the government set the first federal minimum wage at $025/hr thanks to the fair labor standards act.