Abraham Lincoln University Economics Paper: Minimum Wages

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Economics

Abraham Lincoln University

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Running head: MACRO ECONOMICS

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Minimum Wage
Student
Institution
Date

MACRO ECONOMICS

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Minimum Wage increase would cost more to Society than gain in long run
Introduction
Minimum wage is a controversial topic in the US, and economists have differed on this
subject many times. The Fair Labor Standards Act of 1938 set out to compel all employers
across the country to adhere to a particular standard that would see employees get a prescribed
amount as the limit. There have been changes in the minimum wage since the bill was passed.
Several principles have been used in describing this topic. Currently, in the US, about 19 states
are set to raise the minimum wage before the end of the year (Okudaira, Takizawa, &
Yamanouchi, 2019). Additionally, the democrats in the congress are looking to come up with
legislation that will see the minimum wage raised all over America by the year 2024 (Neumark,
2019). The current minimum wage stands at $7.25 from the previous $5.15 (Sorkin, 2015).
Raising the minimum wage at some point will help ease poverty but for a short while and hurt
many jobs in the long run. The purpose of this research is to answer the following questions. It
will answer the pros and cons of raising the minimum wage. It will also analyze the sho...


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