Minimum Wage Has Caused The Greatest Concern - 1287 Words

Rent, groceries, health care, clothes, and transportation are just a few of the many things that all people need in order to make a decent living. In this twenty-first century world all of these things cost various amounts of money depending on what that individual is able to afford. Since the start of the Industrial Revolution, people were divided by a thin line that separated the wealthy from the poor, a line that still exists today. It is said that money makes the world go ‘round yet so many people have plenty of it while others find it hard to come by. Throughout history government has tried to put a limit on a wage that they believe would best provide an individual with the bare necessities of life, unfortunately, with the modernizing†¦show more content†¦This wage was only twenty-five cents which was implemented to give all workers of that time fair working standards. Since then the national amount of minimum wage has increased, the latest increase being from $5. 15 to the current $7.25 back in the summer of 2009. These changes in wages were made to adjust wages according to the amount of inflation issues of that particular time. When there is inflation prices of goods increase while wages stay the same, therefore, making it harder for a person living on minimum wage to afford the minor goods they need to survive. However, the primary reason for minimum wage is that since it serves as a wage floor there is leeway to create more economic growth and reduce the poverty level here in the United States. Now after raising the minimum wage to $7.25 six years ago, there has been a great deal of inflation between then and now that has pushed the issue of raising it once again. This particular issue has led to a serious debate that has divided economists into a 50/50 on going disagreement. Since there are already so many problems with the current minimum wage and even more problems that can occur if it was to be increased economist have taken many dif ferent aspects into consideration. About half of the economist studying this issue believe that while increasing the minimum wage can be beneficial, the current $7.25 minimum wage should not be increased due to the reasons