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Modern economic theory predicts that although an excessive minimum wage may raise unemployment as it fixes a price above most demand for labor, a minimum wage at a more reasonable level can increase employment, and enhance growth and efficiency. This is because labor markets are monopsonistic and workers persistently lack bargaining power.
A common argument against raising the minimum wage in restaurants to $15 is that it could cause cuts to employee hours, as well as potential layoffs or restaurant closures. [ 58 ] Waiters, bartenders, and other food service workers who primarily work for tips may utilize the federal tipped minimum wage, which is currently $2.13 an hour.
That's the national minimum wage set by the Fair Labor Standards Act as of July 24, 2009. If you add up the numbers, 50 weeks of 40-hour workweeks at the minimum wage comes to
Democratic nominee Joe Biden repeated his campaign pledge to raise the minimum wage from its current $7.25 to $15. Increasing the minimum wage would help — not hurt — the economy Skip to main ...
Wage inflation remains a function of the level of employment, but is now a progressive response rather than a sharp corner. Keynes's assumptions in this matter had a significant influence on the subsequent fate of his theories. He also remarks as point (3) that some classes of worker may be fully employed while there is unemployment amongst others.
California implemented its $20 minimum wage law for fast-food workers on Monday, bumping pay up to 25% from the state’s $16 minimum. Impacting over 500,000 workers in the state, the mandate was ...
President Obama advocated raising the minimum wage during February 2013: "The President is calling on Congress to raise the minimum wage from $7.25 to $9 in stages by the end of 2015 and index it to inflation thereafter, which would directly boost wages for 15 million workers and reduce poverty and inequality...A range of economic studies show ...
The push to raise it has gone on for years because minimum wage workers stuck at $7.25 have lost substantial buying power. Had it just been adjusted for inflation since 2009, it would be $10.33 today.