Minimum wage Term Paper Example | Topics and Well Written Essays - 750 words

Minimum wage - Term Paper Example There have been two proposals for adult minimum-wage and teen wages in the United States. Adults need the minimum-wage for living expenses and teens need them to learn the responsibility and pay expenses of their own. The research has uncovered many factors that impact upon these questions; as well as the number of jobs that are attainable in the workforce. As the economy is changing, firms are questioning their future finances to meet the dual standards of minimum-wage and population growth. These issues overlap invariably for everyone in the workplace as Hamilton firm studies give the results with minimum wage and the projected time it will take to rise out of the economic stagnation the country is in at the present time. Said one set of researchers, â€Å"We also continue to explore the nation’s ‘jobs gap’ or the number of jobs needed to return to pre-recession employment levels (Harris & Kearney, 2014). Figure 1.0 below denotes the overall impact of increasin g minimum wage; based upon the number of individuals within the workforce that would have been â€Å"pushed out of poverty† as a result of this increase. The issue of the minimum wage has been under discussion for many years. Ultimately, the United States is one of a handful of countries around the world that legally institutes a minimum wage that the worker is able to receive. This is done to ensure that the workers are not taken advantage of and paid less than a â€Å"living wage†. However, the fact of the matter is that a â€Å"living wage†, as minimum wage has oftentimes been referred to, is ultimately in effect, a subjective measurement. However, minimum wage is oftentimes utilized as a means of supporting entire families within the lower socioeconomic strata of the United States; something it was never designed to do. When one considers the fact that the current rate of unemployment within the nation’s teenagers is in