In six pages the economic impact of the minimum wage is assessed in this consideration of its ongoing debate. Four sources are cited in the bibliography.
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costs jobs. I think its a business decision, not a government decision " (qtd. in Roston, Baughn, Jackson & Berestein, Leslie, 2002, p.52). But in New Orleans, the minimum wage
was ultimately raised by one dollar (Clanton, 2002). The question in respect to the minimum wage has been raised many times, in various states, as well as on the
federal level. Are minimum wage laws fair? On one side are the unskilled workers who have to just take any job to make a bit of money and have
trouble making ends meet. The extra change in their pockets helps and it is reasoned that it does not hurt the large company that has to pay that amount of
money. On the other side of the argument are business owners who claim that the extra cents or dollars does matter and that they often have to cut jobs when
minimum wage requirements change. On the federal level, the history of the minimum wage is related to specific laws that affect the entire nation. The Minimum Wage Increase
Act of 1996 amended the Fair Labor Standards Act of 1938 and set up a plan for incremental minimum wage increases from $4.75 per hour to $5.15 per hour
during particular dates in 1996 and 1997 (U.S. DOL,1998). However, it was actually the Employment Act of 1946 which was the first formal statement of Americas macroeconomic goals where
the federal government took responsibility for the countrys financial future (Hatten,1986). The law essentially dictated the governments role in the proliferation of maximum employment as well as economic growth for
the nation and served as a precedent as well; it was essentially the first time that the government deviated from its hands off tradition in respect to the economy (1986).