Money Is a Necessary Evil

Money Is a Necessary Evil - Knotts 1 Money Is a Necessary...

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Knotts 1 Money Is a Necessary Evil Working for wage is something every worker in America does. Some people are paid more than others of course but in America we have a minimum amount that a worker can be paid, a minimum wage. This ensures a salary and prevents poverty. Our minimum wage however has not changed in many years, despite the fact that the cost of living increases consistently. The United States government recently passed a new minimum wage bill that will increase the wage over several years. The thought of this brings out the issue and controversy surrounding this topic. Minimum wage has always been a controversial topic, people feel differently on its necessity, the amount and its effect on our economy. Now that it will be increasing due to the passing of a recent bill, there is more controversy than ever. So that the controversy can be understood, we must first define what minimum wage is and what it does. Minimum wage is the lowest hourly, daily, or monthly wage that employers legally must pay to all employees. It helps promote employment among young and unskilled workers. This protects poverty level because everyone is given opportunity to work for a wage. Also to understand this issue we must look at the economic point of view and how competition can affect wage and price. Long run equilibrium is always achieved in a competitive market and this will happen whether we have a minimum wage increase or not. “Supporters of the minimum wage assert that it is a matter of social justice that helps reduce exploitation and ensures workers can afford what they consider to be basic necessities (Federal Minimum Wage Increase for 2007.)” Equality is something America strives for, it is in
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Knotts 2 our Declaration and Constitution; it is instilled in the heart of every citizen. And equality and equal opportunity is also a necessary part of the work force. Facts are that “An estimated 13.0 million workers (10% of the workforce) would receive an increase in their hourly wage rate if the minimum wage were raised from $5.15 to $7.25 by 2009. Of these workers, 5.6 million workers (4% of the workforce) currently earn less than $7.25
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Money Is a Necessary Evil - Knotts 1 Money Is a Necessary...

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