Week 1 Discussion Minimum Wage

Week 1 Discussion Minimum Wage - The article explains that...

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According to the US Department of Labor, minimum wage is now $6.55. It also appears that all of the minimum wages provided have gone up and are as follows: Washington - $8.55 Rhode Island - $7.40 Oregon - $8.40 Hawaii - $7.25 Massachusetts - $8.00 California - $8.00 Delaware - $7.15 Maine - $7.25 Alaska - $7.25 Connecticut - $8.00 Vermont - $8.06 Illinois- $8.00 I found an article that makes a very interesting point. To one individual who is currently making minimum wage, raising it seems extremely beneficial. However, some economists believe that raising minimum wages will only force companies to hire fewer entry level skilled workers.
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Unformatted text preview: The article explains that the last time minimum wage legislation approved an increase 146,000 restaurant worker lost their jobs. This is a scary statistic. With all the talk that I have heard about the economy and unemployment rates being so bad, I think I that even if I were making minimum wage, I would rather keep my job, them have them raise the minimum $1 and then I lose my job. $5.15 or $6.55 is better than $0 in my opinion. Sources: http://en.wikipedia.org/wiki/States_minimum_wage http://www.csmonitor.com/2006/0622/p01s03-usec.html http://www.dol.gov/dol/topic/wages/minimumwage.htm...
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This note was uploaded on 03/26/2012 for the course ECON GM545 taught by Professor Gotches during the Summer '11 term at Keller Graduate School of Management.

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