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Minimum Wage Thesis

Decent Essays

Labor is the essential element that allows firms and businesses to rake in billions of dollars in profits each year. It is the foundation of the entire economy. Millions of Americans sell their resources and based on their education and skill level, they receive a salary or wage that is proportional. Many American, however, do not have the skills and educations to demand high salaries and wages and thus must succumb to working minimum wage jobs. Over the past century America has transitioned from a manufacturing orientated economy to a service orientated economy. Thus all of the people who worked in the mega factories of GM and Ford, no longer have blue collar jobs available. This has resulted in more and more people working minimum wage jobs, more specifically the fast-food industry. America is now faced with the question of whether or not to raise the minimum wage to fifteen dollars per hour in order …show more content…

According to Louis Jacobson, Germany set the minimum wage at “at 8.5 Euros per hour.” Germany is not the only country with a higher minimum wage, “In France, the minimum wage is currently… $12.10” and “Australia’s minimum wage was recently raised to… $14.81”(Jacobson). This clearly exemplifies that a higher minimum wage can be implemented in the United States with minimum repercussions. Like many other areas, U.S. legislation is lagging behind other Western European countries. Although the minimum wage in these countries is higher than the United States, their economies are still healthy and growing. I understand that the United States is a lot larger and raising the minimum wage may produce different results. One problem that I see with raising the minimum wage in the U.S. is that not all fifty states would benefit from it. Raising the minimum wage in Mississippi may be detrimental, however, raising the minimum wage in New York may prove to be

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