Since its inception due to the passage of the Fair Labor Standards Act of 1938, the minimum wage has been a highly debated topic. Originally set at 25 cents, the minimum wage has grown much larger over time. The Federal minimum wage currently stands at $7.25, unchanged since 2009 (DOL, 2019). Many states, however, have decided to set their own minimum wages, and some are much higher than the minimum Federal level. In this study, we attempt to determine the effect that minimum wage laws at the state and Federal level have had on poverty in the United States.
Do Minimum Wages Work? A Praxeological Perspective
In April, 1.8 million British residents got a pay rise when the National Living Wage, the new name for the minimum wage in the United Kingdom, went up by the most ever, a whopping 4.9%. It marked 20 years since Tony Blair’s government introduced a minimum wage and the occasion was widely celebrated.
Minimum Wage: Good Intentions, Bad Results
Since 2012 and the start of the Fight for $15 Movement began, minimum wage has been a hotly debated topic. Many people argue that raising the minimum wage will provide much needed income increases for millions of Americans. Others argue that minimum wage increases cause inflation and job loss.
Welfare Benefits & The Unemployment Rate
Welfare continues to be a subject of much deliberation in politics. Understanding the effect that the level of welfare benefits has on the unemployment rate would be necessary to know how to design policy in the best manner possible.
