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.
The world has been thrown into chaos over the course of the past several weeks with the rapid spread of the Coronavirus (COVID-19). The virus has spread from China to some of the most remote islands on Earth. Since it has begun to spread, markets have been extremely volatile and many businesses have been forced to shut down, both voluntarily and by government mandate.
In the development of AI, it is necessary to have access to huge masses of data. Foer of the Atlantic writes in his book, “The [firms that are dominant at developing AI] are the ones that have amassed the most complete portraits of us.
Last week, Bernie Sanders and Alexandria Ocasio-Cortez released a new piece of legislation that would cap credit card interest rates at 15% called the Loan Shark Prevention Act. The two argue that this kind of intervention in the markets is necessary in order to protect consumers from the “greed” of the credit card and banking industries. Sanders and Ocasio-Cortez both believe that banks and credit card companies are taking advantage of the poor by charging “extortion level interest rates.
Balanced budget legislation along with uneasiness about the national debt has a long history in the United States and across the globe. In the U.S., opposition to debt spending and government borrowing began just years after the creation of our government.