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A brief history of the minimum wage |
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Written by Sam Johnson
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The U.S. Federal minimum wage currently stands at $7.25 per hour, a far cry from its original rate of 25 cents per hour when the federal labor standard was enacted more than 70 years ago. Despite the increased rate of pay, some analysts feel the wage doesn’t go far enough to ensure a living wage for workers, while others argue that the minimum wage actually contributes to poverty by creating more unemployment.
The intent of the federal minimum wage is simple. The wage, which is the lowest amount employers may legally compensate their employees for their hourly, daily or weekly work is intended to redress the unfair bargaining power that employers who employ the least-skilled members of society are perceived to have. At the time the law was enacted, it was believed that the rate of compensation these employers offered their workers was unfair, and led to the proliferation of poverty and other social ills. By providing a minimum wage, lawmakers felt that they were protecting the "little people" from exploitation by the rich.
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The pros of the federal minimum wage |
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Written by Sam Johnson
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The U.S. federal minimum wage, which currently stands at $7.25 per hour, is intended to be a bulwark against poverty and exploitation of low-skilled or scantly educated workers by the industrial elite. |
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The case against the federal minimum wage |
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Written by Sam Johnson
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From its creation in the late 30s, the federal minimum wage has been a controversial component of public policy. In fact, prior attempts by state and municipal governments to institute a minimum wage had been shot down by the courts and some conservative economists lamented the new federal law as a nail in the coffin of the already depressed American economy. |
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