Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I do not believe that the minimum wage has kept up with the cost of living; however, I don't believe that wages in general have

I do not believe that the minimum wage has kept up with the cost of living; however, I don't believe that wages in general have kept up with inflation/cost of living increases over the last several years either. Fair is a subjective point of view. We can lump this topic into the same category as taxes, bailouts, social security, and other hot debates that have long been in circulation. When considering whether to increase (or decrease) the minimum wage, there are much broader concerns than fairness. Factors such as minimum wage play a large role in the greater economy and adjusting one of those factors causes a domino effect on other economic conditions. Basic economics reveals that an increase in the cost of labor increases the costs of goods and services and the labor an employer can supply. Would it really help if the local/national economy can't sustain the impact? I don't think anyone can argue that the minimum wage is not a livable wage. Should it be increased, abolished, or subsidized? I don't feel informed enough to make an educated/objective statement. However, as has been done in geographical locations with a higher average COL, other states/areas could implement the

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Michael Parkin

12th edition

133872297, 133872293, 978-1292094632

More Books

Students also viewed these Economics questions

Question

7. One or other combination of 16.

Answered: 1 week ago