Minimum Wage in USA. Social Sciences Coursework Assignment (Coursework Sample)
the paper discusses contemplation of the minimum wage to be $25 per hour and prescription drugs not to cost more $500.source..
Discuss: US Government Contemplation of a Minimum Wage of $25 Per Hour
Minimum wage is the lowest hourly wage rate that firms may legally pay their workers. The minimum wage rate started in the US in 1938 at 25 cents per hour, which was equals to about forty percent of the average manufacturing wage at the time. Over time, Congress has enacted a series of phased increases of hourly minimum wage bill from $5.15 per hour to $7.25 in 1997 and 2009 respectively (Roger 85). With continuous economic growth and increasing living standards, the government is considering increasing the minimum wage to $25 per hour to improve workers' living standards that are deemed socially acceptable (86). The living wage should be able to sufficiently cover basic needs such as housing and food.
However, the increase in the Minimum wage bill is going to have various economic effects considering the current unemployment rate in the US resulting from the Covid-19 virus pandemic which has led to the US economy's worst downturn since the global recession of 2009.
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