The Debate Over Minimum Wage
Introduction:
The Clinton Administration served notice in 1993 that it intended to seek an increase in the federal minimum wage. Liberal politicians applauded the new president, agreeing that an increase was overdue and deserved. However, their conservative counterparts lamented the policy proposal, fearful that a minimum wage hike would further unsettle the economic recovery that was underway at the time. Both liberals and conservatives began to marshal their statistical forces to support the long held claims concerning the positive and negative consequences of a minimum wage increase. Since then, political rhetoric has often ruled the minimum wage debate. (Mckenzie, 10, 1994)
Minimum wage is a contentious issue because it is debated in a wide and eclectic audience. Minimum wage is at the heart of the economist's interest; he is in pursuit of finding its connection to job loss. Countries all over the world, including all members of the OECC, maintain minimum wage laws. For this reason, it is of obvious importance to policy makers. Because those that tend to earn a minimum wage are disproportionately from low income and minority families, the minimum wage has attracted attention from social activists as well. The topic is perhaps most interesting to the average American. At some point in our lives, almost everyone has been paid the minimum wage. Due to this fact, it is of popular debate over dinner, at restaurants, and in the typical American living room.
The people of the United States should support raising the federal minimum wage because empirical evidence proves that it does not lead to job loss. Americans know a raise in the minimum wage is one way to help make work pay. For many working Americans an increase in the minimum wage will make the difference between living in poverty and not. Furthermore, a higher minimum wage, a floor to ensure workers that they're getting a fair deal for their efforts, provides a foothold into the middle class for many other families who would otherwise not earn a middle class living.
America of the 1990's is a country of increasing disparity, where the wealthy are moving ahead while the working class is falling behind. In this economic phenomenon, the middle class is disappearing. One of our major defenses to ensure those in the working class receives a fair wage, is legislation providing for one. While many opponents of minimum wage cite labor supply and demand concerns with a legislated wage, we must look at the facts instead of the mere theory.
Many people against raising the minimum wage create arguments such as, “it will cause inflation”, or, “ it will result in job loss.” Not only are these arguments terribly untrue, they also cause a sense of panic towards the majority working-class. Since 1938, the federal minimum wage has been increased 22 times. For more than 75 years, real GDP per capita has consistently increased, even when the wage has been
Conjoined twins have one major cause, which makes them conjoined. When an egg is produced and is fertilized by sperm, 3 things can happen, the egg can grow and form only one fetus, the egg can split and form identical twins (triplets) or the egg can partially split and grow into conjoined twins. Usually identical twins are formed during the first 12 days after the conception date, but when the process happens the 13th or 14th day, the egg doesn’t fully se...
In today's global economy, energy is one of the most crucial and sought after commodities. Who supplies it and how much they supply determines how much influence they have over other countries as well as the global economy. This is why hydraulic fracturing is currently such an important and controversial topic in the United States. Hydraulic fracturing, more commonly known as "fracking" or hydrofracturing, is the process of using pressurized liquids to fracture rocks and release hydrocarbons such as shale gas, which burns more efficiently than coal. This booming process of energy production provides a much needed economic boost, creating jobs and providing gas energy for Americans. The efficiently burning shale gas reduces carbon emission from electricity production plants, reducing carbon footprints on the environment. However, the process of hydraulic fracturing uses millions of gallons of pressurized liquid, which contains toxic chemicals, and some of this water is left over undealt with. The air near fracking sites is often also polluted and unsafe for nearby community residents. Injecting millions of gallons of water laced with toxic chemicals into the rock thousands of feet deep can cause earthquakes, causing a safety hazards for all nearby areas. Hydraulic Fracturing makes rare natural gases easily attainable, boosting the economy and reducing carbon emissions. However, the negative side effects such as contaminated water and air, make hydraulic fracturing a process that may not be worth the benefits.
The United States has an immense amount of proven natural gas reserves that could become a major source for the nation's energy future (1). The mining of the natural gas resources have become feasible and cheaper due to the advancement of hydraulic fracturing technologies which have increased the amount the extraction and enabled “greater access to gas in shale formations” (2). Hydraulic fracturing, or fracking of shale formations has positive benefits that includes economic growth and the natural gas extracted is cleaner than coal and oil, however it has caused serious environmental problems and possibly could be the cause of recent seismic activity in areas where fracking operations exist (3).
Imagine working under poor conditions for over 40 hours a week to afford basic human necessities only to remain nothing more than a cog in a corporal machine seen unworthy of livable wages. While this may seem unrealistic, it proves as reality for many lower class Americans. Minimum wage has seen a drastic decline in relation to the inflation of living costs, an issue addressed in Lew Prince’s, “The American Dream Needs a Fair Minimum Wage”. In the article, Prince, a business owner, states, “... in 1979, the minimum wage was $2.90 -- that would be $9.50, adjusted for inflation in 2014 dollars”. Even with this information, many americans above the poverty level line argue against an increase in wages. Although opinions often
The United States relies on imports for about forty percent of its crude oil, which is the lowest rate of dependency since 1991 according to the U.S Energy Information Administration. Today our country is trying to keep on track in becoming less and less dependent. When it comes to the topic of the future ways the United States will get its fuel, most of us readily agree that the United States should become more independent by using natural gas that is already here on our land. Where this argument usually ends, however, is on the question of the consequences drilling for natural gas brings. Whereas some are convinced drilling is safe, others maintain that it is actually in fact dangerous. Hydraulic fracturing or "fracking", the terms for drilling for natural gas, is dangerous to our public health and to the environment because of the water contamination it causes. Therefore, it is not something that should become a project for alternative fuel used by the United States.
Gitterman, Daniel P. “Remaking A Bargain: The Political Logic Of The Minimum Wage In The United States.” Poverty And Public Policy 5.1 (2013): 3-36. EconLit. Web. 24 Oct. 2013.
Before one can see the devastating effects of fracking, one must first understand how fracking works. As previously stated, the main intent of hydro-fracking is to access and harvest natural gas that lies below the surface of the Earth. Having formed over 400 million years ago by the collision of tectonic plates (Marsa 3), the Marcellus Shale plays host to a gold mine of natural gas, which is currently at the center of the fracking debate in the Northeastern region of the United States. Unfortunately, access...
Natural gas extraction and consumption has risen over the past thirty years. Also known as hydraulic fracturing or fracking, a tremendous amount of uproar is being made in the environmental and political communities. Natural gas use is a great source of energy worldwide, only in America have we had a gold rush affect when it comes to extraction. Natural gas provides less dependence on foreign oil, less need for coal plants, and a more affordable energy source worldwide. There are many advantages to using natural gas but the way in which it is being extracted has caused many people to become sick. The detrimental environmental impacts caused by hydraulic fracturing continue to rise. Not to mention the political pull on big corporations and water quality standards. Currently in the Marcellus shale in Pennsylvania and the Barnett shale in Texas, the air and water quality have diminished over the past years since drilling sites ran rampant. Natural gas is natural in terms of how it came to be, but not natural in how they extract it and the problems it is causing everyone involved. To make aware the dangers of hydraulic fracturing, environmental impacts, water quality and air emissions, must be considered.
Linda Gorman. "Minimum Wages." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved April 24, 2014 from the World Wide Web: http://www.econlib.org/library/Enc/MinimumWages.html
Raising the minimum will end up hurting Americans more than helping them. The people that are for raising minimum wage are people who believe that increasing minimum wage can help those people who are unskilled and need an income they can live on. Yet, raising minimum wage would do the opposite and make employers have to fire people who earn minimum wage, because they can't afford the higher wages. People need to realize that increasing the minimum wage would hurt people more than help them. In the end increasing minimum wage would result in some people being let go, for the reason, businesses can't afford paying them minimum wage anymore.
Rao, Vikram. Shale Gas: The Promise and the Peril. Research Triangle Park, NC: RTI, 2012. Print.
The minimum wage must be raised because the cost of living has gone up considerably. Education is essential if one wishes to work, and the cost of education has increased drastically in the past twenty years. Companies should be requied to pay workers what they deserve, and that is more than minimum wage is now. With our new technology and the technology in the future work is harder and more complicated. A minimum wage increase would raise the wages of many workers and increase benefits to those disadvantaged workers.
Previously, organisations were using historical cost accounting ,which indicates the value of assets and liabilities at the date or acquisition. But as we discussed before it was not accurate data or one can’t find accurate financial statements on the basis of historical cost. After May 12, 2011 IFRS introduce a fair value measurement (IFRS 13). Which was indicate fair value. Because of this organisation can get accurate numbers in their financial statement.
On the other hand, fair value accounting raises the concerns of reliability. The estimation of fair value tends to be subjective since because “many assets and liabilities do not have an active markets, therefore the valuations are less reliable” (Bies, 2005). It is reliable only if markets for assets and liabilities are liquid and transparent. Even though fair value accounting has its own importance in term of measurement, the perspective of historical cost should be taken into account. As fair value reflects the current market conditions, an asset for example should have been valued at $50,000 may suddenly fall to $30,000 due to the economic downturn. It results a loss of $20,000 in net income since historical perspective was ignored. Also,