5. Calculate the current minimum wage working 40hrs/week 52weeks/yr. Don\'t worr

Question

5. Calculate the current minimum wage working 40hrs/week 52weeks/yr. Don't worry about taxes or any deductions. Explain why you think this is or is not a suitable wage Do the same for the idea of $15hr (what many argue should be the minimum wage). 6. Politicians and others always say the min wage is for teens to learn the value of hard work. Look at whether that is true. See the average age and gender of people on min wage. 7. Look at Min wage and people on social safety nets. Explain whether we subsidize these low wages with our taxpaying money? 8. Fast food workers and other low wage groups have been fighting for a wage increase. We think they are teens again. Look at the average age and gender of these workers 9. Look at the percentage of the US labor force make the min wage or lower. Then look at the percentage of the US labor force that make $15 per hour. 10. After researching all these questions, give your viewpoint of the minimum wage compared to question #1.

Explanation / Answer

The current US minimum wage is 7.25 USD. This transfers to 15080 USD in a year. This is very less compared to the inflation and the price of commodities.

If the minimum wage is 15 $ per hour, then the yearly income will be 31,200. In this case the employers will start demanding less of labour.

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