History[ edit ] "It is a serious national evil that any class of his Majesty's subjects should receive less than a living wage in return for their utmost exertions. It was formerly supposed that the working of the laws of supply and demand would naturally regulate or eliminate that evil [
The announcement has been subject to discussion.
While many argue that the increase is not enough, others argue that setting higher minimum wages would lead to fewer job opportunities. In addition the price of essential goods have also been falling sharply. Food and non-alcoholic drinks dropped at an annual rate of 2.
Transport dropped at an annual rate of 2. Clothes and shoes dropped 3. Even gas and electricity prices decreased a little. The decrease in prices means that one will have more money to spend after buying the essentials. Thus the standard of living is improved in the short term at least.
This would also give a minimum wage worker more to spend. The one major area where inflation remains high is housing — which affects everyone but especially the poorest.
To put this into perspective; a person earning minimum wage would only just be able to afford a one bedroom flat in London.
They also wish to extend right to buy, a policy for tenants of housing associations private, not-for profit bodies that provide low-cost housing to enable them to buy their home at a discounted prices. So the government does have plans in place to increase the supply of affordable housing.
And while the new wages do not necessarily immediately tackle the housing problem in the short term, it will improve the standard of living for most.(1) Includes persons with a high school diploma or equivalent. (2) Includes persons with bachelor`s, master`s, professional, and doctoral degrees.
NOTE: Estimates for the above race groups (White, Black or African American, and Asian) do not sum to totals because data are not presented for all races. Minimum Wage.
If an employee is covered by federal and Colorado state minimum wage laws, then the employer must pay the higher minimum wage. Federal minimum wage is currently $ per hour, which is lower than the Colorado state minimum wage of $ The usual case against the minimum wage has three components: Minimum wages reduce employment among unskilled workers.
Therefore minimum wages are bad for unskilled workers. 6. Positive vs. Normative Statements (vs. = versus) different opinions about what is (measurable, verifiable facts) different opinions about what ought to be (value judgment). Much of the current problem with youth unemployment is due to the high minimum wage increases we've seen over the last five years.
Unadjusted vs. Seasonally Adjusted Unemployment Rate; BLS vs. Gallup Unemployment Numbers; Minimum Wages vs Unemployment. February The state’s unemployment rate is 15 percent higher than the national average and 42 percent higher than it was five years ago when the state introduced a minimum wage higher than the federal minimum.