Minimum Wage: An Anchor in America's Economy or a Diminishing Cause?
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Published:
Jan 30, 2015
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Abstract
What began as $0.25 in 1938, the federal minimum wage has progressively increased to a steady $7.25 over the past several decades. It was originally created to combat unemployment and weak prices resulting from the Great Depression; however, with the increasing presence of inflation in America, the monetary value of the minimum wage is seeing more and more neglect, as inflation erodes its worth. How can an efficient economy exist when the average minimum wage earner has not seen an increase since 2009 while inflation has increased by over 8.5%?
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