What is just the simple and easy to follow guide on how to write an essay on minimum wage. But, before getting down to writing your assignment’s paper, it is important to make something that will be our bridge between the beginning of the journey and the very end.
The definition of the minimum wage essay
The first thing you are going to need to learn about the minimum wage essay definition is its clear meaning. The word “minimum wage” means the amount of money that is received by all citizens, regardless of their status. In other words, this concept is used to refer to all the people within the country. At the same time, the money received by any of these people equals the value of the work performed. The broad understanding of the economic processes requires the involvement of the society in the question of the minimum wage.
The extension of the middle class for the USA in the 1950-2000s was widely discussed in the media and social circles. The level of the wages was higher than in subsequent periods of US economic growth. Employers paid more attention to the conditions of their workers. So, in the past several decades, the situation with the minimum wage has not changed significantly.
However, in the past few decades, the drift of the wage in the economic field has slowed down the process of normal economic growth. In the period from which the first FSLA act was adopted in 2009, the hourly wage declined by almost 20% for the employed workers. Wages of real workers have not only remained at the level of the previous decades, but also have become much weaker.
The FSLA caused a temporary decline in the wages of farmers. However, the opposite trend has reappeared: in the beginning of the 2010-s, the price of agricultural products has sharply risen. Although the revenue of farms is very low, these costs are much higher than in subsequent periods.
The economic situation of the vast majority of Americans is associated with the rapid growth of labor demand (the number of workers employed in agriculture is 3.4 times higher than the number agricultural workers – 5.2 times more than in 1980). In 2010, the hourly wage declined by almost 20% for the employed and middle class of the country.
There are different trends in the labor market. Federally, the middle class is involved in manufacturing more, consumes and sends a huge number of goods to the marketplace. However, the pace of production and market activity is not sufficiently high. In 2014, the average income of industrial workers was $119, and the highest – $192. The 15th percentile of the population belongs to the top of the economic ladder (the top of which is derived from the lower and middle classes). The level of social stratification of the majority of Americans is lower than in subsequent periods, but the gap between the top and the middle class has decreased.
Here is one of the best ways to stratify the population: according to the income of the middle class, it is divided into two lower class and the upper class, which are much richer. However, the progress of the middle class has been quite modest, its positions and earnings have gradually increased. Mainly, this is due to the ability of middle class members to gain control over the situation in the economy, to hold sway over the society, especially, in the creation of small entrepreneurs.
There are many facts proving the renewal of the middle class, which may be provided in income inequality argumentative essay. At least, these transformations are observed in the process of economic growth. However, the process of economic growth continues even in the periods of crisis. In each period, the status of the middle class is not fully established, and the number of entrepreneurs remains at a low level.
In Europe, the middle class consists of entrepreneurs and a large number of shareholders (publically owned companies and banks) as well as large institutional players. These groups can serve as a model for the development of the economy of these states. The degree of their participation in the social division of labor is higher, and, on the one hand, this is the decline in the birth rate, which leads to a reduction in the number of people employed in the workforce, on the other – an increase in the social mobility of Americans.
In the United States, the middle class is most actively manifested in the activity of large corporations and banks. These are the institutions that can serve as a model for the development of the economy of these states. In the European countries, the middle class is most actively formed in the activities of large entrepreneurs. In America, there are many thousands of such organizations. All these groups have one thing in common – their goal is to increase the wealth of the middle class.
The economic potential of the middle class is expected to be significantly higher in the future, according to the assumptions of certain analysts. In particular, the growth in the production of goods and services will make a strong impact on the population’s incomes.