Minimum Wage

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So here we are, finally, in the year 2014, a time for new beginnings. Perhaps you are looking at new types of investments for furthering your wealth building options, or perhaps you are looking for either a new job, or another job, to help make some extra money. If 2013 had taught us anything in the U.S., the debate over raising minimum wages hasn’t subsided, but in fact has taken a new concern among the populous and their elected officials because of a flailing economy. Only with the start of the new year, have congressional leaders begun to take measures to fund long term concerns for the average American to be able to make a decent living as the definitions of what purpose minimum wage jobs hold in the economy, and how to create jobs for what is becoming a job hungry, educated population. Continue reading to see how the debate has remained alive.

The Economy

As you are probably aware, the job market is just as unstable as the economy. Every year there are more and more graduates and such pouring into the job market looking for jobs that simply aren’t there. The younger generation has kept on its pursuit to higher education, depending on the availability of a job to help in most cases, pay off the debt amassed in college. But with the global financial institutions in constant disarray, the private sector economy is failing the advancing number of able workers entering into the workforce, where jobs are constantly either being shipped overseas, or worse, just being eliminated all together. And whilst most governments rely on their private sectors to stabilize their economies, it is clear that government hiring cannot pick up the difference to sustain the workforce with jobs and income. Quite the opposite occurs with rapid downsizing and the elimination of jobs.

Minimum Wage

minimum wage

Minimum wage is set by the federal government and that rate has the ability to be exceeded upwards in worth by each state, but that rate cannot be lowered by any state. The sovereignty of each state is still upheld by the federal government. Currently in the U.S. the federal minimum wage limit is set at $7.25, and full time hours are to be not less than 40 hours per week. So do the math 7.25 X 40 hours = $290.00 X 52 weeks in a year = $15,080. Good luck surviving on that yearly! But the purpose of minimum wage, as defined by the U.S. department of labor, essentially states that minimum wage is to serve as a secondary income or a preliminary base from which to start. But the basis of a minimum wage income is to start at the base level, and slowly work yourself up. Much debate has stemmed from this idea of minimum wage being a starter for income, not to be the sole purpose as income.

Secondary Income

A minimum wage job is a perfect way to earn extra income if you are looking to boost your savings, or fund an extra vacation or what have you. Usually these types of jobs offer very flexible hours allowing a fully employed person to make the extra cash they are desiring without compromising their full time job. Minimum wage jobs are not designed to be the sole supporting income range for the nuclear family, or the mortgage, and it is important to realize that just like positions in government, jobs in the private sector all have their role to play. Secondary incomes over the last couple of years, have been becoming the norm within this struggling global economy, let alone U.S. economy .

U.S. current debate

In the U.S., the current debate over minimum wage jobs has taken not only an audience in some states, but has made its way up to the congressional representatives. As stated earlier, there is a federal minimum wage set as the bare minimum by the government. And while state’s rights still hold the key to more instant gratification of raising that set rate, the debate now in play is over what the cost of living has risen to since the last pay hike. On one side of the debate, the place and purpose (as previously discussed above) of a minimum wage job outweighs the concern for raising the federal minimum wage. On the other side, the lack in availability of higher paying jobs and an economy that seems to only be getting better in statistics, has shaken the confidence yet again, by the people in their government’s ability to lead and protect the best interests of the people.

Whether you are looking to keep up with the current debate, currently in a minimum wage job, or simply looking to add extra cash into your monthly budget, understanding how minimum wage jobs fit into the present economy is just as import as cashing that check!

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