Minimum Wage Case Study Assignment -
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Question - Read and consider the Minimum Wage case study. Evaluate the arguments presented for and against the minimum wage. States have the right to mandate a minimum wage that is higher than the federal minimum wage. Consider your own home state, research its current demographics, cost of living, minimum wage laws, unemployment history, etc. and write an argument for your state representatives supporting or contesting an increase in the minimum wage.
Answer - New Jersey is densely populated part of the United States. The theory of the minimum wage, is to have a minimum flat rate which can help the labours to get employment and earn a basic standard of living. If the States would not fix a minimum wage for their labourers employed, it would lead to an overexploitaion of the resources and some of the companies bargaing for the less waged or salried people. To survive in the basic environment, each of the States prescribes a basic standard of the age rate, which can be very well be used by the employer to employe people at the given rate. The federal rate, is fixed for the overall United STtaes, considering the other macro environment aspects. It even consiers the various global factors and also the repurcusison effects of the global economy, currency flucttautiosna nd the effects of the interest rates. In comparsion, State only considers the minmum wage rate, cosndiering the economy of the given state, in comapriosn to the federal rate.
New Jersey has a minimum wage of the $ 8.85 per hour adjusted to current inflation rate and so far faces an unemployment rate of the 4.1% which is an estimated total of the 180,572 in comparison to the federal unemployment level of the 3.8% and the minimum wage rate of the $7.25 per hour. The cost of living in New Jersey $360,084 due to the extraordinary cost of the houses, while in Federal it is only 2.8% with the help of the COLA. Hence to survive in the New Jersey, it needs to have a high minimum wage rate in order to bear the expenses and adjust with the cost of the living.
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