http://money.cnn.com/2013/02/13/news/economy/minimum-wage-countries/index.html?iid=SF_E_River
President Obama wants to increase the minimum wage to $9 an hour, up from the $7.25 that it is at now. However, there are nine other industrialized nations that are already above this. Australian workers get $16.91 an hour while the French get $12.68 an hour. Also, not every country has minimum wage, such as Italy and Germany. Additionally, other countries are paid a minimum wage per month, rather than per hour. Workers in the Shenzhen province of China are the highest paid in the nation at $240.49 a month. I think this article relates to what we talked about in class about how the values of the country influence the economic structure.
President Obama wants to increase the minimum wage to $9 an hour, up from the $7.25 that it is at now. However, there are nine other industrialized nations that are already above this. Australian workers get $16.91 an hour while the French get $12.68 an hour. Also, not every country has minimum wage, such as Italy and Germany. Additionally, other countries are paid a minimum wage per month, rather than per hour. Workers in the Shenzhen province of China are the highest paid in the nation at $240.49 a month. I think this article relates to what we talked about in class about how the values of the country influence the economic structure.
5 comments:
I agree the minimum wage is too low but at the same time fewer people in the american society that need the minimum wage anymore. With the constant raising of wages by companies the minimum wage is more of a base for teenagers than a base for the economy.
I agree with Travis. When we talk about raising the minimum wage we should look to see what demographics are earning the minimum wage. Looking at the raw numbers according to raisingtheminimumwage.org it appears raising the minimum wage would positively impact a larger number of the working population than say teenagers or part-time workers. Therefore, a minimum wage increase might be good for americans if it does not result in much higher unemployment.
To be repetitive, I am going to agree with Travis and Vinny. The minimum wage only pertains to a small percentage of people. An increased minimum wage could result in higher unemployment. The monthly minimum is very interesting; it would insightful if we could compare the turnover rates for these jobs vs. countries with hourly minimum wage.
Like other people have said, the increase in minimum wage really isn't what our economy needs right now. On the surface, it seems like it would make people's incomes increase; however, it does not affect that many people, and the people it does affect could now risk losing their jobs. In an environment where unemployment is high, making labor more expensive does not give firms reason to employ more people. Lowering the wages and making labor more inexpensive could lower unemployment and help the economy be more internationally competitive.
I see no reason for a raise in minimum wage and I think the fact that Germany and Italy do not have a minimum wage is interesting. I think people should be payed based on their skill and intelligence and at every wage offered there will be a certain number of people willing to fill that job. If no one is willing to work for your wage then it's time to raise it but I believe the wage increase should be left to the market.
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