The Minimum Wage Bill

Analytical Essay # 104743

Economics > National
Economics > Taxation
Political Science > Fiscal Policy (economy)

This paper explores the main components of the minimum wage bill that passed in the 110th Congress.

2,867 words () | 10 sources | MLA | 2008 United States

Paper Summary:

The paper discusses the minimum wage bill that failed to pass in the 109th Congress and then succeeded in the 110th. The paper analyzes the legislative process and examines the components of the revised bill from an economic and political perspective. The paper shows how the MWB highlights how politics requires a thorough integration/balance between equities for workers, businesses and consumers. The paper includes full-color graphs.

Outline:
Introduction
109th Congress: Why Did It Fail?
110th Congress: How Did It Pass?
Fiscal Policy and Politics
Concluding Remarks

From the Paper:

"The minimum wage was first set during the Great Depression, when the United States economy was going through a recession. Since competitive wages based on the laws demand and supply, would be extremely low and lead to a vicious cycle of poverty, it was necessary for the government to set a price floor for wages, so as to guarantee workers a wage rate that would maintain a minimum standard of living. This element of public and economic policy is determined by Congress, and changes to the minimum wage are determined by a legislative process within Congress."

Sample of Sources Used:

Deere, Donald, Murphy, Kevin, Welch, Finis. "Sense and Nonsense of the Minimum Wage". Regulation: Cato Review of Business & Government, 18, 1, 1995. Retrieved on June 28, 2007 from http://www.cato.org/pubs/regulation/reg18n1c.html
Dennis, Steven and Higa, Liriel. "End of Fiscal Year Looms Large". CQ Weekly. July 10, 2006.
Gale, William and Orszag, Peter. "Bush Administration Tax Policy: Effects on Long-Term Growth" Tax Notes: Urban-Brookings Tax Policy Center, October 18, 2004. Retrieved on June 28, 2007 from http://www.brookings.edu/views/articles/20041018orszaggale.pdf
Faux, Jeff. "Take Back the Tax Cut". Economic Policy Institute Journal. Winter, 2002. Retrieved on June 28, 2007 from http://www.epinet.org/printer.cfm?id=980&content_type=2
Federal Reserve Bank. "U.S. Monetary Policy: An Introduction". Federal Reserve Bank of San Francisco: Economic Research. Retrieved June 28, 2007, from http://www.frbsf.org/publications/federalreserve/monetary/MonetaryPolicy.pdf