Impact Of Minimum Wage Rates On Marginalized Groups Essay

Name Professor’s Name Paper Title Date Impact of Minimum Wage Rates on Marginalized Groups Poverty is a condition of deprivation, lacking the usual or socially adequate amount of money or material possessions. In 2015, 13.5 percent American resided in poverty with California having a poverty rate of 23.8 percent, which was the highest of any state in the country. Then, among families with married couples, at least 5.4 percent of all whites, 14.9 percent, and 10.7 percent of all black people lived in poverty in 2010. In all this, it is evident that of all the clusters of individuals living in poverty, a bigger proportion of them are the marginalized communities made up of mostly the American Blacks and the Hispanics. These people are also the ones who are in the most need of being supported by the able society. One way that has been proposed is by way of raising minimum wages. In this investigation, I look at the likely impact of the 2016 minimum wage increments on the welfare of the poor sidelined populations. In achieving this goal, reflect on the choices by several state s to set their minimum wage rates above the levels of last year. Additionally, I will employ several economic principles to identify the resulting relations between minimum wage rates, equilibrium labor ratios, and supply and demand of labor units within the U.S. economy. In all this, my central focus will be on the impact these changes have on the marginalized poor. The marginalized group s makeup 43.1Show MoreRelatedEssay On Fair Trade And Free Trade1174 Words   |  5 Pagesrestricting producers and farmers in poor or developing countries by forcing them to adopt safe working conditions, provide service to planetary protection, and pay minimum wages. 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