Learning Goal: I’m working on a macro economics discussion question and need an explanation and answer to help me learn.
The minimum wage was enacted to stabilize the economy and protect the workers in the labor force. The U.S. Minimum wage currently is $7.25 per hour. For a 40-hour week, that amounts to $290 per week or $15,080 per year. The minimum wage was last increased in 2009. The average inflation rate from 2009 to 2022 has been 2.55%. If the minimum wage increased along with inflation, it would be $10.31 today.
Find two authoritative arguments in favor of and against an increase in the minimum wage and present your opinion concerning which is best for our economy.
In the responses to your peers, share your thoughts on what they have contributed.
Cite all resources in proper APA format.