Micro economics Term Paper Example | Topics and Well Written Essays - 1750 words - 1

Micro economics - Term Paper ExampleMinimum hire is also controlled by local and enunciate governments, which implies that different states in the US may have different statutory minimum wages. While the statutory minimum wage has significant benefits on workers, it is tho known to have some economic effects on businesses, local employment, and individuals. This paper entails minimum wage in the joined States and the associated effects.By July 2009, the US national government had set an overall minimum wage of at least $7.25 per hour. On the contrary, some municipalities and states in the same country had set minimum wage levels slightly higher than the federal government statutory minimum wage level. In the Washington State for instance, the minimum wage level was set at $9.32 per hour by January 2014 (Washington State Department of Labor and Industries, 2014). Connecticut passed legislation in 2014, on March 26, that advocated for the raise of minimum wage to $10.10 from $8.7 b y 2017. It was the world-class state in the United States to address the call by President Obama to increase minimum wage in the country. Further, Seattle City Council, in Washington passed an edict on June 2 2014 to increase the citys minimum wage to $15 per hour (New York Times Editorial Board, 2014). This legislation placed the city in the topmost position regarding the highest minimum wage in the entire country.The overall minimum in the United States wage has remained as $7.25 since it was re-set in 2009, specifically on July 24. This increase was basically the third and the last step of the US Fair Minimum Wage Act of 2007, which had become a low in 2007, on 25th May. It was held by the Supreme Court that this federal minimum wage was constitutional and hardly exceeds the Commerce Causes scope in the United States v. Darby Lumber Co. ( U.S. v. DARBY, 312 U.S. 100 (1941) ). Nevertheless, some of the U.S.