I need to create an annotated bibliography for a research essay I am doing for my term final. How would I cite this study correctly in MLA format? I do not need help with the abstract or anything, I just cannot find the correct way to site this specific resource. ATTACHMENT PREVIEW Download attachment Executive Summary The federal government has imposed a mini- mum wage since 1938, and nearly all the states impose their own minimum wages. These laws prevent employers from paying wages below a mandated level. While the aim is to help work- ers, decades of economic research show that minimum wages usually end up harming work- ers and the broader economy. Minimum wages particularly stifle job opportunities for low-skill workers, youth, and minorities, which are the groups that policymakers are often trying to help with these policies. There is no ?free lunch? when the government mandates a minimum wage. If the government re- quires that certain workers be paid higher wages, then businesses make adjustments to pay for the added costs, such as reducing hiring, cutting em- ployee work hours, reducing benefits, and charg- ing higher prices. Some policymakers may believe that companies simply absorb the costs of mini- mum wage increases through reduced profits, but that?s rarely the case. Instead, businesses rationally respond to such mandates by cutting employment and making other decisions to maintain their net earnings. These behavioral responses usually off- set the positive labor market results that policy- makers are hoping for. This study reviews the economic models used to understand minimum wage laws and exam- ines the empirical evidence. It describes why most of the academic evidence points to nega- tive effects from minimum wages, and discusses why some studies may produce seemingly posi- tive results. Some federal and state policymakers are cur- rently considering increases in minimum wages, but such policy changes would be particularly damaging in today?s sluggish economy. Instead, federal and state governments should focus on policies that generate faster economic growth, which would generate rising wages and more op- portunities for all workers. The Negative Effects of Minimum Wage Laws by Mark Wilson No. 701 June 21, 2012 Mark Wilson is a former deputy assistant secretary of the U.S. Department of Labor. He currently heads Applied Economic Strategies, LLC, and has more than 25 years of experience researching labor force economic issues. View the Answer 2 At $7.25 per hour, the minimum wage today in real dollars is 85 percent greater than the original benchmark. Background The federal minimum wage originated in the Fair Labor Standards Act (FLSA) signed by President Franklin Roosevelt on June 25, 1938. The law established a minimum wage of 25 cents per hour for all employees who produced products shipped in interstate com- merce. That wage is equivalent to $4.04 in to- day?s purchasing power. Originally, the FLSA covered only about 38 percent of the labor force, mostly in the manu- facturing, mining, and transportation indus- tries. 1 Over the years, Congress has signifi- cantly expanded the coverage and increased the minimum wage rate. The air transport industry was added in 1947, followed by re- tail trade in 1961. The construction industry, public schools, farms, laundries, and nursing homes were added in 1966, and coverage was extended to state and local government em- ployees in 1974. Currently, the FLSA covers about 85 percent of the labor force. 2 Since 1938 the federal minimum wage has been raised 22 times. From 1949 to 1968 the real value of the minimum wage (in 2011 dollars) rose rapidly from $3.78 to $10.34, as shown in Figure 1. At $7.25 per hour, the mini- mum wage today in real dollars is 85 percent greater than the original benchmark, and just below its average for the past 60 years of $7.59. Since the 1970s, the federal minimum wage has fluctuated around roughly 40 percent of the average private sector hourly wage. The FLSA requires employers to comply with state minimum wage laws that may set a state minimum wage rate higher than the federal rate. 3 Currently, 45 states and the District of Colum- bia have their own minimum wages, of which 18 are higher than the current federal minimum of $7.25 per hour. 4 Only five states do not have their own minimum wage laws and rely on the FLSA. Moreover, even state minimum wages that are below the federal minimum often have an effect because they can apply to employers or workers who are exempt from the federal statute. Source: Author, based on U.S. Bureau of Labor Statistics data. Figure 1 Real Federal Minimum Wage Real 2011 Dollars Show entire document Wilson, Mark. â€œThe negative effects of minimum wage laws.â€â€¦ View the full answer Â Share this:TwitterFacebook
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