The Benefits of Raising the Federal Minimum Wage - 1334 Words

Picture this: You are a single parent of two, you work 40 hours a week plus occasional overtime at a minimum wage paying job, you struggle to put food on the table to feed your family, and then you receive a call from the bank saying that your home is being foreclosed. This is the situation faced by thousands of Americans every year due to low income and wealth inequality. The federal minimum wage (FMW) as of April 2014 is $7.25, which is not enough to keep a family of two above the poverty line. There are certain questions on this topic that should be addressed, such as why is poverty and wealth distribution an issue in the United States today? Should the FMW be raised and why? How would raising the FMW affect American families? What are†¦show more content†¦Patterns show that this gap is only widening as time goes on, specifically between 2007 and 2010. The disparity between the upper and lower class is immense and is critical to understanding the need for a FMW raise. Fam ily income is the most direct way to evaluate poverty today. As previously stated, approximately 46.5 million Americans were living in poverty as of 2012. Currently, there are two proposed increases to the FMW from $7.25 standing at $9.00 and $10.10. According to the Congressional Budget Office’s (CBO) projections for 2016, there would be a net income increase of $5 billion for families under the poverty threshold by today’s FMW standards. They also project the increase would lessen the income of families making more than 6 times the poverty threshold, or approximately $116,000, by $17 billion. This creates a $12 billion dollar imbalance making headway in diminishing the gap, and while in the grand scheme of American inequality this is not much, it is needed progress. Economist David Neumark addresses the potential for this exchange in his article â€Å"Do Minimum Wages Fight Poverty?†. He writes about the trade off that might happen alongside a FMW raising, st ating â€Å"over a one- to two-year period, minimum wages increase both the probability that poor families escape poverty and the probability that previously nonpoor families become poor.† Purely in terms of the FMW, this exchange in revenue could lessen theShow MoreRelatedRaising The Federal Minimum Wage889 Words   |  4 Pages In my report, I will go into detail and show how raising the federal minimum wage would positively effect the economy. In doing so, I will be discussing how an increase in the federal minimum wage would make a vast improvement on the way many low income families live, and also how raising the federal minimum wage would boost the economy as it desperately needs. In raising the federal minimum wage, one might argue that it would cause a spike in the unemployment rate. The reasoning is that it wouldRead MoreRaising The Federal Minimum Wage1277 Words   |  6 PagesThe idea of raising the federal minimum wage that has developed nation wide attention, including protesting and arguments, has caused many discussions on why it could potentially help the economy grow and how it could result in the crash of the economy. Many people feel like raising the federal minimum wage is a must, while others think it will destroy the economy. There are many benefits that come with raising the federal minimum wage, but those benefits also come with many disadvantages. TheRead MoreA Full Time Worker Earn $ 5.15 An Hour1378 Words   |  6 PagesA full time worker earning $7.25 an hour will make approximately $15,080 a year (â€Å"Minimum Wage†). That’s barely more than what students pay for housing and food at some colleges, and we expect a family to live off of this? The poverty line is at $20,000 for a family of four, so how are these people supposed to raise their children in a healthy environment while working full-time to not even be on the poverty line? If this raise is done correctly, employment and prices won’t be hurt, and we will onlyRead MoreU.s. Federal Minimum Wage Essay1162 Words   |  5 PagesThe current U.S. Federal Minimum Wage is $7.25 per hour. In just two years from 2013, the demanded from advocates for raising minimum wage rose from $9 to $15. However, raising the minimum wage is more complex than simply raising the number of federal standard of pay for employees. Relative control groups and other market activities play a part in the outcome of the minimum wage. For example, one instance of market activity was observers said that raising the minimum wage did not hurt individuals;Read MoreMinimum Wage Should Be Raised910 Words   |  4 Pagesmaximize the American Dream on the minimum wage† (Benjamin Todd Jealous). In 1938, minimum wage was created by the federal government in order to protect workers by ensuring a minimum of twenty-five cents per hour worked. Though President Roosevelt had the right idea in protecting the workforce, something needs to be done to ensure that Americans are getting a reasonable amount of money for the amount of hours they have worked. As Benjamin Todd Jealous stated, minimum wage is not enough for the averageRead MoreFederal Minimum Wage Should Be Increased1180 Words   |  5 Pagesstarted to come to conclusions that the federal minimum wage is excessively low. The government can stand to help people gain more money, resulting in a less poverty -stricken country. The cost of living or gaining has increased significantly over the past twenty years, and the minimum wage, for most isn t enough for them to support themselves. There have been efforts to increase the federal minimum wage, but none has succeeded in getting approved. Minimum wages are too low for a human, to provideRead MoreMiimum Wage and Power to the People1746 Words   |  7 PagesThree – Power to the people The third and final alternative minimum wage is to allow the local people in the community vote on a living wage. This alternative would put all the power in the hands of the people; allowing them to decide what is best for their neighborhoods. If the people are allowed to vote in such matters, they will be permitted to use their voice and at the very least express their concerns with the gaps in minimum wage and cost of living in their community. However, there are drawbacksRead MoreThe Benefits Of Raising The Minimum Wage706 Words   |  3 Pages Minimum wage is a difficult number to decide on because it affects different income earning citizens in different ways. According to Principles of Microeconomics, by N. Gregory Mankiw, minimum wage is a law that establishes the lowest price for labor that and employer may pay (Mankiw 6-1b). Currently, the minimum wage in the United States is $7.25 per hour. For many years politicians and citizens have argued on what should be the minimum wage that would benefit the economy and society in generalRead MoreMinimum Wage Should Not Be Increased1669 Words   |  7 PagesFederal minimum wage is a huge controversy around the world and especially in the United States today. It is the lowest wage that employers can legally pay their employees. The world’s first minimum wage law was passed in the year eighteen ninety-four in New Zealand. New Zealand’s minimum wage experiment caught the attention of other countries. It made them start considering the law for their own countries. The United States passed their federal minimum wage law in nineteen thirty-eight. The federalRead MoreThe Federal Minimum Wage Law962 Words   |  4 PagesThe federal minimum wage law was signed in 1938 by President Franklin Roosevelt in order to keep people out of poverty and increase consumer purchasing power. This has done the opposite by hurting businesses and reducing employment, while minimum wages go up, so will the costs of living. Most of the people working for minimum wage are 16 between 24 years old, 37% of workers are going to school working part time. Enrollment tuition has increased over the years, and raising the minimum wage could

Financial Accounting Summary - 13804 Words

Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet, income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits, credits, transaction journal entries, adjusting entries, closing entries, t-accounts, trial balances and financial statements) 4 Balance sheet 6 How are assets and liabilities valued on the balance sheet? 6 What are the components of stockholders’ equity section? 6 How is US GAAP different†¦show more content†¦32 Stockholders’ Equity 33 What is c/s and APIC? What is par value? 33 What is Retained Earnings? What is Accumulated Deficit? 33 What is Treasury Stock? How does the purchase and resale of treasury stock get recorded? On the B/S? On the Income Statement? On the Statement of Cash flows? 33 Why do companies repurchase their shares? 34 What is â€Å"Other Comprehensive Income†? 34 What is preferred stock? 35 How does dividend get recorded? 35 What is a cumulative preferred stock? What is a convertible preferred stock? 35 What is a convertible debt security? How does it get recorded on the financials? 35 Acquiring marketable securities and companies (MA accounting) 37 What are the cost method, equity method, and consolidation? 37 How do you treat dividends received in the equity method? 40 What is minority interest? Where does it show up on the company’s financials? 40 What is the treatment for MA transactions? 41 What is goodwill? How is it treated in the US and outside of the US? 41 Effect of accounting transactions on the statement of cash flows 42 Ratio Analysis 45 What are ratios? What should you understand about ratios? 45 What are the major ratios? 45 What is the DuPont equation? What information does it provide? 45 What are common size income statements and common size balance sheets? 45 How do you identify industries based on the ratios? 45 Financial Statement Basics Understanding of the 3 financial statements – (balance sheet,Show MoreRelatedBridging The Great Divide : The Merger Of The Financial Accounting Standards Board1626 Words   |  7 PagesBridging the Great Divide: The Merger of the Financial Accounting Standards Board and the International Accounting Standards Board As the 21st continues, the economy becomes more entrenched in globalization. A toy store business in America may have multiple suppliers from China; or an American motorcycle manufacturing business may export internationally to Europe, Australia, and Asia. As the business world grew globally, the accounting practices moved from a simple mathematical equation of debitsRead MoreAccounting 541: Audit of Share-Based Payment and Special Purpose Entities1665 Words   |  7 PagesEntities (SPE) Reporting This executive memo is a summary and analysis of our audit findings for the client, a publicly traded company, and its financial practices. Please review this correspondence in accordance with your request. We look forward to meeting in person for further discussion and to make an informed recommendation about if this client’s policies are consistent with GAAP. 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The input from the respondents in comment letters is analyzed and considered byRead MoreGeneral Purpose Governments vs. Special Purpose Governments1713 Words   |  7 PagesGovernmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False A characteristic common to governmental and not-for-profit organizations is operating purposes that are other than to provide goods or services at a profit or profit equivalent. True False The needs of users of governmental financial reports are the same as those of users of business financial reports. TrueRead MoreEssay on Ifrs vs. Gaap970 Words   |  4 PagesWithin the accounting profession, there have been challenges to develop a set of standards that are generally accepted and universally practiced. Thus far, the main debate in setting accounting standards is â€Å"Whose rules should we play by, and what should they be?† While the answer is unclear, users of financial statements and reporting must find methods that has an universal objective, that allows â€Å"Grapes for Grapes† comparisons that clearly, fairly, and completely prepares a company financial statementsRead MoreWhat Is a Conceptual Framework and Why Is It Needed1135 Words   |  5 PagesWhat is a conceptual framework for financial accounting and why is it needed? The purpose of this essay is to address the definition of a conceptual framework (CF) for financial accounting and why it is needed. The CF can be described as a â€Å"coherent system of inter-related objectives and fundamentals that should lead to consistent standards that prescribe the nature, function and limits of financial accounting and financial statements† (FASB, 1976). This suggests that the CF has a very importantRead MoreThe Politicization Of Accounting : The Impact Of Politics On Accounting Standards916 Words   |  4 PagesThe article The Politicization of Accounting: The impact of politics on accounting standards by David Solomons discusses the relationship between the field of accounting and politics. Government agendas are meant to work towards achieving economic growth, both on a micro and macro level. Since the Financial Accounting Standards Board (FASB) has the ability to create policies that aid the government with their goals, the FASB are obligated to us e their power to benefit the government, the economyRead MoreRelationship Between Accounting Principles Board And The Financial Accounting Standards Board1349 Words   |  6 Pagesbrief history of the relationship between the Accounting Principles Board and the Financial Accounting Standards Board. Accounting Principles Board. In 1936 the American Institute of Accountants merged with the American Society of Certified Public Accountants, forming a larger organization later named the American Institute of Certified Public Accountants (AICPA). In 1936 the American Institute of Certified Public Accountants Committee on Accounting Procedure (CAP) was formed.(Schroeder Cathey

Prototype free essay sample

This Is the theory of prototypes. As we saw In he preceding section, Individuals do have Ideas of typical Instances of colors, and these ideas are remarkably similar among vary-,us cultural groups. Such similarity in views, however, is found not only in reference to birds and colors.A variety of experiments has shown that people do in fact classify quite consistently objects of various kinds according to what they regard as being typical instances; for example, (1) furniture, so that, whereas a chair is a typical Item of furniture, an ashtray Is not; (2) fruit, so that, whereas apples and plums are typical, coconuts and olives are not; ND (3) clothing, so that, whereas coats and trousers are typical items, things like bracelets and purses are not (Clark and Clark, 1977, p. 464). The remarkably uniform behavior that people exhibit in such tasks cannot be accounted for by a theory which says that concepts are formed from sets of defining features. We will write a custom essay sample on Prototype or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Such a theory fails to explain why some instances are consistently held to be more typical or central than others when all exhibit the same set of defining features. Hudson (1996, up. 75-8) believes that prototype theory has much to offer sociolinguists. He believes It leads to n easier account of how people learn to use language, particularly linguistic concepts, from the kinds of instances they come across.He says (p. 77) that: a prototype-based concept can be learned on the basis of a very small number of instances perhaps a single one and without any kind of formal definition, whereas a feature-based definition would be very much harder to learn since a much larger number of cases, plus a number of non-cases, would be needed before the learner could work out which features were necessary and which were not. Moreover, such a view allows for a more flexible approach to understanding how people actually use language.In that usage certain concepts are necessarily fuzzy, as the theory predicts they will be, but that very fuzziness allows speakers to use language creatively. According to Hudson, prototype theory may even be applied to the social situations in which speech occurs. He suggests that, when we hear a new linguistic item, we associate with it who typically seems to use it and what, apparently, is the typical occasion of its use. Again, we need very few instances even possibly just a single one to be able to do this.