Changes

The minimum wage does not always increase.  In the summer of 2017 in Missouri, the minimum wage actually permanently decreased from $10 an hour (which was scheduled to increase to $11 per hour in January 2018), to only $7.70 an hour.<ref>https://www.msn.com/en-us/news/us/minimum-wage-set-to-drop-in-missouri/ar-BBDP27V?OCID=ansmsnnews11</ref>

The minimum wage does not always increase.  In the summer of 2017 in Missouri, the minimum wage actually permanently decreased from $10 an hour (which was scheduled to increase to $11 per hour in January 2018), to only $7.70 an hour.<ref>https://www.msn.com/en-us/news/us/minimum-wage-set-to-drop-in-missouri/ar-BBDP27V?OCID=ansmsnnews11</ref>

More than 90% of countries—most of which have unsuccessful economies—have minimum wage laws.  The minimum wage in the United States was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a worker can earn at least $15,080.00 for the year based on a 40-hour work week, and more if he works overtime.  The minimum wage is higher in many states, such as [[New Jersey]], due to state minimum wage laws. The national minimum wage laws are based in the powers vested in Congress by the [[Commerce Clause]].  

More than 90% of countries—most of which have unsuccessful economies—have minimum wage laws.  The minimum wage in the United States was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a worker can earn at least $15,080.00 for the year based on a 40-hour work week, and more if he works overtime.  The minimum wage is higher in many states, such as [[California]], due to state minimum wage laws. The national minimum wage laws are based in the powers vested in Congress by the [[Commerce Clause]].  

Like all market forces, wages are paid based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [[equilibrium]]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [[unemployment]]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that job's wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).

Like all market forces, wages are paid based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [[equilibrium]]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [[unemployment]]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that job's wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).