The Issues Of Inflation And Minimum Wage - 1963 Words

If someone were ill, where would that person go? What would that person do? Most people would rest, take medication, and most importantly see a doctor; doctors help people get back on their feet. Similarly, an economist’s main job is to take certain measurements to ensure that the economy is on track, to help it from becoming â€Å"ill.† The most important of these measurements is economic growth. Constant growth keeps the nation’s per Capita GDP high and inflation at a healthy, manageable percentage. Unfortunately, while looking at the big picture, things can go overlooked or, in a worst case scenario, become skewed. Recessions can cause people to lose faith in economists, and economists can even lose their own optimism. The issues of inflation and minimum wage, as well as numerous other economic factors, could have massive ramifications upon our economy in the future decades to come. After the Great Depression and World War II, the United States and other countries around the world were struggling due to the apparent economic impact that persisted. The United States started the modern era with a boom and growth was noted both in the overall population and economy. With this success, the number of consumers and their spending behaviors improved significantly, resulting in an increase of the American middle-class social status. As years progressed, there was an expansion of labor policies and labor unions were established, which led to larger employment in variousShow MoreRelatedA Brief Note On Raising Minimum Wage1088 Words   |  5 PagesBrendan Mason Mrs. Scruggs 08/07/15 Raising minimum Wage There is always talk about the problems of North Carolina’s economy, and these problems then become publicized and put throughout the media, informing people on the condition of their state’s economy. A popular topic lately is the state’s minimum wage, and whether it should be raised or if we should keep the current minimum wage. Usually, opinions vary on what to do about minimum wage, however there certainly seems to be a larger group ofRead MoreThe Effects of a Minimum Wage Law655 Words   |  3 PagesWhat are the Effects of a Minimum Wage Law? A minimum wage is the lowest amount of money per hour that the government of the country assigns employers to pay their employees. The minimum wage is based on an idea that the employers have a responsibility for their employees to live in a reasonable standard of living. The minimum wage laws have directly effect to most industries because of the potential of decreasing their budget. As a result, the minimum wage is still an issue that people research andRead MoreShould Minimum Wage Be Raised?870 Words   |  4 PagesShould Minimum Wage Be Raised? Minimum wage has always been a controversial issue. Many politicians use the argument of minimum wage for their own political propaganda. Some may argue minimum wage should be raised, while others believe it will have detrimental effects on our economy if it is raised. Surprising to most people, minimum wage earners make up only a small percent of American workers. According to the Bureau of Labor Statistics, minimum wage workers make up about 2.8% of all workersRead MoreEssay on We Must Raise the Minimum Wage1615 Words   |  7 Pages Minimum wage is the lowest wage an employer can pay their employees. There is a Federal minimum wage and in some cases a State Minimum wage. The current Federal minimum wage is $7.25. An employee who makes $7.25 an hour and works 40 hours a week, will earn about $14,000 per year. The Federal government deemed that the poverty line is anyone who makes less than $17,000 a year (â€Å"Federal Minimum†). Therefore anyone that makes minimum wage lives below the poverty line. As president ObamaRead MoreMinimum Wage Should Be Legal1307 Words   |  6 Pagesconcept of minimum wage has been a huge issue among Americans and has really become a large discussion point among a lot of the political debates as well as the Internet recently. According to the United States Department of Labor, â€Å"The federal minimum wage is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws. Some state laws provide greater employee protections; employers must comply with both†. Regardless of the constant debates that occur on whether or not minimum wageRead MoreMinimum Wage And Its Effect On The Economy1015 Words   |  5 Pagesto many serious issues which affect the society both in a positive and negative ways such as increasing the employment rate and increasing the unemployment rate. The increasing of unemployment rate is caused by some reasons, and one of the problem that causes the high unem ployment rate is the issue of minimum wage. Depending on the states in U.S., the price of minimum wage is different, but the low minimum wage may cause the economic condition worse. Minimum wage is the lowest wage that an employerRead MoreThe Regulation Of Minimum Wage1055 Words   |  5 PagesRegulation of Minimum Wage In today’s society, people face to many serious issues which affect the society both in a positive and negative ways such as increasing the employment rate and increasing the unemployment rate. The increasing of the unemployment rate is caused by some reasons, and one of the problems that causes the high unemployment rate is the issue of the minimum wage. Depending on the states in the U.S., the price of minimum wage is different, but the low minimum wage may cause theRead MoreThe Debate On Minimum Wage907 Words   |  4 PagesThe minimum wages are supposed to ensure the hourly wage workers are able to earn enough money to support themselves with the cost of living. Over the years, the cost of living keeps increasing every year due to the inflation and yet the minimum wages have not been changed since 2007. The minimum wages should be increasing along with inflation rates so that way we can ensure that our hourly wage workers have ability to support themselves. In the past ni ne years, according to Bureau of Labor StatisticsRead MoreMinimum Wage And The Wage1639 Words   |  7 PagesMinimum wage is one of the many microeconomic policies that serve to correct imbalance in the economy. It is defined as the lowest amount of remuneration required of an employer to pay his employees during a given period of work. There exist different laws in different states that can fix the minimum wage policy. A current economic issue is minimum wage, or specifically, its pertinence to social inequality. Many sectors of society would be affected by changes in this policy. Minimum wage relies onRead MoreArgumentative Essay On Minimum Wage1314 Words   |  6 PagesThe minimum wage has arguably become the most controversial topic regarding our economy today, as it influences one of the largest classes of people within the United States, the working class. Federally, the minimum wage has not been raised in eight years, so it has stayed at $7.25 per hour for all non-exempt wo rkers (U.S. DoL). The opinions on this topic are typically split across a progressive-conservative line, with progressives being in favor of a raise from $7.25, and conservatives wanting