For instance, when a company moves they must lay off hundreds, sometimes even thousands of employees. This raises unemployment in the US, while it raising employment in other countries such as, Vietnam, China, and Brazil. Now, of course, their are benefits to moving companies out of America. For instance, companies can lower their prices, and increase America’s products in the world market. Also,
Almost as soon as the minimum wage was raised to fifteen dollars, the once climbing employment rates faced immediate decline. Just as the economists in the surrounding areas had predicted, the results of the raise were disastrous. Seattle is just one of many examples of the danger raising the minimum wage poses.
Minimum wage is affecting employment, businesses, and how people live in ways that are unrewarding. In 2014, the Congressional Budget Office estimated that if the federal minimum wage raised in 2016 to $9.00 that about 100,000 workers would be unemployed. They also estimated if it were raised to $10.10 that about 500,000 workers would lose their jobs (“The Effects of a Minimum-Wage…”, 2015). With an increase of minimum wage companies would have
Robert Reich starts off his article by stating the idea that income inequality is necessary for an economy to function at is fullest because people need incentive to work hard and make it to the top. Once he gets into the section about what we need to do to fix this growing problem of the wealth gap he states that there is not any one thing that we can do to fix it rather there need to be multiple things to happen to fix it. The first way Reich says we can fix the economy for a smaller wealth gap is to raise the minimum wage to about 15 dollars an hours in industries that are growing very fast like fast-food and hospitals. These industries are making large amounts of money but they are paying their workers very little. His next step is to get
He promised that the government would intervene in the economy to provide relief for the great depression, he proposed a ‘new deal’ that would give millions of Americans jobs and create a more stable US economy. “Roosevelt faced the greatest crisis in America since the Civil War.” (Franklin D. Roosevelt Biography). In the beginning of his presidency, he began to make good on his promises, he created many agencies and associations to help get the economy under control and to help lower the unemployment rate. As the economy was stabilizing and the unemployment rates and GDP were beginning to rise back up to normal levels, he fell under criticism for putting too much power in the government’s hands for controlling the economy. He was also accused of putting the nation into debt and not managing the national budget very well.
Speech Body Existence of Problem: The minimum wage rate is causing higher levels of poverty and unemployment. Evidence of Problem Existence: On a article Michael Saltsman wrote that President Obama has discussed raising the minimum wage rate to $9.00 per hour. He believes that "a higher minimum wage can reduce poverty without reducing employment." On another article listed on The Washington Post Mike Konczal stated "Dube uses the latest in minimum-wage statistics and finds a negative relationship between the minimum wage and poverty. Specifically, raising the minimum wage 10 percent (say from $7.25 to near $8) would reduce the number of people living in poverty 2.4 percent."
Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.
Since the election and reelection of President Barack Obama the increase in minimum wage has been a major topic for the United States. His proposal to increase minimum wage has sparked a lot of controversy with some Americans. Many believing that increasing minimum wage will have a negative impact on our economy and even our educational system. They argue that increasing minimum wages will harm the very people it was intended to help because it will increase housing cost as well as the price of consumer goods. They argue that it will decrease the high school enrollment rates at the same time increase dropout rates.
Kennedy says in his news conference," If this rise in the cost of steel is imitated by the rest of the industry, instead of rescinded, it would increase the cost of homes, autos, appliances, and most other items for every American family. It would increase the cost of machinery and tools to every American businessman and farmer. It would seriously handicap our efforts to prevent an inflationary spiral from eating up the pensions of our older citizens, and our new gains in purchasing power"(line 23-31) This shows that when the decline of the companies it will seriously handicap the American people due to the large increase in prices. This is also shown in, "And it would surely handicap our efforts to induce other industries and unions adopt responsible price and wage policies"(line 43-45) This shows that it would seriously hurt Americans. Kennedy says more about how the prices are going to have a devastating increase in price, which is going to lead to competition in foreign markets as people are not going to buy our products if they are more expensive than other countries, this is shown in "how more efficiency and better prices could be obtained, reducing prices in this industry in recognition of lower costs, their unusually good labor contract, their foreign competition and their increase in production and profits
While China is trying to increase its GDP, it is also hurting the increase of production with the negative aspects of pollution. This will be a strong point in my paper, because it explains that although they want to increase GDP, about 8% of their GDP is loss due to pollution. They are losing around $54 billion yearly due to a problem that they are feeding by trying to increase their