The great depression had affect Canada socially, as population changes occurred, as less immigrants go to canada, and birth rate changes, as well as death rates. Throughout the 1930s, Canada’s population growth reached their lowest point since the 1880s. Canada’s birth rate dropped from 13.1 live births per 1000 people in 1930 to only 9.7 per 1000 people in 1937. The lowest ratio until the 1960s. This affected the nation significantly, as the population decreases, not much children would grow up to work for the nation, thus creating less income and therefore not increasing the nation’s GDP as much as it can.
INTRODUCTION Economic growth is defined as the increased capacity of an economy to be able to produce goods and services in comparison from one period of time to another. This is figured by the genuine Gross Domestic Product (GDP) and development, and is measured by utilizing genuine terms such as “Balanced Inflation”. These terms help to remove any distorted views on the perceived outcome of inflation on the cost of merchandises produced. Likewise, Economic growth is related to the high expectations in a person’s standard of living. If the standards are high, it wouldn’t be beneficial for the economy as the working class individuals will face a lot of trouble.
Lowering tax rates was another economic change that people said lead to the recovery. Unemployment went from 10.8 percent in December of 1982 to 7.4 percent in December of 1984. Inflation fell from 10.3 percent in 1981to 3.2 percent in 1983. Industries that were hit the hardest during the recession made dramatic improvements; these industries were paper and forest products, rubber, airlines, the auto industry, construction and manufacturing, and the savings and loans industry. During the recession and towards the end of the recession in 1983, President Ronald Regan’s approval ratings were at an all time low.
Illegal immigrants lower the wages of low skilled jobs by about 3-8 percent. If illegal immigration were to decrease significantly, competing Americans would make around $25 more per week. Since undocumented immigrants are paid lower wages, the cost of production lowers. This could lower the costs of products and services for consumers. Undocumented immigrants give a part of their income to their family from their home country; however, they still take part in the United States economy by spending the majority of their income.
This means as employees’ nominal wages increase with inflation their real wage (purchasing power of nominal wages) may remain constant. Since inflation reduces the incentive for households to save, it causes a shortage of savings for firms to borrow. Firms finance investment (the purchase of new capital goods) by borrowing money. Therefore, if there is not saving funds for investment will
Due to the huge amount of layoffs taking place, the monthly income of families were dropping causing for dramatic cutbacks in consumer spending. November 2008 Americans began cutting back on credit card purchases and saving every dollar possible. Retail stores began to feel the impact this had as November brought in the lowest number of sales in the last 30 years.
There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.
Proponents of the law pronounced the reform effort a great success. States had met the requirement of halving their welfare rolls by 2002. In addition, many former welfare recipients had entered the workforce and child poverty had been reduced for the first time since the early 1970s. However, some commentators attributed much of the success to the strong economy of the late 1990s that produced jobs for those coming off welfare. They also noted that welfare recipients were employed in mostly low-wage jobs.
If someone wants to make more money they should alter careers to a more difficult job that will pay more money. The concept that the National minimum wage needs to be elevated to $15 an hour hasn’t been completely considered because it would cause inflation for the economy; therefore, the lower class would still be functioning in poverty. A minimum wage job is low paying because it requires low skill; therefore the
If we raise the minimum wage, not only are jobs going to be lost. But middle-class is not going to be so middle class any more. What really happens if we raise minimum wage, is it doesn’t affect the rich people, but it definitely affects the middle-class, considering that 's where a majority portion of the money is taken