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The Minimum Wage Hike

            In 2008 The Great Recession started and it killed the economy. The Great Recession lasted from December 2007 to June 2009. It began with the bursting of an 8 trillion dollar housing bubble (The Great Recession). People were being allowed to borrow money for houses they couldn't afford thus resulting inflation of house values and when those people who were not qualified to have those mortgages they couldn't pay the payments on the mortgages of the houses causing the housing market to crash. After the housing market crashed the rest of the economy began to fall. The resulting loss of wealth led to sharp cutbacks in consumer spending. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs. This was the most dramatic employment increase of any recession since the Great Depression. The unemployment rate chart below shows from January, 2008- Currently.
             National Unemployment Rates, 2008 - 2014.
             Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec.
             2014 6.6 6.7 6.7 6.3 .
             2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7.
             2012 8.3 8.3 8.2 8.1 8.2 8.2 8.2 8.1 7.8 7.9 7.8 7.8.
             2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1 9.1 9.0 8.6 8.5.
             2010 9.7 9.7 9.7 9.9 9.7 9.5 9.5 9.6 9.6 9.6 9.8 9.4.
             2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2 10.0 10.
             2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2.
             6 years ago was our country in no state of mind to raise the minimum wage, but after all these years the time is right. If we ever want to have an economy close to what it was decade go then we need to raise the minimum wage (National employment monthly update).
             Many people protested the idea of increasing minimum wage because of the greater debt it could put the Unite States in. Raising the wage will make it more expensive to hire younger and low-skill workers. Higher labor costs will lead to higher unemployment.


Essays Related to The Minimum Wage Hike

1. Minimum Wage

Raising the minimum wage is an overdue pay raise for working families. ... According to Executive Secretary Ronaldo Zamora, "a general wage hike would be counter productive and may only increase inflation." He maintains that it is best to let the regional wage and productivity boards decide on the pay hike adjustments sought by some labor groups. He also added that the government maintains its position that all wage hikes must be linked to corresponding productivity increases. ... Washington state made history by approving a ballot initiative that ties future minimum wage hikes to the rate...

  • Word Count: 1052
  • Approx Pages: 4
  • Has Bibliography

2. Increasing the Minimum Wage

The lowest wage a worker can receive by law is defined as "minimum wage."" ... It will hurt consumers in the long run because prices will slowly start to hike up to keep up with production costs. ... Also, opponents of the increase of minimum wage argue jobs will be lost. ... Once those costs are hiked employers will be forced to cease hiring and laying off employees. ... "If policymakers really want to help the poor, they should seek to reduce the barriers to job creation, instead of adding to them by hiking up minimum wage"" (Adams). ...

  • Word Count: 1463
  • Approx Pages: 6
  • Has Bibliography
  • Grade Level: High School

3. The Value of Minimum Wage

The first attempt to establishing minimum wage was during the Great depression. ... The first argument is, minimum wage will escalate the raise of unemployment rate. ... Dorn article, Obama Minimum wage hike: A case of zombie economics, "A fundamental law of economics-Law of demand-states that when price of anything increase, the quantity demand will decrease in the case of labor, this means as the price of labor increase, the number of job will decrease" (Dorn). ... In addition to the negative impact of minimum wage, numerous empirical research such as The Empirical literature on ...

  • Word Count: 558
  • Approx Pages: 2
  • Grade Level: Undergraduate

4. Federal Minimum Wage Proposal

The case that is made against raising the minimum wage is very simple; by raising the minimum wage it makes it more expensive for businesses to hire employees. ... It is the belief of those that are pro increasing the $7.25 minimum wage to $10.10 that "a higher minimum wage would hurt business is old and tired. ... "The survey, conducted by Greenberg Quinlan Rosner Research for Small Business Majority, found that small business owners support a hike to $10.10 per hour by a 57-43 margin. ... Raising the minimum wage will be detrimental to our economy, businesses as a whole and also t...

  • Word Count: 1353
  • Approx Pages: 5
  • Has Bibliography
  • Grade Level: Undergraduate

5. Minimum Wage Should Not Be Increased

Raising the minimum wage would result in increased wages and decreased jobs. In 1938, the first federal minimum wage mandate was enacted. ... It was even concluded that between 2003 and 2007 hikes in the minimum wage rates had no influence on individual state's poverty rates (Wilson, 2012). ... By increasing the minimum wage, jobs become eliminated. More specifically the positions for those that earn minimum wage dis...

  • Word Count: 1741
  • Approx Pages: 7
  • Has Bibliography

6. Key Concepts in Economics

The question both Democrats and Republicans are asking is; how will a hike in the minimum wage affect the economy? ... If a hike in wages is the needed catalyst for innovation then do it. ... And if that were the case then the minimum wage today would be about $22 an hour." ... As Senator Warren stated, "By raising the minimum wage to $10 an hour would only increase the #11 meal $0.04.... It is time to raise the minimum wage....

  • Word Count: 878
  • Approx Pages: 4
  • Has Bibliography
  • Grade Level: High School

7. Living Wage

Who is the living wage supposed to help? ... The advocates for living wage legislation define the living wage as follows: The living wage idea is to raise an individuals income above the federal poverty level for a familys of four. ... Who is the living wage supposed to help? ... Mothers on welfare in States that raised their minimum, wage continued on welfare an average of 44% longer than their counterparts (Employment 2000). ... That is because mandatory wage hikes trigger changes in Federal wage and housing subsidies, food stamps and even welfare payments" (Employment 2002, p. 3). ...

  • Word Count: 1597
  • Approx Pages: 6
  • Has Bibliography

8. Wisconsin Wetlands

Chapters NR 115, and NR 117 , of the Wisconsin Administrative Code, contain the minimum wetland protection standards for lands within 1,000 feet of OHWM of lakes, and ponds. ... Local units of government are now required to adopt, administer and enforce zoning ordinances, which meet the minimum standards, outlined in NR 115 and NR 117. ... These zoning rules allow for the following uses: Recreation such as hunting, fishing, trapping and hiking. ... By doing this the citizens have taken this controversial area and added an extra element to the political battle being waged in Madison, ther...

  • Word Count: 1321
  • Approx Pages: 5
  • Has Bibliography

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