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4.02 Should the Government control the Economy?
Transcript of 4.02 Should the Government control the Economy?
design by Dóri Sirály for Prezi
Raising the minimum wage means more money for struggling families.Also allowing workers to have more money to expend which means more money goes throughout the economy as minimum wage employees are able to spend more.
With an increase of income means family's will have the ability to have a more financially stable life.With the increase it will help the economy for the better. According to Federal Bureau of Labor Statistics, states that majority of workers who earn minimum wage are of an younger demographic, so with the increase students will also benefit in a positive way to help with their economic needs.
Should the government raise minimum wage?
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Minimum wage workers account for 4.3 percent of hourly paid workers in 2013 on the Internet at http://www.bls.gov/opub/ted/2014/ted_20140403.htm (visited February 12, 2015).
The increase of minimum wage wont just benefit certain people it will benefit all. The economy included meaning that there would be an automatic inflation through out the country.Also Employees surviving at minimum wage are also often the same people who must rely on additional support of government run social programs to support themselves and their families on such a small amount of income.Meaning some of these people would be able to better support themselves without leaning on social programs and this would mean lower taxes.
In order for inflation in to occur there must be an increase in the minimum wage.