Economic Overview of the United States Minimum Wage

Introduction This report is an economic overview of the United States minimum wage. It’s presented in three perspectives on how consumers, corporations and the community are affected by new minimum wage laws. The purpose of this report is to provide imperative information that examines how an increase in minimum wage attributes to multiple effects. This report will also explain the advantages and disadvantages that many people face when the government intervenes to pass a new minimum wage law in the United States. This report focuses on the state of California and it emphasises on the city of San Jose. This report incorporates how the city of San Jose was affected by Measure D. a new minimum wage that was imposed in the beginning of the†¦show more content†¦Marisela and her group members were able to oppose to the city council and managed to get Measure D in the city elections last November. Measure D is a law that increases the minimum wage in San Jose from $8 to $10 (par. 1-3 , 2012). For many employees in the city of San Jose, (consumers) whom received a two dollar raise within the past year, raised their salaries by up to 7% (Davidson 2013). With the help of Measure D, employees in San Jose are now able to earn a livable wage, take care of their families, and pay their bills. For many San Jose minimum wage residents and employees, the increase has shown the boost on purchasing power for many consumers and it has also helped people cope with the higher living cost. The chart on the bottom left is from the article â€Å"Increases in Minimum Wage Boost Consumer Spending† by Kai Filion, and it shows that over the years when minimum wages salaries increases there are more things put into the basket for check out. The chart also implies that as salaries rise less inferior goods are replaced with normal and luxury goods. Filion says â€Å"Each increase provides financial relief directly to minimum wage workers (consumers), and families (par. 2, 2009). When minimum wages rises, people tend to purchase more normal and luxury goods. The difference between an inferior good and a normal and luxury good has to do with the consumers budget on spending. With lower wages, consumers have a tighter budget andShow MoreRelatedThe United States Systemic Process Of Waging For Labor1402 Words   |  6 Pagesessay primarily focuses on the United States systemic process of waging for labor. Raising the minimum wage is currently one of the biggest issues i n the economy today where most economists are at a bias. This minimum hourly wage has been through an array of changes that have led us to a high raise of $10 come 2018. I chose this topic because I strongly believe in an equal income for all part-time workers. Even though we were previously informed that Hawai‘i’s minimum is supposed to eventually getRead MoreThe Benefits of Raising the Federal Minimum Wage1334 Words   |  6 PagesPicture this: You are a single parent of two, you work 40 hours a week plus occasional overtime at a minimum wage paying job, you struggle to put food on the table to feed your family, and then you receive a call from the bank saying that your home is being foreclosed. This is the situation faced by thousands of Americans every year due to low income and wealth inequality. The federal minimum wage (FMW) as of April 2014 is $7.25, which is not enough to keep a family of two above the poverty line.Read MoreI Am Recommending A Short Of Texas Roadhouse, Inc. (â€Å"Txrh†1602 Words   |  7 PagesI am recommending a short of Texas Roadhouse, Inc. (â€Å"TXRH† or the â€Å"Company†). Company Overview Texas Roadhouse, Inc. joined the casual dining sector in 1993 with the establishment of its namesake concept: the â€Å"Texas Roadhouse† restaurant. For the â€Å"Texas Roadhouse† brand, the Company’s reputation and identity for offering high-quality beef products results in a substantially higher meat commodity mix at about 90% of menu options (top of the segment), creating a higher-priced average check at $16Read MoreChild Hunger in the USA Essay1445 Words   |  6 PagesThe United States is known as the wealthiest country in the world. But, there are many people that cant afford to buy food for their families, many are also homeless. â€Å"While hunger affects people of all ages, its particularly devastating for children even short-term episodes of hunger can cause lasting damage.(â€Å"Child Nutrition Programs) Child hunger in the United States is caused by poverty, unemployment, food insecurity, and food shortage; however there are many solutions to this problem likeRead MoreCauses And Consequences Of Poverty1452 Words   |  6 Pages(Haskins, 2016). The reasons mentioned as to why Americans were not working was because they were retired, going to school, taking care of family/home, ill or disabled, or could not find work (Haskins, 2016). Unemployment is not only detrimental in an economic sense for individuals but unemployment also reduces physical and psychological health, this only worsens the situation of those in poverty (Haskins, 2016). Though many in poverty are not able to find jobs there is a growing group within the povertyRead MorePoverty Essay1312 Words   |  6 PagesWhat is poverty? Poverty is the indicator of individual socio-economic status. Socioeconomic status measures individual income and merit within society. The topic poverty is a serious issue that should not be taken for granted. People from the vulnerable population are often forgotten about within society. As the researcher, one’s objective is to h ighlight the social issue poverty, demographics, and impact. As well the measurements used to calculate poverty. Why is poverty an issue of significanceRead MoreEssay on Egypts Economic Climate908 Words   |  4 PagesEgyptian Economy Egypt’s economic climate has been greatly impacted by the political turmoil and unrest since 2011. The unstable political environment continues to change, and a new constitution was recently approved in January 2014 (Egypt Overview, 2014). Egypt continues to struggle economically with a weak growth rate at 1.8% and unemployment reaching 13.4% (The World Factbook, 2014). Out of the 13.4% unemployed, over 75% are individuals ages 15-29 (Egypt Overview, 2014). These factors contributeRead MoreThe Bethesda Jazz Club1776 Words   |  7 PagesIntroduction The following paper will provide an overview of the current business environment of the BBJSC. Furthermore a five year business strategy will be outlined, focusing on a possible UK entry by analyzing the UK business environment and the applicability of the current business model. The BBJSC is located in Maryland, close to Washington DC and is well known in the area as an upper class evening entertainment location. It is housed in a completely renovated building that is surrounded byRead MoreLabor Law and Human Capital1206 Words   |  5 Pages(FLSA) and Occupational Safety and Health Act (OSHA) (Bureau of Labor Statistics, 2010). As organizations continue their attempts to outlast the current unpredictable economic conditions, it is vial not to lose sight of having solid HR practices which are critical to protect the company against lawsuits and in weathering the economic storm. Effective HRM will help maximize profits and productivity by minimizing employment related expenses and maximizing employee performance—retain and sustain.Read MoreAmerican Inequality Essay926 Words   |  4 Pagesexists around us. One of the inequalities is the income received by a person or member of a family. This income includes wages, salaries, pensions, and interest derived from assets. Income inequality refers to the various income within a given population. This inequality is especially high in the United States. This inequality stems from the changes within the U.S. economic structure coupled with the changes in our government policy. At least 80% of all citizens work in a service related job.