Sunday, April 27, 2014
Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones
The recession of the recent years has unfortunately caused a large loss in the number of jobs, primarily in the middle and high wage bracket. According to a recent study the total level of employment has finally passed the pre-recession level. Unfortunately the majority of these jobs being created are lower level paying jobs such as those in the fast food industry. Once again the idea of raising the minimum wage is brought up in the argument that the average age of the minimum wage workers is 35 years old currently. Times are tough in our economy, high paying jobs do not just show up out of anywhere and many people have been forced to take large pay cuts, I still stand firm in my belief however that the minimum wage should not be lowered however. In time I believe this economy will sort itself out, and in my opinion the biggest factor in getting back to a good spot in the economy is consumer confidence. People need to have faith that the economy won't go back into recession and things will begin to move forward.
http://www.nytimes.com/2014/04/28/business/economy/recovery-has-created-far-more-low-wage-jobs-than-better-paid-ones.html?ref=business&_r=0
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With the cost of living being an ever rising number would lowering the minimum wage really be a smart idea? Many minimum wage workers barely make enough for a good standard of living as it is.
ReplyDeleteI agree in that I do not think that lowering minimum wage would not be a good idea because the cost of living is getting higher and higher. However, I am not sure about raising the minimum wage because then workers in higher paying jobs would want a pay raise as well. Eventually, I do feel as though the minimum wage will have to be increased because cost of living will constantly be rising.
ReplyDeleteMinimum wage workers are not meant for full time employment. With that said, many modern economists have agreed with the president that a raise in the minimum wage to $10.00 would actually benefit the economy all in all. It will be interesting to see how new minimum wage laws such as Connecticut's new $10.10 minimum wage (eventual rollout) plays out.
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