Erin Powers Mrs. Runkle Economics- E Period February 26th, 2013 Current Event #1: International 1.) Source money.cnn.com, http://money.cnn.com/2013/02/27/news/economy/minimum-wage/ index.html 2.) Summary of Article According to CNN news tabs, Americans in the United States who possess the ability to work for minimum wage has dropped in the past year. From 2012 to now in 2013, the estimated amount of people who have minimum wage paying jobs has lowered from 3.8 million to 3.6 million. In some states however, although some jobs are unavailable, minimum wage has grown to a higher amount going all the way up to $10.55 in San Francisco. President Obama has proposed to raise the minimum wage earnings from $7.25 to $9 per hour. The general sense of someone working at minimum wage amounts are usually young, female workers, single, and missing a high school diploma. The difference of race however is not much of a difference including whites, hispanics, and or asians. 3.) Economic Impact The impact that this is making on Americans in somewhat good in a way. It’s positive in that the President is raising the minimum amount allowed to earn in minimum wage situations for those who struggle with money to pay to afford to live on their own. Having a job that only pays $7.25 per hour can be hard for a person surviving on their own to make because by the time they earn their paychecks, the money is already gone from having to pay bills, car payments, food expenses, etc.. Of course in the food and restaurant industry there are
those individuals who also earn tips in addition to their regular paychecks and that can help as well. In a few states however some local governments have raised their minimum wage prices above the federal level. 4.) Reason I picked this article because I felt it pertained to a lot of adolescent kids my age. I used to work in a restaurant and received minimum wage and if I were supporting myself there would be no way for me to live on my own. I know a...
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