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Posted: June 28th, 2022
The Market: Supply and Demand Analysis
If the federal minimum wage is raised to $20 per hour, how might that effect the labor market in the U.S.? In arguing your point of view, please cite an actual example of a city or state increasing their minimum wage in a similar fashion and the subsequent impact on the labor market and the local economy. You can include your citation within the text or as an endnote.
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The Market: Supply and Demand Analysis
An increase in the federal minimum wage to $20 per hour would affect the labor market substantially. The increase would increase the cost of employing low-wage employees. The size of this impact relies on the number of workers that have been affected by the minimum wage increase, the changes in wages caused by the increased minimum wage, and responsiveness from employment to the changes in wages (CBO). Notably, some employers could choose to employ fewer workers than the number they would have employed if it was a lower minimum wage. Nonetheless, in particular workers or particular circumstances, employment could increase (CBO). The changes in employment are notable in the number of jobless workers and not just the unemployed workers. The jobless workers comprise those that had dropped out of the labor force and those actively looking for work.
New York is one of the states that has consistently increased its minimum wage rates. Pokalsky, an organization that represented the interests of 2400 around the state, provided an example of Fulton County in the Albany area. In this country, there were 3000 fewer jobs compared to 2008 – Affordable Custom Essay Writing Service | Write My Essay from Pro Writers (Young). Notably, their unemployment rate had reduced, but this was due to the shrinking workforce. This becomes clear that in case the workforce numbers remained constant, the unemployment rate would have increased. Regardless of the unemployment rates, economic growth does not happen. While this happens due to numerous factors, the increased minimum wage in New York has played a fundamental role.
Works Cited:
Congressional Budget Office (CBO). “How Increasing the Federal Minimum Wage Could Affect Employment and Family Income.” Congressional Budget Office, www.cbo.gov/publication/55681.
Young, Liz. “Cuomo Administration Reports Higher Minimum Wage Hasn’t Affected Number of Jobs in New York.” Albany Business Review, 9 Dec. 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers, www.bizjournals.com/albany/news/2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers/12/09/new-york-minimum-wage-increases-effect-on-jobs.html.
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