A Brief Note On Raising Minimum Wage - 1088 Words

Brendan Mason Mrs. Scruggs 08/07/15 Raising minimum Wage There is always talk about the problems of North Carolina’s economy, and these problems then become publicized and put throughout the media, informing people on the condition of their state’s economy. A popular topic lately is the state’s minimum wage, and whether it should be raised or if we should keep the current minimum wage. Usually, opinions vary on what to do about minimum wage, however there certainly seems to be a larger group of people going for the raise in minimum wage, more than â€Å"three quarters† of the population (as of 2013). .Recently, the lower class has begun to grow substantially larger, and although raising the minimum wage would certainly help many lower class†¦show more content†¦Given that the unemployment rate is so high, it would be many times more difficult to get a job after being unemployed, and will not be able to pay their house payments. This is a result that surpasses normal lower class citi zen issues. Leaving many people homeless and without a way to support their family will raise even more issues involving the economy. This is exactly what an increase in minimum wage is supposedly trying to avoid, however studies have shown that just a one dollar increase in minimum wage results in a 1.48 percentage point increase in the unemployment rate, and that high state minimum wages have increased unemployment by 747,000 workers. . These tolls being taken are not worth the small increase in minimum wages. The unemployment rate is just the beginning of the issues an increase in minimum wage will create. In 2013, the Bureau of Labor Statistics’ data revealed that states with minimum wages above $7.25 per hour averaged lower net job growth rates that states with a minimum wage of $7.25. . Table 3: Results Interpretation†  Variable Unemployment Rate Net Job Growth Rate Teen Unemployment Rate Teen Net Job Growth Rate Minimum Wage 1.48** -0.18* 4.67** -4.01** *Significant at the 5% level ** Significant at the 1% level † Interpretation of results assume average percent of population 25+ with high school degrees (87.37%) This information shown in â€Å"Table 3† shows that a raise in minimum wage has an almost direct correlation