Rod Blagojevich once said “A successful economic development strategy must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today’s global economy.” This quote talks about how people should work hard to not reduce the minimum wage of the cost. The Economy in NYC is a big issue because New York is the financial capital of the world and the economy is bound to influence the city significantly. The economy of New York City is the largest regional in the United States because it deals with the Stock Exchange. The three main points that relates to this topic is minimum wage in NYC, the unemployment rate, and the low income workers. These three main points are important because they are topics that need to be acknowledged in order to better the economy of New York City.
Steve Hanke once said “The most important lesson to take away from allowing the minimum wage and unemployment benefit data to talk about this abstract notions of what is right, good and just should be examined from a concreate, operational point of view. A dose of reality is most edifying”. This quote talks about the important lesson about minimum wages. The first issue that relates to the rise of the Economy in NYC is the minimum wage in NYC. Minimum wage in NYC now is $8.75 per hour and by the beginning of 2016, the minimum wage will be about $9.00 per hour for workers who work in the hospitality and building service industry, miscellaneous industries and occupations, and farming. The governor Andrew Cuomo also said he would raise minimum pay for fast food workers in the state to $15 an hour. There was a survey conducted that discussed the impacts of raising minimum wage values and there was a range of results. If the minimum wage was raised, it was said that 48% of the people would think it would help the economy because it can give more money to the workers. 28% of the people would think raising the minimum wage would hurt the economy because it would raise the cost of hiring for businesses. 21% of the people would think raising minimum wage won’t help or hurt the economy. Governor Andrew Cuomo’s plan is to raise the New York’s minimum wage to $15 an hour and it would cost the state up to 588,800 jobs if it is approved by the legislature. (Blain1). Furthermore about the rise of the economy I will talk about the unemployment rate.