Assignment: Final Draft of Research Paper
The Rise of the Economy in NYC
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 need to be acknowledge the economy in NYC are is minimum wage, 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 regarding about the rise of the economy there is the unemployment rate.
Tom Hodgkinson once said,“What is required as we travel towards full unemployment is not new legislation but a gradual change of mental attitude, a shift in values. As our taste for idling grows, we will refuse to work for old fashioned bosses who demand a five day, 40 hours, nine to five type week, or worse”. This quote explains how full time unemployment rate is difficult to find because not working for old fashioned bosses. The next point supporting the rise of the economy is decreasing the unemployment rate. Unemployment rate is a measure of the fact or conditions of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all the individuals currently in the labor force. The unemployment rate in New York City and New York State fell to their lowest level in nearly seven years as the long, steady improvement of New York’s economy. New York’s unemployment rate has dropped to 6.1 percent, from 6.4% in May. It has been the lowest since September 2008, the month that the Lehman Brothers investment Bank failed. The businesses of investment banking and securities trading are now providing a significant boost. For example, Wall Street has added about 5,500 jobs in the past years, an increase of more than 3 percent. Lastly I will talk about the low income workers here in NYC.
Alice Rivlin once said “The increase in inequality in income is a longtime trend, but the pressure on middle- and low income is going up rapidly. Especially if they live in an area where there are high housing and gas prices, like California”. This quote explains how low income workers is going up rapidly. Also, the increase in inequality. The last point about the rise of the economy in NYC is low income workers. Low income workers are people who are viewed with small incomes and inferior to other people. Many low income workers say “NO” to Health Insurance because the Affordable Care Act’s employer mandate which requires the employers with more than 50 full time workers to offer their employees insurance or to face the financial penalties. In order for this to happen, business owners and industry groups should reduce some workers hours to let others have a chance to work. People who come from low-income backgrounds are proven to be less likely to succeed in comparison to people who are raised in other income levels. In order to better the economy, there needs to be more equality in giving equal opportunities to everyone. Policies targeted at low wage workers may have broad benefits, including improving the lot of low-income families with children.
Overall these points Minimum wage, Low income workers, and the unemployment rate are all related theme to the rise of the economy in NYC because they explain the situation of money and how it has decreased. People in NYC should read more about the economy to see how New York City is doing with the Stock Exchange.