Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The first to benefit from an increase in the minimum wage are the workers who have been paid the minimum wage. The increase in the

The first to benefit from an increase in the minimum wage are the workers who have been paid the minimum wage. The increase in the minimum wage will undoubtedly improve their overall income and quality of life. Things like mortgages, car payments and other living expenses will become much easier. According to the Connecticut Department of Labor, 510,000 people will benefit from such a minimum wage increase, and 60 percent of them are women. They also reported that 54% of Latino workers and 44% of black workers had been receiving the minimum wage and would benefit from such an increase.

Starting with the conclusion, I think raising the minimum wage will have a positive impact for Connecticut. In terms of employment, many people are concerned that an increase in the minimum wage will cause more employers to carry out layoff policies in order to achieve cost reductions. However, according to Connecticut's official website, in April 2022, Connecticut's unemployment rate dropped by twelve percent to 4.4 percent, not exactly, but there is no denying that the policy of raising the minimum wage has increased the motivation of people. This has also contributed to a $19bilion rise in Connecticut's GPA compared to 2021. On the other hand, raising the minimum wage has increased the overall purchasing power of the people, based on the Congressional Budget Office report, Connecticut's purchasing power will increase by 34.1% compared to before the increase. This is a big boost to the economy.

  1. What is the most important thing that you have taken away? Explain.
  2. Disagreement: What is the most important point of disagreement? Explain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Advanced Macroeconomic Theory

Authors: Ola Olsson ]

1st Edition

9780415685085

More Books

Students also viewed these Economics questions