Minority youth unemployment is near 30%. What is most important, a “a livable wage” or a job to earn any wage? Let’s understand minimum wage workers; read this post.
We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
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There are arguments and claims being made on both sides of the minimum wage debate as to their ultimate effect on the economy. Some economists contend that it will not affect employment or prices. Others contend that it will affect both. I think they could both have a point depending greatly on the level of that wage and the time interval over which it is enacted. A mild percentage increase over time might have very little effect but a large increase in a short time will have a great effect. There are a number of states and cities experimenting with large increases so in time there will be evidence available to verify the economic claims. We will just have to wait. Fortunately for me, none of the experiments are being conducted in my neck of the woods.
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