To what extent would the US federal government raising the minimum wage improve the economy?
“The Myth of Sisyphus” by Albert Camus, while a myth, has parallels with modern American society. In the myth, Sisyphus is doomed to push a stone up to the top a mountain, redundantly, and without reward, but, as stated in the story, “the workman of today works every day in his life at the same task, and this fate is not less absurd.” This idea is also mirrored in “A World Without Work” by Derek Thompson when he writes that “70 percent of Americans don’t feel engaged by their current job.” The stone that Sisyphus pushes up the mountain repeatedly can be related to the paycheck of a minimum wage worker in America, these workers make-up about 5.2 percent of the workforce (Characteristics of Minimum Wage Workers: 2012). A livable wage is the hourly wage or annual income sufficient to meet a family's basic needs plus all applicable Federal and State taxes. Basic needs include food, housing, child care, …show more content…
In fact, throughout the nation, minimum-wage increases would do the exact opposite. Examining the positive effects of a minimum-wage increase shows undeniable proof that it should be a viable option. In the current economic climate, nearly everything is pushing against wage growth, but even conservative economists suggest higher wages might help speed economic recovery from the recession (Cooper). American Enterprise Institute scholar Desmond Lachman, a former managing director at Salomon Smith Barney, told The New York Times, “Corporations are taking huge advantage of the slack in the labor market—they are in a very strong position and workers are in a very weak position. They are using that bargaining power to cut benefits and wages, and to shorten hours (Cooper).” According to Lachman, that strategy “very much jeopardizes our chances of experiencing a real recovery”
“The Myth of Sisyphus” by Albert Camus, while a myth, has parallels with modern American society. In the myth, Sisyphus is doomed to push a stone up to the top a mountain, redundantly, and without reward, but, as stated in the story, “the workman of today works every day in his life at the same task, and this fate is not less absurd.” This idea is also mirrored in “A World Without Work” by Derek Thompson when he writes that “70 percent of Americans don’t feel engaged by their current job.” The stone that Sisyphus pushes up the mountain repeatedly can be related to the paycheck of a minimum wage worker in America, these workers make-up about 5.2 percent of the workforce (Characteristics of Minimum Wage Workers: 2012). A livable wage is the hourly wage or annual income sufficient to meet a family's basic needs plus all applicable Federal and State taxes. Basic needs include food, housing, child care, …show more content…
In fact, throughout the nation, minimum-wage increases would do the exact opposite. Examining the positive effects of a minimum-wage increase shows undeniable proof that it should be a viable option. In the current economic climate, nearly everything is pushing against wage growth, but even conservative economists suggest higher wages might help speed economic recovery from the recession (Cooper). American Enterprise Institute scholar Desmond Lachman, a former managing director at Salomon Smith Barney, told The New York Times, “Corporations are taking huge advantage of the slack in the labor market—they are in a very strong position and workers are in a very weak position. They are using that bargaining power to cut benefits and wages, and to shorten hours (Cooper).” According to Lachman, that strategy “very much jeopardizes our chances of experiencing a real recovery”