The economy plays a major role in keeping the citizens of the United States employed. When businesses start to struggle, they must make important decisions to survive. When the country went into recession, it forced many companies to close down and others downsizing which led to millions of workers without jobs. Today, many of the unemployed in the United States seek minimum wage jobs as a source of income to survive. Minimum wage positions, including restaurants, farmers, hotels, cleaning and maintenance occupations, and retail stores make up for a greater percentage of the workforce than those in higher paying fields like manufacturing, banking, and construction. Unemployment is measured by the U.S. Bureau of Labor Statistics (BLS) which
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Many are being replaced mainly by low-wage jobs. Since the economic recovery began, almost 40 percent of the jobs gained are in the sectors of retail, food services, and employment services such as office clerks and sales representatives. Many middle class wage industries such as real estate, manufacturing, and construction has grown too slowly to make up for the recession losses. During the recent recession, many retailers started closing down stores which were underperforming. The beginning of this year 2015, JC Penny announced that it will be closing down 40 stores resulting in 2,250 jobs being cut. Radio Shack announced the most recent large scale store closure. Sears holding is also on track to closing over 225 stores across the country. These major closings will continue to put a burden on the middle class and low class Americans ability to become and remain …show more content…
President Obama 2013 budget included support of $16 billion in Small Business Administration (SBA) loan guarantees, which will help businesses operate and expand. The budget also proposed tax cuts for small business seeking to grow and expand. In the Huffington Post article, “Low-Wage Workers Mostly Employed by Large, Highly Profitable Corporations” by Dave Jamieson, the author talks about low-wage workers aren’t employed by small businesses or mom-and-pop operations, but instead by large corporations that have enjoyed healthy profits amid a sluggish economy. While small businesses make up over ninety percent of the jobs in the U.S., about two-thirds of America’s low-wage workers work for companies such as McDonald’s, Taco Bell, Walmart, Pizza Hut, and KFC. Ninety percent of the fifty largest employers were profitable in
Many are being replaced mainly by low-wage jobs. Since the economic recovery began, almost 40 percent of the jobs gained are in the sectors of retail, food services, and employment services such as office clerks and sales representatives. Many middle class wage industries such as real estate, manufacturing, and construction has grown too slowly to make up for the recession losses. During the recent recession, many retailers started closing down stores which were underperforming. The beginning of this year 2015, JC Penny announced that it will be closing down 40 stores resulting in 2,250 jobs being cut. Radio Shack announced the most recent large scale store closure. Sears holding is also on track to closing over 225 stores across the country. These major closings will continue to put a burden on the middle class and low class Americans ability to become and remain …show more content…
President Obama 2013 budget included support of $16 billion in Small Business Administration (SBA) loan guarantees, which will help businesses operate and expand. The budget also proposed tax cuts for small business seeking to grow and expand. In the Huffington Post article, “Low-Wage Workers Mostly Employed by Large, Highly Profitable Corporations” by Dave Jamieson, the author talks about low-wage workers aren’t employed by small businesses or mom-and-pop operations, but instead by large corporations that have enjoyed healthy profits amid a sluggish economy. While small businesses make up over ninety percent of the jobs in the U.S., about two-thirds of America’s low-wage workers work for companies such as McDonald’s, Taco Bell, Walmart, Pizza Hut, and KFC. Ninety percent of the fifty largest employers were profitable in