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Persuasive Essay On Lack Of Money

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“Whoever opined ‘Money can’t buy you happiness’ obviously had far too much of the stuff” - Robert Frobisher (Mitchell 75). Passing on the most quoted message of a millennia, that many spill out to satisfy your defeat in the money making cycle we live off of every day. The issue to this, is that people who never had enough of money don’t know how to play off this quote. Today’s common issue if you ask anyone is that they need money for rent, food, clothes, bills, car payments, insurance, etc. etc. It’s a common misconception that people need to keep climbing that economic ladder to better themselves in many standing points of life. The real issue is not the based off minimum wage, or the integrity of the economy, it’s the cost of living, inflation.…show more content…
Usually what persists is that’s how big money gets even bigger. The Federal Reserve staved off recession back in 2001 by slashing federal funds rate by six point five percent to as low as one percent in 2003. This in return caused jobless people who wanted to buy homes, got a chance with mortgages so low. This in return became a gold rush to lenders, who offer loans to people, and then sold it to debt collectors. “More home loans, more home buyers, more appreciation in home prices. It wasn 't long before things started to move just as the cheap money wanted them to.” (Investopedia). As this went along, the government started raising the interest rates of the home, gave turmoil to the home owners who still didn’t have enough to pay it off initially. Ownership peaked at seventy percent and which led to the forty percent decline in home prices. Many of the borrowers again couldn’t afford the high interest rates and started defaulting. “This caused 2007 to start with bad news from multiple sources. Every month, one subprime lender or another was filing for bankruptcy” (Investopedia). In 2008 the National Economic Stabilization Act of 2008 which made Seven hundred billion to purchase assets. This marks that we as a nation couldn’t handle what the lenders had done, but no one was accountable…show more content…
By raising the minimum wages to actually catch up with the already rising inflation of survival basics, is ridiculous. This is just tending to the ongoing war between Big money and the labor force. Tending to these types of American conceptions, were basically cattle that keeps getting milked to the point where we need to be pumped by a machine. Instead it should be more of a “If you help me, ill help you” kind of deal. There should be a solid cap on the cost of living and survival basics. Only inflation that should be allowed are luxuries, and other miniscule things that don’t threaten our very existence. “So what happens when the minimum wage is increased? Consider the situation in restaurants that have a middle-income clientele. Restaurant owners, facing a higher wage bill, would like to pass the costs on to their customers. But their customers are people whose incomes have not been affected much, if at all, by the higher minimum wage” (Macewan DollarandSense). This concept might have worked well back when most of American companies still roamed these desolate consumer ridden
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