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An increase in minimum wage will allow them to have additional money to buy items they need. Another way increasing minimum will help people is more independence ... ... middle of paper ... ...n more money into welfare to make up for loss of business. The nation will have to support businesses who go bankrupt due to them not being to afford paying employees. In addition, the nation will have to support small business trying to grow and expand. Therefore, increase in minimum will hurt the budget due to more money having to be put in programs and cause the nation more debt.

Economic issue topic for me concerning elderly people is Senior Program Funding Cuts. Elderly people in today’s society are suffering greatly due to the major cut they have to deal with such as housing, Medicaid, and even jobs. These cuts are having many of our elderly people homeless and on the streets. There has been a major increase for economic assistance due to these major cuts. Unfortunately millions of our elderly people will not be able to survive with these cuts.

As the population ages, the number of willing, able and available workers decreases. As the percentage of older individuals increase and the labor force decreases, national economic growth may be negatively affected. Moreover, there may be an additional strain on employer and government provided healthcare systems and Social Security. The burden of paying for these programs will be disproportionally pushed down on the younger workers. The linchpin of the healthcare economic issue is the fact that many government pension systems are projected on future tax receipts.

Job loss, homes in foreclosure, and the people who still have jobs would be living from paycheck to paycheck. If manufacturing were to halt nationwide, nearly everyone would feel the financial strain, even the ones who do not feel it now. Manufacturing companies stores would have a decrease in the products they supply, and the products still available would be much more expensive. Closing the borders to international trade will cause financial strain and job losses in the manufacturing sector. If the... ... middle of paper ... ...arriers America would see an increase in profit by another fifty percent (United “Economy”).

The current state of health care not only has impacts on individuals’ financial situation, but also affects the nation’s overall economy. If the hospitals stop charging people with the fake price, the cost of healthcare will definitely go down significantly, which will result in increasing amount of personal saving. Individuals will have more money to spend, which will increase the amount of money flows in the community. And less people will be struggling with their finances because of their illness or their medical

However, long-term the increase will result in an bigger workload for individual employees because of the decreased workforce and the responsibilities that come with higher wages. Companies may also force long tenured workers into retirement to cut expenses in the immediate future. Lastly, the government maybe impacted by this increase because more people will be collecting unemployment benefits and drawing from other social programs. Also, during contract negotiations, companies will demand more money from the government to cover the new minimum wage

$800 billion a year) appears to go towards wasteful, redundant, or even inefficient care. Such rising health care costs penalize the citizens within our nation in multiple aspects. The first set of individuals that are affected are families and seniors because it affects the amount of money that goes into their pockets, which results in a difficult time balancing food, rent, and the basic necessities for living. Next, small businesses and fortune 500 employers are affected because such increased costs cause rising health care costs to become more expensive to add new employees to their payroll and more difficult to cover retiree fees when that time comes. Finally, the federal, state, and local governments are forced to increase Medicare and Medicaid costs, which results in cutting other priority funding such as public safety and education.

The quantity of elderly is growing that currently we could fulfil the demand of the medical service, but it is hard to ensure that the medical service can be satisfied the order in the future; hence, more health care service is indeed needed in future. Besides, we have been concerned that the expenditure on the elderlies, and the proportion between youngster and elderly. Last but not least, the revenue to the government is the instantly issue also need to be considered. Reducing production and eliminating general income, the power of the consumption would likely decline correspondingly. Therefore, the amount of taxes to government must decrease.

Government has to pay the unemployed some benefits. The greater the number of the unemployed or the longer they are without work the more money the government has to shell out. The nation not only therefore, has to deal with the lost income and decreased production but also with additional cost. Spending power The spending power of an unemployed person and his/her family decreases drastically and they would rather save than spend their money, which in turn affects the economy adversely. Reduced spending power of the employed Increased taxs and the insecurity about their own work may affect the spending power of the working people as well and they too may start to spend less than before north ayrshire affecting the economy and also the society in a negative manner.

From 2007 to 2009, the minimum wage increased from $5.15 to $7.25, where is still ... ... middle of paper ... ...ect all Americans, those making minimum wage and those with salaried jobs making above the bare minimum. Even though people are making more money, they will be spending more money on the necessities for life. Raising the minimum wage to the proposed level would be crippling to the American economy. Research shows that it would help many people greatly, but rid many more Americans of a job entirely leaving them no way to support themselves and their families. The same scenario would reoccur just as it did when the minimum wage was raised before: jobs would be lost.