My Take on Econ

  In this blog I will be discussing the labour shortage in America and will answer the questions: ·        What caused the labour shortage? ·        Is it really that bad? In the United States there is a large (entry level) labour shortage, why is that? Bluntly, it is due to socialist government. During the peak of the pandemic, there was a surplus of unemployed people as in the US, the unemployment rate rose to 15% (March 2020) due to the majority of businesses taking heavy losses as they were no longer able to function at full capacity causing many workers to be laid off for the business to survive, however if the losses of a company were so great that they were forced to close all of their workers would end up unemployed. The rate would decrease as more people accepted the status quo and now has dropped to a relatively low 6% (June 2021) however the effects of the pandemic are still being seen in these statistics ...

  In this blog, I will be discussing these points: 1.        What is minimum wage and what are the rates? 2.        What it was intended to do 3.        What effects does it have in the broader economy?   Minimum wage is the lowest salary, per hour, an employer can pay their employees. The minimum wage varies country to country and state to state, some countries such as Singapore do not even have a minimum wage. In the USA, Federal minimum wage is set at $7.25 however individual states can set the minimum wage higher than the Federal requirements if they wish to, for example Washington D.C. places their minimum wage at $15 and California’s minimum wage is $14, these being the highest rates in the country. In the UK, the lowest an employee can be paid is £8.91 as of 2021. These hourly rates only apply to adults, the minimum wage decreases if the employee is under the set age, suc...