There are lots of things we don’t measure well.” Based on the U.S. government, how does it impact the global economy and its people? This is just one question out of thousands that people are asking all around the world as many problems are affecting everyone's daily lives. Some of these problems are minimum wage, unemployment and inequality. The first issue begins with minimum wage, which is $7.25 an hour since 2009 and many states such as California and New York are arguing that the minimum wage should be raised. As labor markets tighten and the rising wages abroad, minimum wages at both state and national levels should be re-examined. Many economists argue that minimum wage should be about 50% of the median hourly income. States such as California, New York and states on the coast are arguing for it to be raised because the cost to live is a lot higher, therefore this is a big issue within our economy because people are not able to support …show more content…
In 2015, the unemployment rate was 197.1 million people and in 2016 it is estimated to raise 2.3 million more. Vulnerable employment is particularly high in emerging and developing economies. The unemployment rate is defined as the number of unemployed people divided by the total labor forces. The unemployment rate usually measures the health of an economy and long-term unemployment usually affects social cohesion and hinders the economic growth and is a major concern to policymakers. It can also have a high effect on trading partners of that nation because reduced employment in one country leads to a decrease in demands from trading partners. You can apply for benefits at a state unemployment office for a short period of time but it does not cover much. This is a major effect on the global economy. One last major issue is global inequality and there are solutions and proposals to fix this but none seem very effective. Some proposals are to stop illicit outflows of cash on health, education, sanitation and investment, progressive income tax, a global wealth tax, enforce a living wage, worker’s right to organize, stop labor abuses, open and democratic trade policy and a new economic system. The President made these proposals and are trying to enforce