• Breaking News
  • U.S. News
  • Contact
  • View Print Edition
    • CL Digital
  • Subscribe
Saturday, January 28, 2023
  • Login
No Result
View All Result
Advertise with us
The Chicago Leader
Donate Now
  • Home
    • Events
    • Subscribe to the print newspaper
    • Scavenger Hunt Contest
    • Download Media Kit PDF
    • Ad submission
    • Sponsors
  • World
    New Laws

    New Laws Begin Next Year in Illinois

    Real Issues

    Real Issues in the K-Pop Industry

    China

    China Protests Against COVID and Lack of Freedom

    Trending Tags

    • Breaking News
    • Health
    • Coronavirus
    • coronavirus pandemic
  • U.S. News
    • All
    • Black History
    • Chicago
    • Illinois
    Lakesia

    Lakesia Collins the Superhero of the West Side

    youth

    AMBER-ALERT Missing Youth in Chicago

    Lightfoot

    The Lightfoot Campaign Might Be Investigated

    Trending Tags

    • U.S.
    • U.S. Census
    • Politics
  • Business
    • All
    • Jobs
    Phalanx

    January’s Letter From Phalanx Family Services’ CEO

    Chicago

    Chicago Is Home to Restaurant’s With High-Grossing in All America

    Tre'byen

    Branding With Tre’byen Sets New Standards

    Trending Tags

    • Wall Street
    • Trump
    • Bankruptcy
    • Federal Reserve Bank
  • Technology
  • Entertainment
    • All
    • Arts
    • Book Review
    • Chicago Film Office
    • Gaming
    • Movie
    • Music
    • Review
    renner

    Jeremy Renner Receives Love From Fans After Tragic Snowplow Accident

    avatar

    ‘Avatar 2’ Crosses $1 Billion Mark at Global Box Office

    White

    Earth, Wind & Fire Drummer, Fred White, Dies at 67

    Trending Tags

    • Movies
    • marvel movies
    • Dancing
  • Sports
  • Science
    • All
    • CBD
    • Climate
    • Marijuana
    Exoplanet

    Exoplanet 55 Cancri E Has 17.5 Hour Year

    Dangers

    Dangers of Smoking Tobacco

    Breast Cancer

    Breast Cancer Awareness Month Is in October

    Trending Tags

    • UFO
    • Coronavirus
    • Novel coronavirus
    • coronavirus pandemic
    • NASA
    • scientists
  • Health
    • All
    • COVID-19
    • Faith
    • food
    • homeopathy
    • mental health
    • prostate
    Procrastination

    The Truth About Procrastination

    ADHD

    Those With ADHD or ASD Are More Likely to Suffer Anxiety, Depression

    COVID

    CPS Asks Students to Take COVID Test Before Returning

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • English
  • Spanish
  • Home
    • Events
    • Subscribe to the print newspaper
    • Scavenger Hunt Contest
    • Download Media Kit PDF
    • Ad submission
    • Sponsors
  • World
    New Laws

    New Laws Begin Next Year in Illinois

    Real Issues

    Real Issues in the K-Pop Industry

    China

    China Protests Against COVID and Lack of Freedom

    Trending Tags

    • Breaking News
    • Health
    • Coronavirus
    • coronavirus pandemic
  • U.S. News
    • All
    • Black History
    • Chicago
    • Illinois
    Lakesia

    Lakesia Collins the Superhero of the West Side

    youth

    AMBER-ALERT Missing Youth in Chicago

    Lightfoot

    The Lightfoot Campaign Might Be Investigated

    Trending Tags

    • U.S.
    • U.S. Census
    • Politics
  • Business
    • All
    • Jobs
    Phalanx

    January’s Letter From Phalanx Family Services’ CEO

    Chicago

    Chicago Is Home to Restaurant’s With High-Grossing in All America

    Tre'byen

    Branding With Tre’byen Sets New Standards

    Trending Tags

    • Wall Street
    • Trump
    • Bankruptcy
    • Federal Reserve Bank
  • Technology
  • Entertainment
    • All
    • Arts
    • Book Review
    • Chicago Film Office
    • Gaming
    • Movie
    • Music
    • Review
    renner

    Jeremy Renner Receives Love From Fans After Tragic Snowplow Accident

    avatar

    ‘Avatar 2’ Crosses $1 Billion Mark at Global Box Office

    White

    Earth, Wind & Fire Drummer, Fred White, Dies at 67

    Trending Tags

    • Movies
    • marvel movies
    • Dancing
  • Sports
  • Science
    • All
    • CBD
    • Climate
    • Marijuana
    Exoplanet

    Exoplanet 55 Cancri E Has 17.5 Hour Year

    Dangers

    Dangers of Smoking Tobacco

    Breast Cancer

    Breast Cancer Awareness Month Is in October

    Trending Tags

    • UFO
    • Coronavirus
    • Novel coronavirus
    • coronavirus pandemic
    • NASA
    • scientists
  • Health
    • All
    • COVID-19
    • Faith
    • food
    • homeopathy
    • mental health
    • prostate
    Procrastination

    The Truth About Procrastination

    ADHD

    Those With ADHD or ASD Are More Likely to Suffer Anxiety, Depression

    COVID

    CPS Asks Students to Take COVID Test Before Returning

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • English
  • Spanish
No Result
View All Result
Chicago Leader
No Result
View All Result

Minimum Wage During a Recession

by China Page
August 9, 2022
in Headlines, Health and Lifestyle
0
minimum wage

Courtesy of John Aronno (Flickr CC0)

0
SHARES
18
VIEWS
Share on FacebookShare on Twitter
Don't like to read?

The minimum wage increase took effect on July 1, 2022, allowing residents working in Chicago and South Cook County areas to receive higher pay and providing a better environment for themselves and their families. However, as communities suffer due to high consumer goods prices, will the minimum wage increase be enough as costs continue to increase substantially?

What Is a Recession and How Does It Reflect Today?

Gas prices, groceries, and consumer goods continue to rise in communities. This financial crisis reflects the start of a recession to come in 2022. Older Americans have already experienced a recession. However, for new adults living through a recession and a worldwide pandemic, the experience can be overwhelming.

A recession is a temporary economic value decline during which trade and industrial activity decrease. Aside from price increases, unemployment rates have seen significant growth over the past year, reflecting the first stage of the recession. As a result, production is lower, and jobs have fewer positions available due to decreased trading activity. As a result, companies are forced to lay off their employee, as experts believe this will be a long-term issue in the United States.

History of Recessions in the US

The Balance author Kimberly Amadeo addressed the history of recessions in the U.S. and how they are natural to the economy. “The history of recessions in the United States shows that they are natural though painful, part of the business cycle. The National Bureau of Economic Research determines when a recession starts and ends.”

Research shows the United States has entered 13 recessions since the Great Depression ended in 1933. Since 1948, there have been 11 recessions, an average of one every six years.

Before 2007, an average recession lasted about 11 months compared to 18 months during the Great Depression. Recessions differ from an economic depression which causes more significant damage to the economy and lasts longer than a recession.

Maintaining Life During a Recession

As the world continues to social distance, COVID-19 is the main contributor to the next great recession seen today. Experts predicted that many jobs would lose employees during the initial spread of COVID-19.

Like most recessions, lower-income families were more significantly impacted by the COVID-19 recession. As a result, the economy required access to unemployment insurance, services to support businesses, and short-term financial assistance for families during this crisis.

minimum wage
Courtesy of uusc4all (Flickr CC0)

Living in a Low-Wage Economy

For the economy to thrive, America depends heavily on its workers and businesses. Without employees, companies would have no way of running sufficiently or promising families with the stability to provide for their households.

Before the minimum wage increase, 40% of American workers earned less than $15 an hour. In addition, at least 24% did not have paid sick leave, 45% had inadequate health insurance, and few had paid family leave to care for a chronically ill family member, according to The Center for Employment Equity.

The United States federal minimum of $7.25 per hour was set in 2009: Increasing this amount would benefit some but not everyone, as some low-wage workers might experience coming out of poverty while others could become jobless.

A Word From Residents

Kelsey, an Evergreen resident, said, “$15 an hour shows us that they are listening, but with prices of gas and groceries being so high, $15 may not be enough. We still have little money left that won’t stretch into the next two weeks.”

“I’ve been working since the age of 15, and I can say from $7.25 to $15 an hour is a huge change, but because prices have become so high, it’s hard to feel relief knowing that even $15 won’t even accommodate half of what $7.25 could provide.”

For Kelsey and many others, the minimum wage increase is an improvement. However, real progress begins with managing the cost of consumer goods.

Although the rise in the minimum wage is the start of something big, America has entered its 12th recession while trying to maintain a global pandemic. Residents may have to sacrifice due to the poor decisions of the American government.

Written by China Page

Sources:

The Balance: History of Recessions in the United States; by Kimberly Amadeo

ABC 7 News: Chicago, Cook County minimum wage increases take effect; by Jason Knowles and Ann Pistone

UMass Amherst: The COVID-19 Recession: An Opportunity to Reform our Low Wage Economy? By Donald Tomaskovic-Devey, Rodrigo Dominguez-Villegas & Eric Hoyt

J.P. Morgan: Could inflation finally be peaking? By Joe Seydl

Top and Featured Image Courtesy of John Aronno’s Flickr Page – Creative Common License

Insert Image Courtesy of uusc4all’s Flickr Page – Creative Common License

Tags: inflationlivingminimum wagerecession
China Page

China Page

Next Post
Food Desert

Saviors of Chicago's Food Desert

Recent Posts

  • Lakesia Collins the Superhero of the West Side
  • AMBER-ALERT Missing Youth in Chicago
  • Patricia Ezeanyim Bio

Newsletter

Loading
No Result
View All Result
  • About
  • Ad submission
  • Contact
  • Team
  • Terms and Conditions
  • Privacy Policy
  • Sitemap
  • FAQ
  • Mission

© 2018 TNS - TNS theme by Frackle TNSthemes.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Health and Lifestyle
  • View Print Edition
  • Subscribe to the print newspaper
  • Contact

© 2018 TNS - TNS theme by Frackle TNSthemes.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Support independent local journalism by subscribing to the Chicago Leader print
and digital publication for just $15 a year.

Subscribe Now