Should Congress Raise The Minimum Wage?

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Kyle Ting Prof. John Somers Econ 201 10 February 2017 Article Summary 1 Should Congress Raise the Minimum Wage Many states, including Oregon, has been considering a raise in the minimum wage. A raise of the minimum wage can cause job cuts or raise in product prices, but a rising number of economist have come to the conclusion that there is quite a considerable room of raise that cities can do without affecting the unemployment rate. Raising the minimum wage can ease the lives of many people. It can even cause an economic stimulus, where people would have an increase in consumer surplus, causing them to spend it on things that they wouldn’t naturally spend on if they didn’t have any type of monetary surplus. This can cause the economy to…show more content…
It is very important to look beyond the workers that will be affected directly by raise of the minimum wage. Instead, look how it affects every single group in the work force. Rise and Fall of Oil Prices Oil is the product that each and every one of us use. It can be used for fuel, heating and even cooking. The most often known for unstable price is crude oil or gasoline. According to the The Economist, The main reason for price shifts of oil is oversupply. The oil production in Saudi rose 10.3 million barrels per day. This increase is the effect of a new method that I being applied to oil extraction. This method is called fracking, fracking is where they drill into tight-rock formations then gradually turning horizontal for several thousand feet more. This results to accommodations to multiple oil wells. This new approved method of oil harvesting has raised the productivity gains and reduced the cost of harvesting oil. The reason of the fall in oil prices are the constant change of demand. The need for the oil is actually stagnant. Crude oil is becoming a product of the past. Today, you can harvest energy from solar, wind, water, heat, and waves. According to The Economist, “The use of fossil fuels in the rich world is mostly falling. Emerging economies are not currently taking up the slack”. Demand for energy is intertwined with our economic activity. Prices spike in the winter in the northern
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