Posts tagged ‘Department of Housing and Urban Development’

July 10, 2009

It’s here, the expected change in the minimum wage.

Federal wage floor will rise to $7.25 an hour on July 24. Hike will be felt in 29 states. Can the job market handle it?

The federal minimum wage is set to increase later this month as the job market shows signs of further decay.

The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the U.S. Department of Labor.

The impact will be felt in 29 states, and many of them plan to match the federal minimum when it goes through.

Seven states already have laws mandating $7.25 minimum pay, while 14 states and Washington, D.C., exceed the new minimum. Employers are required to pay whichever is the highest: Federal or state. (Higher Minimum Wage Coming Soon by Aaron Smith
Wednesday, July 8, 2009; CNNMoney.com)

As the approach of the federal change in the current minimum wage draws closer, what does this say about the current economic crisis that we are feeling as of now?

Unemployemnt is still rising and expected to turn out an unanticipated larger amount of unemployed than ever. As of now the federal assumption of the unemployment rate is currently standing at 9.5%.

Foreclosures are still affecting americans across the nation as the July 24th due date of wage changes approaches. The number of homeless families in suburban areas increased by 56% in 2008, while the number of homeless families in rural areas increased by 34%. This is according to the Department of Housing and Urban Development’s “2008 Annual Homeless Assessment Report” released to Congress today.

So, will the current change in the minimum wage have any effect on what is going on in this nation as a financial assumption? My opinion is a strong “NO”, however there is still hope.