Factors Determining The Developmental Pace Of A Country

Multiple factors determine the developmental pace of a country. One important factor that has determined the development of America is its economy. Unemployment rates, inflation, and rise in poverty are just a few economic indicators that a country is not developing properly. Cutting poverty in order to help the poor and enlarge the middle class is a major goal the U.S. is trying to achieve. According to The State of Working America, the rise in poverty is clearly depicted following the most recent American economic recession. The best way to cut poverty in America is to raise the minimum wage, create new jobs, and expand Medicaid. One of the main causes of poverty in America is due to the low minimum wage that barely supports living conditions. According to statistics gathered by the United States Census Bureau, the poverty rate in America was 14.8 percent in 2014, which was not significantly different from 2013. The insignificant change of poverty indicates that the economy did not undergo improvement during that time. The most logical way to lift the economy out of poverty is to allow more families the ability to support themselves. This would require increasing the minimum wage gradually until it reaches an equilibrium point in which poverty levels start decreasing. This equilibrium point is reached when an increase in minimum wages would not impact the poverty levels in a positive way. Vallas and Boteach state that President Obama’s call for raising the minimum wageShow MoreRelatedThe Future Of Globalization On The East Asia1531 Words   |  7 PagesThe future of globalization in the East Asia Globalization has been one of the core factors contributing to the growth of the East Asia economy. This has been associated with the increasingly growth of globalization in all the aspects of life amongst the East Asian people. 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