Effectiveness of Raising the Federal Minimum Wage Paper

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http://www.nytimes.com/1987/01/14/opinion/the-right-minimum-wage-0.00.htmlhttp://www.nytimes.com/2016/02/17/opinion/hillary-clinton-should-just-say-yes-to-a-15-minimum-wage.html?_r=0https://www.washingtonpost.com/news/wonk/wp/2018/0…http://www.nationalreview.com/article/421716/insidious-political-power-minimum-wage-laws-kevin-d-williamsonhttp://www.nationalreview.com/article/364486/minimum-wage-myths-kevin-d-williamsonhttps://www.nationalreview.com/2018/12/minimum-wag…Florida Just Passed A $15 Minimum Wage. Is The Time Right For A Big Nationwide Hike?Florida became the eighth state and the first in the South to adopt a $15 minimum wage. Replicating this in other states and on the federal level remains a challenge.NPR.orghttps://finance.yahoo.com/news/minimum-wage-raises-usa-123815028.html Read the above articles (maybe even several times) and give your opinion on the effectiveness of raising the minimum wage. I do not want an opinion on the morals of raising the minimum wage, only on whether raising the minimum wage will have the intended effect of increasing the welfare of those on the bottom end of the economic scale. Keep in mind that economic wellbeing is related to the difference between income and the cost of goods and services. It does no good to have an increase in one’s wages with a commensurate increase in the cost of living. For example, wages and incomes are higher in New York City, but so is the cost of everything necessary to live; housing, food, gas, utilities, etc. Higher income does not necessarily translate into greater economic prosperity. A key question that is frequently not addressed in minimum wage discussions is whether increasing the minimum wage will also result in a higher cost for goods and services.The first two articles are from the NY Times Editorial Board, one written in 1987 and the second, in 2016. They are diametrically opposed. As far as I know, the laws of economics have not changed since 1987. One has to be wrong. The last three are from Kevin D. Williamson, who happens to be from Lubbock (but a UT grad). He obviously has strong conservative views but that is not the point of my wanting you to read the articles. The politics of both the NY Times (generally regarded as a strong advocate for liberal Democratic views) and Mr. Williamson are immaterial to the topic. I am NOT advocating one over the other. This is not a political science course. Once you get past the politics, both make interesting points that should be considered. Look for those economic points in the articles, then give me your opinion.If you select this topic, you must find a 2022 reference about the latest changes from Washington. Write a two-page paper giving your views on the effectiveness of raising the federal minimum wage. There is no prescribed format. I strongly recommend you use MS Word and make sure all red and blue lines are dispositioned properly. Give some thought of using Grammarly. If you are a weak writer, consider finishing early and visiting the Undergraduate Writing Center ( https://writingcenter.ttu.edu/ ) and tell them you are writing a persuasive piece. I encourage you to do outside research (Google is your friend), just reference it in your paper. Do not take credit for someone else’s writing and work.

Explanation & Answer:
2 pages

Tags:
economics

Minimum Wage

income

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