Raising the minimum wage to $15 an hour will add fairness to our economy and bring dignity and respect to 2.2 million eople, many of whom have been forced to live in poverty for too long," said Governor Andrew Cuomo. Between 135,000 nd 200,000 workers will see their hourly wage rise gradually to $15 by the end of 2018 in New York City and by 2021 in the rest of the state. Source: CNNMoney, September 11, 2015
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- Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage?25. Which of the following statements is correct? a. A disadvantage of a minimum-wage law is that it may benefit unskilled workers who are low income workers. b. A disadvantage of a negative income tax program is that a poor person who chooses not to work many hours would not receive a cash benefit. c. There are no disadvantages to minimum-wage laws, negative income taxes, or the Earned Income Tax Credit (EITC). d. A disadvantage of an Earned Income Tax Credit (EITC) is that a person who is unable to work due to a disability does not benefit from the program.Most government policy decisions have winners and losers. What are the effects of raisingthe minimum wage? It is more complex than simply producers lose and workers gain. Whoare the winners and who are the losers, and what exactly do they win and lose? To whatextent does the policy change achieve its goals?
- This question has to do with the minimum wage serving as an anti-poverty program. a. What percentage of a minimum wage increase goes to families below the poverty linenow versus in the 1990s? Why has this changed over the years? Make sure to use exactnumbers in your answer. b. Explain why families below the poverty line receive less than 100% of a minimum wageincrease. c. Jason is employed, earns the federal minimum wage, works 25 hours per week, works 52weeks per year, is single, and has no children. Given these numbers, Jason would bebelow the federal poverty line. Assume the federal minimum wage increases to $15 andJason continues to work 25 hours per week for 52 weeks per year. The large increase inJason’s earnings places him above the poverty line. Describe how it can be true thatJason’s earnings increase significantly, yet his total income (which is income from allsources combined) might be the same as it was before the minimum wage increase.Must government policy decisions have winners and losers? What are the effects of raising the minimum wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are the lasers, and what exactly do they win and lose? To what extent does the policy change achieve its goals?Explain how you would create a government program that would give an incentive for labor to increase hours and keep labor from falling into the poverty trap.
- Under what Circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?The way the workers’ compensation system works now, employees permanently injured on the jobreceive a payment of $X each year whether they work or not. Suppose the government were toimplement a new program in which those who did not work at all got $0.5X but those who did work got$0.5X plus workers’ compensation of 50 cents for every hour worked (of course, this subsidy would bein addition to the wages paid by their employers). What would be the change in work incentivesassociated with this change in the way workers’ compensation payments are calculated?vi What is a minimum wage? Explain why it may fail to help the poor households in an economy.
- d. Explain how a 10% wage tax would a§ect the way in which the Örm chooses to produce any given amount of output1. Proponents of the minimum wage argue that it will not reduce employment. Opponents argue the opposite. a. What factor determines who is correct in this debate, and under what condition will each side be correct? Use a diagram to explain your answer.Over the last half century, there has been a significant change in the number of current workers per retired person who qualifies for Social Security. How has the ratio changed? It has increased. It has decreased. OIt has changed, but, due to data issues, no knows for sure whether it increased or decreased. It has increased but by less than 10 percent. It has gone up and down, and the differences have cancelled out.