Should the US Increase Minimum Wage BY Melissa

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Should the US Increase Minimum Wage? BY Melissa Tamali’i Janelle Burch Dmitriy Kosogor Miranda Duncan

The Minimum Wage Whether you earn it or not Whether you like it or not Whether you vote for it or not

You can’t escape thinking about the minimum wage

US Minimum Wage’s Beginnings - 1938 Ensure workers can buy necessities Reduce workplace abuse Raised self-worth and public morale

Raising the Minimum Wage Now Increased morale, self- esteem, economic recovery; lowers debt Decrease turnover, government welfare subsidies, workplace frustration, worker exploitation (Auerback, 2012)

Drawbacks to Raising the Minimum Wage Loss of employable positions / increase in unemployment Increase in cost of goods and services Wage increases not guaranteed to be spent locally

Forever Increasing; Never Solving the Issue Cost of living goes up, minimum wage is slow to follow Business may cut jobs or increase prices, hurting the economy Many people spend more than they earn, regardless of their salary

Minimum Wage is Only a Part of the Solution Financial education must accompany wage increase in order to permanently affect the economy at large

Financial Education Broad application for good How to advance a career path How to invest and spend wisely

How to Implement Personal Financial Education Provide resources to all Create a program to calculate progress all vocational categories Companies should tell employees how to succeed and advance

How Financial Education Exceeds Minimum Wage Increases Alone Path to lifelong career success Pattern for successful living, regardless of salary Provides security for the future Provides broad scale economic improvement

Possible Drawbacks No guarantees Contingent on individual implementation “Another” welfare program

Minimum Wage, and Then Some We have the empowering ability to do be educated in our finances

References 1. 2. 3. 4. 5. 6. 7. Auerback, Marshall (2012, July 24). Top 5 Reasons Why Raising the Minimum Wage Is Good for You and Me. From http: //www. alternet. org/ Card, D. , & Krueger, A. (1995). Myth and measurement: The new economics of the minimum wage. Princeton, N. J. : Princeton University Press. Clason, G. (2007). The richest man in Babylon: Now revised and updated for the 21 st century. United States: BN Pub. Cooper, D. (2013, May 10). The Case for Raising the Minimum Wage. Retrieved December 14, 2014. Verner, J. L. (2009). A new look at the minimum wage's effect on employment. (Order No. 3373959, The University of Texas at Dallas). Pro. Quest Dissertations and Theses, , 96 -n/a. Retrieved from http: //search. proquest. com/docview/305064947? accounti. . . (305064947). Wages. (n. d. ). Retrieved December 13, 2014, from http: //www. dol. gov/dol/topic/wages/educational. htm Wilkinson, T. M. (2004). THE ETHICS AND ECONOMICS OF THE MINIMUM WAGE. Economics and Philosophy, 20(2), 351 -374. Retrieved from http: //search. proquest. com/docview/213628709? accountid=9817

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