Analyzing an Economics Debate

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                                Analyzing an Economics Debate

Topic:  Should the Government Raise the Minimum Wage to Reduce Poverty?

There is ongoing debate about income inequality and poverty in America and one action being proposed to address this issue is to raise the minimum wage. For this assignment, you will answer the following questions.

 

  1. Describe in general the issue that is being debated: http://money.cnn.com/infographic/pf/low-wage-worker/

 

 

Average Hourly private employee wages from the Bureau of Labor Statistics

March 2006 – October 2016

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006     10.04 10.04 10.00 10.02 10.00 9.97 10.06 10.12 10.15 10.13
2007 10.13 10.13 10.10 10.09 10.08 10.11 10.10 10.11 10.09 10.07 10.02 10.02
2008 9.99 10.00 10.01 9.99 9.98 9.90 9.86 9.92 9.93 10.03 10.26 10.38
2009 10.36 10.34 10.38 10.39 10.38 10.31 10.33 10.32 10.31 10.30 10.28 10.29
2010 10.31 10.34 10.33 10.35 10.37 10.37 10.38 10.38 10.39 10.38 10.36 10.32
2011 10.33 10.31 10.25 10.23 10.23 10.24 10.25 10.20 10.20 10.24 10.21 10.22
2012 10.20 10.19 10.21 10.20 10.23 10.27 10.29 10.22 10.21 10.17 10.22 10.26
2013 10.25 10.21 10.25 10.30 10.30 10.32 10.30 10.30 10.30 10.31 10.32 10.30
2014 10.29 10.33 10.31 10.29 10.30 10.32 10.32 10.35 10.34 10.34 10.40 10.41
2015 10.54 10.53 10.54 10.55 10.54 10.51 10.53 10.57 10.59 10.59 10.60 10.61
2016 10.66 10.68 10.70 10.69 10.69 10.68 10.72 10.71 10.71(P) 10.72(P)    

P = projected

C = corrected

 

 

 

 

 

 

Consumer Price Index for Jan 2006 – October 2016 from the Bureau of Labor Statistics

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2006 198.3 198.7 199.8 201.5 202.5 202.9 203.5 203.9 202.9 201.8 201.5 201.8
2007 202.416 203.499 205.352 206.686 207.949 208.352 208.299 207.917 208.490 208.936 210.177 210.036
2008 211.080 211.693 213.528 214.823 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228
2009 211.143 212.193 212.709 213.240 213.856 215.693 215.351 215.834 215.969 216.177 216.330 215.949
2010 216.687 216.741 217.631 218.009 218.178 217.965 218.011 218.312 218.439 218.711 218.803 219.179
2011 220.223 221.309 223.467 224.906 225.964 225.722 225.922 226.545 226.889 226.421 226.230 225.672
2012 226.665 227.663 229.392 230.085 229.815 229.478 229.104 230.379 231.407 231.317 230.221 229.601
2013 230.280 232.166 232.773 232.531 232.945 233.504 233.596 233.877 234.149 233.546 233.069 233.049
2014 233.916 234.781 236.293 237.072 237.900 238.343 238.250 237.852 238.031 237.433 236.151 234.812
2015 233.707 234.722 236.119 236.599 237.805 238.638 238.654 238.316 237.945 237.838 237.336 236.525
2016 236.916 237.111 238.132 239.261 240.229 241.018 240.628 240.849 241.428 241.729    

 

  1. Has the average wage kept up with inflation? How do we calculate this?

Increase in average wages = ((average wage October 2016 – average wage Jan. 2006)/average wage Jan. 2006) x100

Increase in inflation = ((cpi October 2016 – cpi Jan. 2006)/ cpi Jan. 2006) x 100

  1. What is the increase in average wages over this time period?

 

  1. What is the increase in inflation over this time period?

 

 

  1. Who wins if the inflation increase is larger than the average wage increase? Employers or employees?

 

  1. Who wins if the average wage increase is larger than the inflation rate? Employers or employees?

 

  1. Read two or more perspectives on this argument from both sides (support minimum wage increase, oppose minimum wage increase), and describe the authors perspectives on this topic. Links to articles are included below.  At least 4 sentences here.

 

  1. Analyze the evidence that each author uses to support his/her thesis: What types of evidence does he or she uses? Does the evidence support his or her thesis? At least four sentences here.

 

  1. Evaluate the qualifications of the authors: What bias might the authors have?  Four sentences.

 

  1. Discuss your opinion on this topic: Do you agree or disagree with the authors?

 

  1. Why? 6 sentences.

 

 

 

REFERENCE ARTICLES

What’s best at Reducing Poverty? An Examination of the Effectiveness of the 2007 Minimum Wage Increase.  http://www.epionline.org/study/r124/

Can Raising the Minimum Wage Reduce Poverty and Hardship?

https://www.epionline.org/studies/can-raising-the-minimum-wage-reduce-poverty-and-hardship/

Won’t increasing minimum wage hurt the poor? http://www.usnews.com/opinion/blogs/economic-intelligence/2013/03/11/raising-the-minimum-wage-wont-help-the-poor

The Impact of a $10.10 Federal Minimum Wage.

http://www.epi.org/publication/raising-federal-minimum-wage-to-1010/

Is There Consensus in Favor of Wage Mandates?

http://www.epionline.org/study/r142/ 

 

2 Parties Place Political Focus on Inequality, by Jeremy W. Peters, The New York Times.   http://www.nytimes.com/2014/01/09/us/politics/republicans-move-to-reclaim-poverty-fighting-mantle.html?hpw&rref=politics&_r=0

http://www.pewresearch.org/fact-tank/2013/07/19/who-makes-minimum-wage/

From the Center for American Progress:

http://www.americanprogress.org/issues/religion/report/2013/12/10/80780/real-family-values-raising-the-federal-minimum-wage/

 

https://www.americanprogressaction.org/issues/economy/news/2013/12/03/80222/raising-the-minimum-wage-would-help-not-hurt-our-economy/

 

 

 

 

 

 

 

 

 

 

 

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