Minimum Wage Misconceptions with Jacob Clifford

The video addresses common misconceptions about the minimum wage in the US, using data and studies to clarify misunderstandings. It covers topics such as the percentage of workers earning minimum wage, demographic details, state variations, inflation adjustments, economists' opinions, and the impact on poverty and unemployment. The video emphasizes that while raising the minimum wage can help reduce poverty, it is not a standalone solution and must be considered alongside other factors like education and skill development.

What percentage of hourly workers in the US earn the federal minimum wage?

• 13%

• 4.3%

• 30%

• 77%

Which group makes up the majority of minimum wage earners in the US?

• Minorities living in poverty

• White individuals aged 16-24

• Full-time workers

• Senior citizens

How do most economists view the increase in minimum wage?

• They unanimously support it

• They are evenly split on the issue

• They believe it has no impact

• They unanimously oppose it

What is one argument against increasing the minimum wage?

• It leads to higher inflation

• It reduces the hiring of unskilled workers

• It causes a decrease in productivity

• It increases the cost of living

What is a potential outcome of raising the minimum wage to $10.10 according to the Congressional Budget Office?

• It will have no effect on income inequality

• It will create 500,000 new jobs

• It will solve poverty completely

• It could lift 900,000 people out of poverty