Summers & Hubbard on a $15 Minimum Wage: Roundtable Responds

The transcript discusses the implications of raising the minimum wage to $15, highlighting potential job losses and poverty reduction. Alternatives like increasing the Earned Income Tax Credit (EITC) are considered. The conversation also touches on economic principles, emphasizing that full-time workers should not live in poverty. The discussion shifts to managing the national deficit, with a focus on strategic investments during the pandemic, stressing the importance of using borrowed funds for high-return investments.

What is one potential negative impact of raising the minimum wage to $15.00 an hour?

• Reduction in poverty

• Higher employer benefits

• Increased job opportunities

• Loss of 1.3 million jobs

What is a concern about employers if the minimum wage is increased too quickly?

• They will hire more workers

• They will stop paying benefits

• They will increase training programs

• They will lower product prices

What alternative to raising the minimum wage is suggested in the discussion?

• Implementing universal basic income

• Reducing taxes for employers

• Increasing the Earned Income Tax Credit

• Providing free education

What principle is emphasized regarding full-time workers in the economic support discussion?

• They should receive free healthcare

• They should not be below the poverty line

• They should work overtime

• They should receive bonuses

What is a potential risk of raising the minimum wage according to the discussion?

• It may lead to increased training opportunities

• It will reduce the need for education

• It may cause job training elements to be removed

• It will guarantee job security

What is a key consideration when borrowing money according to the discussion?

• Borrowing should be for high-return investments

• Borrowing is always beneficial

• Borrowing should be avoided at all costs

• Borrowing should be for luxury projects

What is a suggested focus for economic support during the pandemic?

• Building new shopping malls

• Reducing taxes for the wealthy

• Investing in vaccines and supporting vulnerable people

• Increasing travel opportunities