States With High Minimum Wages Are Doing Fine

The video discusses the impact of raising the minimum wage on state economies, focusing on data from Bloomberg. It highlights that states with higher minimum wages have seen better economic performance in terms of personal income, job creation, and consumer activity. The video also explores the concept of a robust economy, using California as an example of strong personal income growth and retail success. It challenges the traditional view that higher minimum wages lead to job losses, presenting evidence of low unemployment rates in states with increased wages.

Which of the following is NOT a factor in the economic performance of states with higher minimum wages?

• Personal income growth

• Job creation

• Consumer activity

• Increased taxation

What is a key indicator of a robust consumer economy as discussed in the video?

• High unemployment rates

• Growth in personal income

• Decrease in GDP

• Decline in retail businesses

How has California's economy been affected by higher minimum wages?

• It has experienced a decline in personal income growth.

• It has lost businesses to neighboring states.

• It has faced increased unemployment rates.

• It has seen a boom in food and beverage retail businesses.

What is the traditional economic concern regarding minimum wage increases?

• They lead to higher inflation.

• They increase the national debt.

• They cause a decrease in consumer spending.

• They result in job losses, especially for marginalized workers.

What recent data suggests about the impact of a $15 minimum wage on employment?

• It has increased the cost of living.

• It has caused businesses to relocate.

• It has not negatively impacted employment rates.

• It has led to significant job losses.