QuickTake: The Good and Bad of a Minimum Wage

The video discusses the ongoing debate about the minimum wage in the US, highlighting recent state initiatives in California and New York to raise the minimum wage to $15 an hour. It compares the US federal minimum wage to other countries and provides historical context on its adjustments. The video examines the economic impact of raising the minimum wage, including potential job losses and poverty reduction. It presents arguments for and against higher wages, noting benefits for workers and businesses but also potential costs. The debate is increasingly academic as few Americans earn the federal minimum wage.

Which states are mentioned as planning to increase their minimum wage to $15 an hour?

• Texas and Florida

• California and New York

• Illinois and Ohio

• Nevada and Arizona

How many times has the U.S. federal minimum wage been raised since its creation?

• 30 times

• 10 times

• 22 times

• 15 times

What was the peak value of the U.S. federal minimum wage when adjusted for inflation in 1968?

• $12.50

• $15.00

• $10.91

• $7.25

What is one argument made by proponents of raising the minimum wage?

• It decreases consumer spending.

• It benefits companies by reducing turnover.

• It increases employee turnover.

• It leads to higher corporate profits.

What percentage of U.S. hourly workers earned the federal minimum wage in 2014?

• 10%

• 4%

• 25%

• 15%