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.

What is the federal minimum wage in the United States as mentioned in the text?

According to the text, how many times has the US federal minimum wage been raised since its creation?

What are some potential consequences of raising the minimum wage as discussed in the text?

What argument do minimum wage enthusiasts make regarding the impact of higher wages on companies?

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