View source for Minimum Wage: Why Minimum Wage Should be Increased

== Introduction ==
[[Image:Min wage map.gif|thumb|200px]]

President Roosevelt established the federal minimum wage in 1938 as part of the Fair Standards Labor Act. The minimum wage was designed to protect workers from exploitation by their employers. Originally set at $0.25, minimum wage has been periodically increased as it is devalued by inflation. From 1997 to July 2007 the federal minimum wage was $5.15, and then increased to $5.85, where it stands today. Workers and economists argue minimum wage does not pay a sufficient amount to stay out of poverty. To supplement the low national minimum wage, 31 states have enacted higher minimum wages, but the remaining 19 states still abide by the nation minimum wage. The federal minimum wage can and should be increased as a tool to reduce poverty and stimulate the economy.

== Theoretical Model ==

Initial minimum wage laws were introduced during the 1930s in response to the falling output, falling prices, and falling employment during the Great Depression. The National Industrial Recovery Act (NIRA) tried to help the situation by establishing price floors and minimum wage. In 1935, the US Supreme Court decided that NIRA was unconstitutional, and forced the initial minimum wage agreements to cease. In 1938 the Fair Labor Standards Act (FLSA) established a national minimum wage ($0.25 per hour), restricted child labor, and required that overtime be paid for work over 40 hours per week. 

Under the assumptions that (1) the labor market it perfectly competitive, (2) the minimum wage covers all workers, and (3) worker productivity is unaffected by the wage rate, the introduction of a minimum wage results in unemployment in those labor markets in which the equilibrium wage rate is below the minimum wage.
 

[[Image:Min wage.gif]]



In the model, w* represents the wage equilibrium and L* represents the level of employment. The minimum wage is above the equilibrium, lowering the level of unemployment to LD. The diagram shows that when a minimum wage is implemented, the number of workers demanded is lower than the number of workers supplied, creating unemployment. Many people are against raising the minimum wage, because it would theoretically lead to an increase in unemployment. Recent studies conducted by David Card, Alan B. Krueger, and Lawrence F. Katz have suggested that moderate increases in minimum wage do not have this effect on unemployment.

===Monopsony and Efficiency Wage Models===

A monopsony firm will hire fewer workers than in the perfectly competitive labor market because the marginal factor cost, the cost of hiring an extra worker, exceeds the wage rate. 

[[Image:Monopsony 3.gif]]



The theory behind the efficiency model is that if firms pay workers a higher wage, they will be more productive. Higher wages also theoretically result in less labor force turnover, lower training costs, and better motivated workers. Assuming that the rise in productivity is fairly significant, an increase in minimum wage would not reduce unemployment.

==New Jersey and Pennsylvania Case Study ==


[[Image:Minimumwagegraphsnapshot2.jpg|thumb|500px]]
<p align="center">[[Image:Minimumwagegraphsnapshot.jpg|thumb|500px|Employment Per Store Before and After Rise in New Jersey Minimum Wage]] </p>

===Minimum Wage: A New Look to the Traditional Teaching===

David Card and Alan B. Kruger, however, believe that small to moderate increases in the minimum wage will not increase unemployment.  These two economists observed the impact of minimum wage on employment by researching 410 fast-food restaurants in New Jersey and Pennsylvania before and after a minimum wage rise.  In April of 1992, New Jersey’s minimum wage rose from $4.25 to $5.05, Pennsylvania’s minimum wage remaining constant.

Under the traditional theory, the increase in New Jersey’s minimum wage would predict higher unemployment.  The study, on the other hand, suggested that raising the wage floor would in fact open new jobs.  Card and Kruger also introduced the idea of wage levels influencing employer’s productivity.  Higher productivity may offset the increased production costs.  
The minimum wage increase occurred during a recession in the New Jersey economy.  Secondly, New Jersey’s economy is greatly influenced by nearby states due to its small size.  However, when minimum wage increased, full-time employment increased in New Jersey relative to Pennsylvania full-time employment.  

One reason why employment will increase despite an increase in minimum wages is an increase in full-time workers.  As a response to an increase in the minimum wage, stores may increase the proportion of full-time workers.  In fact, the fraction of full-time workers increased in New Jersey by 7.3 percent relative to Pennsylvania.  Another reason why the rise in minimum wage did not lower employment was a reduction in non-wage compensation.  New Jersey employers did not change either their wage profiles or their supplemental benefits to counterbalance the increased minimum wage.  

In conclusion, Card and Kruger determined that minimum wage would increase employment regardless of whether one compares a New Jersey store with an initial wage of $5.00, a Pennsylvania store of a constant wage of $4.25, or a New Jersey store with an initial higher wage.

== Small Business ==
=== Affect of Minimum Wage on Small Business ===

Economically conservative lawmakers traditionally argue that raising the minimum wage hurts small businesses because they cannot afford to pay higher wages, and therefore are forced to layoff workers, further augmenting poverty. In a study done by the Levy Institute, the vast majority of small business owners interviewed said a raise in minimum wage would not cause them to layoff workers, or decrease the number of new workers they could hire. The Levy Institute interviewed 560 businesses with under 500 workers each, asking them questions about their hiring practices, particularly with regard to a possible increase in the minimum wage. Of those businesses, only 6.2% said a raise in the minimum wage would negatively affect their hiring practices. When the minimum wage was increased in 1997, economists and lawmakers feared there would be significant job losses, but instead it was the best job market in 30 years. This shows the demand for labor is wage inelastic; meaning changes in wages does not affect the amount of labor demanded.
[[Image:Min wage graph.jpg|thumb|400px]]
<p align="center">

=== Benefits for Small Business of a Higher Minimum Wage ===

Higher wages decreases job turn over, especially in less specialized occupations. Workers receiving wages above the federal minimum wage, either because their employer chooses to pay more or they live in a state with higher minimum wage laws, become more committed to the company and therefore are less likely to look for a different job. The decreased job turn over increases productivity and saves the employer the cost of training new workers. Some economists feared this would decrease the growth rate of industries typically paying at or near minimum wage, particularly the retail and food industries. The opposite proved to be true. In Oregon the minimum wage is $7.25, about $1.50 above the national wage. The job growth rate in Oregon is twice that of the national average, demonstrating higher wages are beneficial to worker and the employer.

== The main problem with the current minimum wage==

The Problem with the current Minimum wage is that it has failed to keep up with inflation and rising cost of living. This means that over time the purchasing power of the minimum wage has decrease. The current minimum wage is not longer enough to keep working families from meeting their most basic needs such as cost of housing and food, health care, education and child care. According to Economist Jared  Bernstein from the Economic Policy Institute the cost of basic necessities has increase by almost 50% between 1991 and 2007. As a result low income families are stock in poverty and the income gap between the low and high class is continuously increasing.

The federal poverty guideline released in 2007 shows that the minimum wage is insufficient. A minimum wage worker that works full time: 40 hours a week, 52 weeks a year will only earn about $10,700 anually. This means that at the current minimum wage, a full time worker earns 40% below the poverty guideline. The established federal poverty guideline for a family of three is aprroximatly $17,000[[Image:Carolyn'sgraph.jpg|thumb|500px|The graph illustrates the gap between the salary of a full time minimum wage worker and the 2007 poverty guidelines]] [[Image:ACF4492.jpg|thumb|500px]]

The minimum wage has not been raised since 1997. This is the longest period of congress inaction since the minimum wage was stablished by the Fair Labor Standards Act in 1938. For every year that congress did not increase the minimun wage, workers lost purchasing power. As aresult minimum wage workers are in poverty.

==Facts about the Minimum Wage==


1)The current minimum wage is insufficient for low income workers and families to meet basic needs.

2)High costs of living places families that earn the minimum wage, below the federal poverty level. As a result tax payers have to pay more for public assistance.

3)A person who earns the minimum wage and works full time (40 hrs/week, 52 weeks/yr) only earns about $10,000 a year. This is  almost $3,000 below the poverty line.

4)The federal minimum wage has not increase in almost 10 years since 1997.

5)Cost of basic necessities such as food, clothing, housing, health care, education and fuel have raise significantly. The minimum wage has not kept up with inflation.

== Benefits of increasing the minimum wage==


1)Raising the minimum wage can increase the annual income of working families and aid families to get out of poverty.

2)Raising the minimum wage will create a “ripple effect” by benefiting those workers who earned more than the previous minimum wage but less than the new minimum wage. Employers will pay these workers a higher wage to keep compensation differences among workers.

3)Raising the minimum wage increases spending. With a higher minimum wage consumers would be more likely to spend more, which in turn puts money back into the economy.

==Economists In Support==
In October of 2006 the Economic Policy Institute (EPI) released a 
statement entitled, “Hundreds of Economists Say: Raise the 
Minimum Wage”. Fifteen leading economists, that is, Henry Aaron, Kenneth Arrow, William Baumol, Rebecca Blank, Alan Blinder, Peter Diamond, Ronald Ehrenberg, Clive Granger, Lawrence Katz, Lawrence Klein, Frank Levy, Lawrence Mishel, Alice Rivlin, Robert Solow, and Joseph Stiglitz, endorsed the statement.  Not only do these 15 individuals endorse an increase in minimum wage, but 650 of their fellow economists agree. By signing the statement the economists believe that “a modest increase in the minimum wage would improve the well-being of low-wage workers and would not have the adverse effects that critics have claimed. As economists who are concerned about the problems facing low-wage workers, we believe the Fair Minimum Wage Act of 2005’s proposed phased-in increase in the federal minimum wage to $7.25 falls well within the range of options where the benefits to the labor market, workers, and the overall economy would be positive.”

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'''Michael Perelman''' California State University - Chico
'''Kenneth Peres''' Communications Workers of America 
'''George L. Perry''' The Brookings Institution
'''Joseph Persky''' University of Illinois - Chicago 
'''Karen A. Pfeifer''' Smith College 
'''Bruce Pietrykowski''' University of Michigan - Dearborn
'''Michael J. Piore''' Massachusetts Institute of Technology 
''' Karen R. Polenske''' Massachusetts Institute of Technology  
'''Robert Pollin''' University of Massachusetts - Amherst
'''Marshall Pomer''' Macroeconomic Policy Institute 
'''Tod Porter''' Youngstown State University 
'''Shirley L. Porterfield''' University of Missouri - St. Louis 
'''Michael J. Potepan''' San Francisco State University 
'''Marilyn Power''' Sarah Lawrence College 
'''Thomas Power''' University of Montana 
'''Robert E. Prasch''' Middlebury College 
'''Mark A. Price''' Keystone Research Center 
'''Jean L. Pyle''' University of Massachusetts - Lowell
'''Paddy Quick''' St. Francis College 
'''John M. Quigley''' University of California - Berkeley 
'''Willard W. Radell, Jr.''' Indiana University of Pennsylvania
'''Fredric Raines''' Washington University in St. Louis
'''Steven Raphael''' University of California - Berkeley
''' Salim Rashid''' University of Illinois – Urbana Champaign 
'''Wendy L. Rayack''' Wesleyan University 
'''Randall Reback''' Barnard College, Columbia University 
'''Robert Rebelein''' Vassar College
'''James B. Rebitzer''' Case Western Reserve University 
'''Daniel I. Rees''' University of Colorado - Denver 
'''Michael Reich''' University of California -Berkeley 
'''Robert B. Reich''' University of California - Berkeley 
'''Donald Renner''' Minnesota State University - Mankato 
'''Trudi Renwick''' Fiscal Policy Institute 
'''Andrew Reschovsky''' University of Wisconsin -Madison 
'''Lee A. Reynis''' University of New Mexico 
'''Daniel Richards''' Tufts University
 '''Bruce Roberts''' University of Southern Maine 
'''Barbara J. Robles''' Arizona State University 
'''John Roche''' St. John Fisher College 
'''Charles P. Rock''' Rollins College 
'''William M. Rodgers III''' Rutgers University 
'''Dani Rodrik''' Harvard University 
'''John E. Roemer''' Yale University 
'''William O. Rohlf''' Drury University 
'''Gerard Roland''' University of California – Berkeley
''' Frank Roosevelt''' Sarah Lawrence College 
'''Jaime Ros''' University of Notre Dame 
'''Nancy E. Rose''' California State University - San Bernardino 
'''Howard F. Rosen''' Trade Adjustment Assistance Coalition 
'''Joshua L. Rosenbloom''' University of Kansas 
'''Roy J. Rotheim''' Skidmore College
 '''Jesse Rothstein''' Princeton University 
'''Geoffrey Rothwell''' Stanford University 
'''Joydeep Roy''' Economic Policy Institute 
'''David Runsten''' Community Alliance with Family Farmers 
'''Lynda Rush''' California State Polytechnic University - Pomona 
'''Gregory M. Saltzman''' Albion College and the University of Michigan 
'''Sydney Saltzman''' Cornell University
'''Dominick Salvatore''' Fordham University 
'''Blair Sandler''' San Francisco, California  
'''Daniel E. Saros''' Valparaiso University  
'''Michael Sattinger''' University at Albany  
'''Dawn Saunders''' Castleton State College  
'''Larry Sawers''' American University 
'''Max Sawicky''' Economic Policy Institute 
'''Peter V. Schaeffer''' West Virginia University 
'''William C. Schaniel''' University of West Georgia
 '''A. Allan Schmid''' Michigan State University
 '''Stephen J. Schmidt''' Union College 
'''John Schmitt''' Center for Economic and Policy Research
'''Juliet B. Schor''' Boston College
''' C. Heike Schotten''' University of Massachusetts - Boston 
'''Eric A. Schutz''' Rollins College 
'''Elliot Sclar''' Columbia University
'''Allen J. Scott''' University of California - Los Angeles 
'''Bruce R. Scott''' Harvard Business School 
'''Robert Scott''' Economic Policy Institute
'''Stephanie Seguino''' University of Vermont 
'''Laurence Seidman''' University of Delaware  
'''Janet Seiz''' Grinnell College 
'''Willi Semmler''' The New School
'''Mina Zeynep Senses''' Johns Hopkins University 
'''Jean Shackelford''' Bucknell University 
'''Harry G. Shaffer''' University of Kansas  
'''Sumitra Shah''' St. John’s University 
'''Mohammed Sharif''' University of Rhode Island 
'''Lois B. Shaw''' Institute for Women’s Policy Research
'''Heidi Shierholz''' University of Toronto
 '''Deep Shikha''' College of St. Catherine 
'''Richard L. Shirey''' Siena College 
'''Steven Shulman''' Colorado State University 
'''Laurence Shute''' California State Polytechnic University - Pomona 
'''Stephen J. Silvia''' American University 
'''Michael E. Simmons''' North Carolina A&T State University 
'''Margaret C. Simms''' Joint Center for Political and Economic Studies  
'''Chris Skelley''' Rollins College 
'''Max J. Skidmore''' University of Missouri - Kansas City 
'''Peter Skott''' University of Massachusetts - Amherst 
'''Courtenay M. Slater''' Arlington, Virginia
 '''Timothy M. Smeeding''' Syracuse University 
'''Janet Spitz''' College of Saint Rose 
'''William Spriggs''' Howard University 
'''James L. Starkey''' University of Rhode Island
'''Martha A. Starr''' American University 
'''Howard Stein''' University of Michigan - Ann Arbor
''' Mary Huff Stevenson''' University of Massachusetts - Boston
'''James B. Stewart''' Pennsylvania State University 
'''Jeffrey Stewart''' Northern Kentucky University 
'''Robert J. Stonebraker''' Winthrop University
'''Michael Storper''' University of California - Los Angeles
''' Diana Strassmann''' Rice University
''' Cornelia J. Strawser''' Consultant 
'''Frederick R. Strobel''' New College of Florida 
'''James I. Sturgeon''' University of Missouri - Kansas City 
'''David M. Sturges''' Colgate University 
'''William A. Sundstrom''' Santa Clara University
 '''Jonathan Sunshine''' Reston, Virginia 
'''Paul Swaim''' Organisation for Economic Co-operation and Development 
'''Craig Swan''' University of Minnesota - Twin Cities 
'''Paul A. Swanson''' William Paterson University 
'''William K. Tabb''' Queens College 
'''Peter Temin''' Massachusetts Institute of Technology 
'''Judith Tendler''' Massachusetts Instittue of Technology
'''Terkla''' University of Massachusetts - Boston 
'''Kenneth Thomas''' University of Missouri - St. Louis 
'''Frank Thompson''' University of Michigan - Ann Arbor
'''Ross D. Thomson''' University of Vermont 
'''Emanuel D. Thorne''' Brooklyn College - City University of New York 
'''Jill Tiefenthaler''' Colgate University
'''Thomas H. Tietenberg''' Colby College 
'''Chris Tilly''' University of Massachusetts- Lowell
'''Renee Toback''' Empire State College 
'''Mayo C. Toruño''' California State University - San Bernardino 
'''W. Scott Trees''' Siena College
'''A. Dale Tussing''' Syracuse University 
'''James Tybout''' Penn State University 
'''Christopher Udry''' Yale University 
'''Daniel A. Underwood''' Peninsula College 
'''Lynn Unruh''' University of Central Florida 
''' Leanne Ussher''' Queens College, City University of New York 
'''David Vail''' Bowdoin College 
'''Vivian Grace Valdmanis''' University of the Sciences in Philadelphia 
'''William Van Lear''' Belmont Abbey College 
'''Lane Vanderslice''' Hunger Notes 
'''Lise Vesterlund''' University of Pittsburgh 
'''Michael G. Vogt''' Eastern Michigan University 
'''Paula B. Voos''' Rutgers University 
'''Mark Votruba''' Case Western Reserve University 
'''Susan Vroman''' Georgetown University 
'''Howard M. Wachtel''' American University 
'''Jeffrey Waddoups''' University of Nevada - Las Vegas
''' Norman Waitzman''' University of Utah
''' Lawrence A. Waldman''' University of New Mexico 
 '''John F. Walker''' Portland State University 
'''William Waller''' Hobart and William Smith Colleges 
'''Jennifer Warlick''' University of Notre Dame 
'''Matthew Warning''' University of Puget Sound 
'''Robert W. Wassmer''' California State University – Sacramento
'''Mark Weisbrot''' Center for Economic and Policy Research 
 '''Charles L. Weise''' Gettysburg College 
'''Thomas E. Weisskopf''' University of Michigan - Ann Arbor 
'''Christian E. Weller''' Center for American Progress 
'''Fred M. Westfield''' Vanderbilt University 
'''Charles J. Whalen''' Perspectives on Work
 '''Cathleen L. Whiting''' Williamette University 
'''Howard Wial''' The Brookings Institution  
'''Linda Wilcox''' Young Southern Oregon University
'''Arthur R. Williams''' Rochester - Minnesota
 '''Robert G. Williams''' Guilford College 
''' John Willoughby''' American University  
'''Valerie Rawlston Wilson''' National Urban League
''' Jon D. Wisman''' American University 
'''Barbara L. Wolfe''' University of Wisconsin - Madison 
'''Edward Wolff''' New York University
'''Martin Wolfson''' University of Notre Dame 
'''Brenda Wyss''' Wheaton College 
''' Yavuz Yasar''' University of Denver
'''Anne Yeagle''' University of Utah
'''Erinc Yelden''' University of Massachusetts - Amherst 
'''Ben E. Young''' University of Missouri - Kansas City
 '''Edward G. Young''' University of Wisconsin- Eau Claire 
'''June Zaccone''' National Jobs for All Coalition and Hofstra University
''' Ajit Zacharias''' Levy Economics Institute of Bard College
'''David A. Zalewski''' Providence College 
'''Jim Zelenski''' Regis University 
'''Andrew Zimbalist''' Smith College
'''John Zysman''' University of California - Berkeley </p>