Minimum wage myths
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The document discusses common myths surrounding minimum wage, debunking misconceptions such as its adverse effect on employment and the notion that it primarily benefits teenagers. It cites support from 600 economists and various studies showing that raising the minimum wage to $10.10 would not only boost earnings for working families but also spur economic growth and create net new jobs. The author, Floyd Saunders, emphasizes the need for America to embrace the opportunity to raise the minimum wage for overall societal benefit.
Minimum wage myths
- 1. The Truth About The Floyd Saunders, Newton, KS
- 2. Myth #1 You can live on the minimum wage
- 5. Myth # 2 Minimum wage . workers are teenagers
- 8. Myth #3 INCREASING THE MINIMUM WAGE WILL CAUSE PEOPLE TO LOSE THEIR JOBS.
- 9. What 600 Economist Say 600 economists support of raising the minimum wage to $10.10 by 2016. 64 studies on minimum wage increases found no discernable effect on employment.
- 10. Myth # 4 SMALL BUSINESS OWNERS DON'T SUPPORT AN INCREASE IN THE MINIMUM WAGE.
- 11. A June 2014 survey found that more than 3 out of 5 small business owners support increasing the minimum wage to $10.10.
- 12. The Truth • Small business owners believe that a higher minimum wage would benefit business in important ways: – 58% say it will increase consumer purchasing power. – 56% say it would help the economy. – 53% agree businesses would benefit from lower employee turnover, increased productivity and customer satisfaction. http://www.smallbusinessmajority.org/small-business-research/minimum-wage/
- 14. Myth #5 INCREASING THE MINIMUM WAGE IS BAD FOR THE ECONOMY
- 17. • Since 1938, the federal minimum wage has been increased 22 times. For more than 75 years, real GDP per capita has steadily increased, even when the minimum wage has been raised. • Minimum wage increases have little to no negative effect on employment as shown in independent studies from economists across the country. Academic research also has shown that higher wages sharply reduce employee turnover which can reduce employment and training costs.
- 20. Myth # 6 INCREASES IN THE MINIMUM WAGE DOES NOT RESULT IN WEALTH.
- 25. Conclusion • The positive effects of a higher higher minimum wage are clear: – It would boost the earnings of working families – Spur economic growth – Create about 100,000 net new jobs. • Raising the minimum wage an opportunity that America cannot afford to lose.
- 26. About the Author • Floyd Saunders is the author of several books including: – Figuring Out Wall Street – Family Financial Freedom – College Without Ramen Noodles • Learn more about floyd at • www.floydsaunders.com • http://about.me/floyd_saunders • LinkedIn: http://www.linkedin.com/in/floydsaunders • Twitter: https://twitter.com/floydsaunders • Slideshare: http://www.slideshare.net/FloydSaunders/slide shows/