Minimum Wage Systems and Policies

The video discusses the history and evolution of the minimum wage in the US, highlighting its introduction to combat sweatshop conditions. It examines the misleading nature of wage trends when adjusted for inflation, showing that real wages have stagnated since the 1980s. The unpredictability of wage increases poses challenges for businesses. The video contrasts the US approach with other countries that have systematic wage adjustments tied to inflation or economic factors. It also explores the political divide in the US over wage increases, with Republicans generally opposing and Democrats supporting them. The video concludes by suggesting that removing wage decisions from political hands could resolve ongoing debates.

What was the primary reason for the introduction of the minimum wage in the US?

• To promote international trade

• To ensure a basic standard of living for workers

• To regulate the working hours

• To increase worker productivity

Why is the US minimum wage considered unpredictable?

• It requires new laws for each increase

• It is tied to the stock market

• It changes every month

• It is set by individual businesses

What is a major concern for business owners regarding the US minimum wage system?

• The lack of skilled workers

• The unpredictability of wage increases

• The high cost of raw materials

• The competition from international markets

How does France manage its minimum wage adjustments?

• By tying it to the stock market

• By adjusting it based on inflation and average salary

• By changing it every decade

• By allowing businesses to set their own rates

What is a common feature of minimum wage systems in countries like Australia and the UK?

• They are adjusted every five years

• They are reviewed by a commission regularly

• They are set by individual cities

• They are based on the number of employees

What is the stance of Republicans on increasing the minimum wage?

• They generally resist it

• They are neutral

• They propose a higher increase than Democrats

• They generally support it

Which political group is more likely to support an increase in the minimum wage?

• Independents

• Republicans

• Democrats

• Libertarians

What is a potential benefit of removing the minimum wage decision from politicians?

• It would increase political debates

• It would decrease worker productivity

• It would eliminate the need for a minimum wage

• It would make wage adjustments more systematic

What is a suggested solution to the ongoing minimum wage debate in the US?

• To abolish the minimum wage

• To tie it to the average wage each year

• To let each business decide

• To increase it every decade

How do some US states differ from the federal government regarding minimum wage?

• They have no minimum wage

• They adjust it based on the stock market

• They set a lower minimum wage

• They set a higher minimum wage