Federal, state, and local minimum wages: Implications for Poverty
Poster Number
01a
Faculty Mentor
One WU mentor: Nicholas Moellman, Ph.D; moellmann@winthrop.edu
College
College of Business Administration
Department
Accounting, Finance & Economics
Faculty Mentor
Nicholas Moellman, Ph.D.
Abstract
An idea to change the minimum wage is unique and gives an essential way on how to solve some stretches of poverty throughout the United States. Although many have argued in the past for the minimum wage to be increased nationally, they have not been incredibly successful because they have not looked into how federal doctrines will affect local counties when discussing a new national wage standard to implement. The minimum wage is necessary to help with the gap of poverty, but it should defer per state because each state has different attributes like population, a difference in the type of jobs provided in different counties, and the cost of living. Diving into finding the correct pricing average of the minimum wage could be thought-out and solved by finding a specific equation. There are already several variables that give valuable hints to finding and leading the state governments and the federal government in the right direction. By states finding and using the average living cost, the strengths and weakness of how many job opportunities are obtainable, and the educational level that is usually around their counties in their state they can execute these variables in a proper equation. When they have taken in all of those variables, they can find a plausible solution to having a reasonable increase in their state minimum wage. Once there is a start to finding how to calculate a reasonable minimum wage, there will be educational additions in the future to help make and reduce the poverty gap that has tormented millions across the United States for decades and it will help encourage middle-class workers as well.
Additional Fields About Your Abstract
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Course Assignment
ECON 348X - Moellman
Start Date
16-4-2021 11:30 AM
Federal, state, and local minimum wages: Implications for Poverty
An idea to change the minimum wage is unique and gives an essential way on how to solve some stretches of poverty throughout the United States. Although many have argued in the past for the minimum wage to be increased nationally, they have not been incredibly successful because they have not looked into how federal doctrines will affect local counties when discussing a new national wage standard to implement. The minimum wage is necessary to help with the gap of poverty, but it should defer per state because each state has different attributes like population, a difference in the type of jobs provided in different counties, and the cost of living. Diving into finding the correct pricing average of the minimum wage could be thought-out and solved by finding a specific equation. There are already several variables that give valuable hints to finding and leading the state governments and the federal government in the right direction. By states finding and using the average living cost, the strengths and weakness of how many job opportunities are obtainable, and the educational level that is usually around their counties in their state they can execute these variables in a proper equation. When they have taken in all of those variables, they can find a plausible solution to having a reasonable increase in their state minimum wage. Once there is a start to finding how to calculate a reasonable minimum wage, there will be educational additions in the future to help make and reduce the poverty gap that has tormented millions across the United States for decades and it will help encourage middle-class workers as well.
