12___Minimum_Wage_vs_EITC___Econ_101

12___Minimum_Wage_vs_EITC___Econ_101 - Making Work Pay for...

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  Making Work Pay for New Yorkers: The Making Work Pay for New Yorkers: The Minimum Wage versus the Earned Income Minimum Wage versus the Earned Income Tax Credit Tax Credit The 2004 Battle for an Increase in the New York State Minimum Wage
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Econ 101 – Professor Burkhauser “The trouble with the world is not that people know too little, but that they know so many things that ain’t so.” Mark Twain
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Econ 101 – Professor Burkhauser The Fair Labor Standards Act of 1938 was the centerpiece of President Franklin Roosevelt’s Second Inaugural Address urging Congress to help the one-third of Americans who were “ill-housed, ill- clothed, and ill-nourished.” (Roosevelt, 1937)
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Econ 101 – Professor Burkhauser Senator Edward Kennedy “The minimum wage was, as it should be, a living wage, for working men and women … who are attempting to provide for their families, feed and clothe their children, heat their homes, [and] pay their mortgages. The cost- of-living inflation adjustments since 1981 would put the minimum wage at $4.79 today, instead of the $4.25 it will reach on April 1, 1991. That is a measure of how far we have failed the test of fairness to the poor.” (Congressional Record, November 6, 1989, S14707).
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Econ 101 – Professor Burkhauser President Bill Clinton “I’ve studied the arguments and the evidence for and against a minimum wage increase. I believe that the weight of the evidence is that a modest increase does not cost jobs, and may even lure people into the job market. But the most important thing is, you can’t make a living on $4.25 an hour.” (The White House, 1995)
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“There are tens of thousands of New Yorkers who toil and struggle everyday to make ends meet, despite being employed. The state’s failure to institute a minimum wage that lifts families out of poverty has only moved those ends further apart.” (Silver, March 1, 2004) Assembly Legislation Raises Minimum Wages to $7.10
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Econ 101 – Professor Burkhauser “The minimum wage provisions of the Fair Labor Standards Act of 1938 have been repealed by inflation” Many voices are now taking up the cry for a higher minimum … Economists have not been very outspoken on this type of legislation. It is my fundamental thesis that they can and should be outspoken, and singularly agreed. The popular objective of minimum wage legislation— the elimination of extreme poverty—is not seriously debatable. The important questions are rather (1) Does such legislation diminish poverty? (2) Are there efficient alternatives?
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12___Minimum_Wage_vs_EITC___Econ_101 - Making Work Pay for...

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