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Do minimum wage increases hurt wages of above minimum-wage workers?

Abbreviated Question: 
Do minimum wage increases hurt wages of above minimum-wage workers?
Answer: 

In theory, a stiff and swift increase in the minimum wage may result in less employment (of minimum-wage-eligible workers) and may increase prices to some extent as firms pass on higher wage costs to their consumers. But it does not follow that higher-wage workers will see a decrease in their wages. Since the wages of the minimum wage-eligible workers have gone up, they may increase their spending and boost demand (and sales) which may even allow firms to raise salaries of higher paid workers. 

How can any president take credit for the number of jobs being filled?

Abbreviated Question: 
How can any president take credit for the number of jobs being filled?
Answer: 

Politicians can claim credit for whatever they want – and typically they do claim credit for everything that looks good and blame everything that looks bad on their opponents. 

Aren't wages directly associated with productivity?

Abbreviated Question: 
Aren't wages directly associated with productivity?
Answer: 

Your proposed theory of wage setting appears to be consistent with the way that most economists would approach this issue.  That is, most economists would accept that an individual’s wage is determined by the “human capital” – i.e., skills, experience, training, and abilities -- embodied in that individual.  The value of this human capital is, in turn, a function of the relative balance of the demand for and supply of these particular skills.  Human capital that is costly or difficult to acquire will be relatively scarce, and (other things equal) more highly compensated.

How does it affect the economy to have more people pursue careers in minimum wage jobs?

Abbreviated Question: 
How does it affect the economy to have more people pursue careers in minimum wage jobs?
Answer: 

First, the characterization of foodservice and restaurant workers as a career track is inaccurate. The median age of restaurant workers is 28.4 years, the second youngest sector of our economy (next to retail shoe stores at 24 years). As shown in the table, only 34% of restaurant workers are over 34. However, the question also leads to a broader question. How many workers have a career of minimum wage work? The answer is very few.

What are the economic implications of underfunded pension plans?

Abbreviated Question: 
What are the economic implications of underfunded pension plans?
Answer: 

The problem of underfunded pension plans is complex. Some possible economic effects are as follows.

1. Plan beneficiaries will suffer economically in retirement unless they are bailed out by taxpayers. Whether and how much to bail them out is primarily a political issue rather than an economic one.

What if all 50 states adopt Right to Work?

Abbreviated Question: 
What if all 50 states adopt Right to Work?
Answer: 

Your question requires that I explain some of the background for Right-to-Work laws, and I took the liberty of adding a more general answer on the effect of Right-to-Work on the economic outcomes for firms and workers.

Media contacts - Swenson

February 22, 2016

David SwensonDave Swenson, associate scientist, talked with Jason Foley, Des Moines Register, about Governor Branstad’s campaign goals after five years and the role his administration has played in the state’s overall recovery from the Great Recession.

Swenson also spoke with the following: Read more about Media contacts - Swenson

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