The Presidential candidate Joe Biden promised during his 2020 presidential campaign to raise the Federal Minimum Wage to fifteen dollars ($15.00) per hour. Since he took office in January this year, President Biden has tried to fulfil his campaign promise by including this wage proposal in his COVID-19 relief package.
This effort was stalled on parliamentary procedural grounds. He has vowed to re-introduce this minimum wage proposal in an independent bill to the U.S. Congress soonest! A majority of Americans approve of President Biden’s minimum wage proposal. However, some members of the U.S. Congress and a substantial minority of the U.S. population oppose President Biden’s effort to raise the Federal Minimum Wage.
Devoid of the politics and the emotions this proposed wage policy may cause, what are its potential economic effects?
Specifically, what are the potential economic costs and the potential economic benefits of this proposed Federal wage policy (hike) by President Biden and his Council of Economic Advisors team?
Explain these economic effects with the aid of large, well-labeled diagrams.
Last Completed Projects
| topic title | academic level | Writer | delivered |
|---|
