Following New York and California’s decisions to increase their state minimum wages to $15, ProCon.org, the nation’s leading source for unbiased presentations on controversial topics, has published new nonpartisan research on the debate over raising the federal minimum wage.
The new website, available at http://minimum-wage.procon.org, presents sourced pro and con arguments, as well as an extensive illustrated history. Sources referenced include the Congressional Budget Office, OECD, numerous think tanks, and economists at institutions such as Cornell, UCLA, Johns Hopkins, Duke, Oxford, University of Chicago, and the Federal Reserve.
ProCon.org’s minimum wage website shows position statements in response to the question “Should the federal minimum wage be increased?” from prominent individuals and organizations including: Barack Obama (pro), Ed Rensi, former CEO of McDonalds (con), National Employment Law Project (pro), US Chamber of Commerce (con), Mitt Romney (pro), and Donald Trump (con).
The minimum wage website also features a video gallery, state-by-state minimum wage levels, presidential candidate views on minimum wage, and Did You Know? facts including:
The first state minimum wage laws, introduced between 1912 and the early 1930s, only covered women and minors. The first to cover men was introduced in 1937 in Oklahoma.
The first federal minimum wage law was signed in 1938. Today it affects 2.5 million Americans, roughly 55% of whom are older than 25.
29 states and Washington, DC have set their minimum wages above the $7.25 per hour federal minimum.
Kamy Akhavan, President of ProCon.org, said: “The minimum wage debate has been an ongoing battle since the 1920s. Our 23 million readers were tired of hearing the same old partisan noise on this issue, so many of them asked us to get involved. ProCon.org gives people the best information on both sides of the debate, so they can think for themselves and make their own decisions.”
The new website took several months and 400+ hours to create, and marks the organization’s 55th issue explored. For more information visit the ProCon.org minimum wage website at http://minimum-wage.procon.org.
Citing the falling economy and consequent downturn in sales, the Chief Executive Officers (CEOs) for GM, Ford, and Chrysler, otherwise known as the Big Three or the Detroit Three, appeared before Congress in Nov. and Dec. 2008 seeking a financial bailout. The initial request for $25 billion was raised to $34 billion once the Big Three determined further costs based on restructuring plans submitted to Congress. Whether the members of Congress should approve the plan and bail out the Big Three has become a hotly debated topic that we decided to make our first ever mini-site.
Should insider trading by Congress be allowed?
The Stop Trading on Congressional Knowledge (STOCK) Act intended to prohibit members of Congress from buying or selling securities based on information gained on the job, but the bill died in House committee three times (2006, 2007, 2009) with only a few sponsors. On Nov. 13, 2011, 60 Minutes reported that several members of Congress allegedly used insider information for personal gain, and the STOCK Act received 84 additional House co-sponsors within five days. On Apr. 4, 2012, the STOCK Act was signed into law by President Obama.
Proponents contend that regulating insider trading is inefficient, would be impossible to implement in Congress, and could harm the flow of information between Capitol Hill and the public. Opponents contend that congressional insider trading allows for unethical profiteering and conflicts of interest and that government officials should be held to the same standards as all other Americans. Read more…
The Gold Standard
Prior to 1971, the United States was on various forms of a gold standard where the value of the dollar was backed by gold reserves and paper money could be redeemed for gold upon demand. Since 1971, the United States dollar has been a fiat currency backed by the “full faith and credit” of the government and not backed by, valued in, or convertible into gold.
Proponents of the gold standard argue it provides long-term economic stability and growth, prevents inflation, and would reduce the size of government. They say a gold standard would restrict the ability of government to print money at will, run up large deficits, and increase the national debt. They say the economy has historically performed best under a gold standard.
Opponents argue a gold standard would create economic instability, spur periodic economic deflation and contraction, and hamper government’s ability to stimulate the economy and reduce unemployment during recessions and financial crises. They say returning to a gold standard would be extremely difficult given the scarcity of gold and could severely harm the already fragile US economy. Read more…
