Question

Do a majority of us adults believe raising the minimum wage will help the economy, or is there a majority who do not believe this? a rasmussen reports survey of 100 us adults found that 45% believe it will help the economy. assuming the level of significance (α) is 5%

Answer 1

Public opinion is divided on whether raising the minimum wage helps the economy, with only 45% in agreement according to a survey. The impact on economic mobility and job opportunities for low-skilled workers is a core concern, and assessing societal gains demands a nuanced analysis.

Step-by-step explanation:

The debate over whether raising the minimum wage helps the economy is complex and divides both public opinion and expert analysis. A survey by Rasmussen Reports found that 45% of U.S. adults believe it will help the economy. President Joe Biden argued that increasing the minimum wage would reduce income inequality and improve the standard of living for low-wage workers. On the other hand, economists like Walter Williams and Thomas Sowell contend that minimum wage hikes can limit economic mobility for low-skilled workers and potentially increase discrimination in hiring.

Studies on the impact of a minimum wage increase show mixed results: some indicate a slight decrease in employment for unskilled labor, while others find no significant effect. The real-life implications also depend on who the affected workers are families losing breadwinners face different challenges than students earning supplementary income. Thus, assessing gains for society requires a nuanced view of both economic and social consequences.