Raising the minimum wage is in the news. It can be tough to explain to children why raising the minimum wage to $15 an hour (as President Biden has called for) can actually hurt individuals and increase unemployment. In this easy-to-read reference guide for conversations, parents and caregivers will find information on:
- The minimum wage and why the government set a minimum wage.
- How raising the minimum wage can increase unemployment.
- The reason why a $15 minimum wage will hurt small businesses and the poor the most.
- Why raising the minimum wage will force many businesses to raise prices, eliminate jobs, and spend less on benefits for workers.
- The hard to define phrase “living wage”.
- Better ways in which the government can help the poor, without costing them their jobs.
- Why low-wage jobs are important for the most vulnerable Americans.
- Fun activities to do with your kids to teach them about the realities of running a business and paying employees.
- Further reading for kids on economic issues.