1) The total réduction in employment includes the reduction in part-time employees who average about 21 hours per week in employment. Approximately the teenagers would fall in the part-time category. 2) 3) Based on President Carter's Economic Stimulus Message, January 31, 1977, totalling $15 billion in each of FY77 and FY78. Males 25 to 64 are not included because the effect is small. However, over a long-run time period skilled adult worker employment would modestly increase as a result of the increase in the wage rates of low-skilled workers. Also, more equipment would substitute for low-skilled workers, and total output for the nation would be less. Source: Calculation based upon Jacob Mincer, Unemployment Effects of Minimum Source: Based on Bureau of Labor Statistics Weekly and Hourly Earnings 1) The total reduction in employment includes the reduction in part-time employees who average about 21 hours per week in employment. Approximately the teenagers would fall in the part-time category. 2) Based on President Carter's Economic Stimulus Message, January 31, 1977, totalling $15 billion in each of FY77 and FY78. 3) Males 25 to 64 are not included because the effect is small. However, over a long-run time period skilled adult worker employment would modestly increase as a result of the increase in the wage rates of low-skilled workers. Also, more equipment would substitute for low-skilled workers, and total output for the nation would be less. Source: Calculation based upon Jacob Mincer, Unemployment Effects of Minimum Wages, Journal of Political Economy, Vol. 84, Number 4, Part 2, August 1976. |