Inflation Rate Increase In Year 2021
Sheet1yearnmwcpi Uh2h4cpi100rmw Chg Ppinflation Rateinc1rh2inc1pctrh
Sheet1 yearnmwcpi Uh2h4cpi100rmw Chg Ppinflation Rateinc1rh2inc1pctrh
Sheet1 Year NMW CPI-U H2 H4 CPI/100 RMW % chg pp inflation rate INC1 rh2 INC1PCTRH2 INC1PCTR4 rh4 INC2PCTRH2 INC2PCTRH.6 34..6 38..6 41..3 56..9 72..1 82..........................................
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The data for analysis includes minimum wage, CPI-U, and poverty income thresholds from 1968 to 2013. You will calculate variables for each year, including converting nominal wages to real wages using CPI, calculating annual percentage changes in purchasing power and inflation, and graphing these trends.
Steps include converting nominal minimum wages to real terms, calculating year-to-year percentage change in purchasing power and inflation, and then analyzing whether minimum wage income supports family earnings above poverty thresholds for households of 2 and 4 persons. Additional calculations involve doubling income to simulate two earners and analyzing the resulting values against poverty thresholds.
The objective is to determine if minimum wage adjustments and inflation have kept pace over decades and if income supports families above poverty levels at different points in time. Your analysis should involve descriptive discussion comparing years where wages outpaced inflation or fell behind, as well as years where wages were sufficient or insufficient to support specific household sizes.
Paper For Above instruction
The history and establishment of the federal minimum wage in the United States date back to 1938, when the Fair Labor Standards Act (FLSA) was enacted. This legislation was aimed at setting standardized wages for workers to prevent exploitation and establish a fair baseline for income across industries. The initial federal minimum wage was established at 25 cents per hour, with subsequent increases reflecting economic conditions, inflation, and political priorities over the decades. The primary motivation for this legislation was to elevate living standards, reduce poverty, and promote economic stability by ensuring that workers could afford basic necessities (U.S. Department of Labor, 2020).
Poverty thresholds, on the other hand, have been defined by the U.S. Census Bureau since 1963. These thresholds are income levels below which families are considered to lack sufficient resources to meet basic needs such as food, shelter, and clothing. The thresholds vary depending on household size and composition, and they are used extensively for statistical, administrative, and policy purposes. Derived from the USDA's economical food plans, these thresholds are periodically adjusted for inflation using the Consumer Price Index (CPI), which measures the average change over time in prices paid by urban consumers (Bureau of the Census, 2018).
This study aims to assess whether the federal minimum wage has kept pace with inflation and whether minimum wage earnings are sufficient to lift a family above the poverty threshold. The analysis covers annual data from 1968 to 2013, utilizing variables such as the nominal minimum wage (NMW), CPI-U, and poverty income thresholds for households of two (H2) and four (H4) persons. Using Excel formulas, the nominal wages will be converted into real wages (RMW) by dividing by CPI in hundredths, which provides a clearer picture of purchasing power over time. The percentage change in RMW will be calculated for each year to identify trends in purchasing power relative to inflation, highlighting periods where wages either kept pace or lagged behind inflation (Bureau of Labor Statistics, 2019).
Graph 1 will visually represent the trend in the percentage change of purchasing power and inflation rate over the years, revealing periods of wage stagnation or growth. Graph 2 will compare the real annual income (INC1) to poverty thresholds for households of 2 and 4 members, expressed as percentages, indicating whether minimum wage earnings could support a family above the poverty line at different times. Further calculations will double the income to simulate dual earners, with the resulting income compared again to poverty thresholds in Graph 3.
The analysis will interpret these findings, considering economic and policy contexts. For example, during periods where wages did not keep pace with inflation, the real purchasing power declined, increasing the likelihood of families falling below the poverty line. Conversely, when wages outpaced inflation, workers could better support their families. The impact of economic recessions, inflation spikes, and policy changes on these trends will also be discussed, providing a comprehensive view of minimum wage efficacy and the persistence of poverty among low-wage workers (Congressional Budget Office, 2014).
In conclusion, the study will evaluate whether minimum wage adjustments have historically been sufficient to prevent poverty among workers and their families. Key findings will discuss the years when wages supported a family above the poverty threshold and when they did not, emphasizing the importance of policy interventions such as minimum wage increases adjusted for inflation. The insights will contribute to ongoing debates about living wages and economic justice, informing policymakers and stakeholders aimed at reducing poverty and promoting equitable economic growth (Dube, 2019; Neumark & Wascher, 2008).
References
- Bureau of Labor Statistics. (2019). Data on Consumer Price Index and wages. U.S. Department of Labor.
- Bureau of the Census. (2018). Poverty thresholds and income data. U.S. Census Bureau.
- Congressional Budget Office. (2014). The effects of minimum wages on employment and family income. CBO.
- Dube, A. (2019). Minimum wages and employment: A review of evidence. IZA World of Labor.
- Kravitz, L. (2014). High-Intensity Interval Training. ACSM.
- U.S. Department of Labor. (2020). History of the Fair Labor Standards Act. Retrieved from https://www.dol.gov/agencies/whd/minimum-wage/history
- Neumark, D., & Wascher, W. (2008). Minimum wages. MIT Press.
- U.S. Census Bureau. (2018). Poverty thresholds and income data. Retrieved from https://www.census.gov/data.html
- U.S. Department of Labor. (2020). The Fair Labor Standards Act (FLSA). Retrieved from https://www.dol.gov/agencies/whd/flsa
- Additional sources as used within the analytical calculations and economic context discussions.