Works Cited

Aaronson, D., & French, E. (2013). How Does a Federal Minimum Wage Affect Aggregate Household Spending? Chicago Fed Letter(313), 1-4.

Department of Labor. (n.d.). About Minimum Wage. Retrieved from United States Department of Labor: https://www.dol.gov/featured/minimum-wage/minwage-gdp-history

Gitis, B. (2014, March 30). How Minimum Wage Increased Unemployment and Reduced Job Creation in 2013. Retrieved from American Action Forum: http://www.americanactionforum.org/research/how-minimum-wage-increased-unemployment-and-reduced-job-creation-in-2013/

Halvorson, C. (2014, March 6). When I Work. Retrieved from The Pros and Cons of Raising the Minimum Wage: http://wheniwork.com/blog/the-pros-and-cons-of-raising-the-minimum-wage/

Investopedia. (n.d.). Investopedia.com. Retrieved from Does Raising the Minimum Wage Increase Inflation?: http://www.investopedia.com/ask/answers/052815/does-raising-minimum-wage-increase-inflation.asp

Lobosco, K. (2014, January 22). The Hidden Costs of a Minimum Wage Hike. Retrieved from CNN Money: http://money.cnn.com/2014/01/22/smallbusiness/minimum-wage-taxes/

Mitchell, J. E. (2016, April 28). Vice President of Buisness Banking. (G. Bensema, & R. Snyder, Interviewers) Kettering, Ohio.

Sahadi, J. (2015, December 23). Where Minimum Wage is Going Up in 2016. Retrieved from CNN Money: http://money.cnn.com/2015/12/23/pf/minimum-wage-2016/index.html

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SCRIPT

George:

Hello, fellow conservatives and anyone who wants to be enlightened by some real education, today we will be talking about the minimum wage. We will be specifically talking about the minimum wage in Dayton and how it affects GDP, inflation, unemployment, retail sales, taxes, and businesses in the area. Over the next few minutes we will be discussing why a minimum wage increase would have a negative effect on the dayton area. We have a special guest today, Vice President of Business Banking at Huntington Bank, Joan Mitchell. She works with small businesses who hire minimum wage workers. All coming up after this short break.





*Commercial* .

Ray: This podcast is brought to you by the U.S. treasury, proof we still have enough money to pay for this adverti……

George: Now back to the action, We have a great podcast lined up today, first up talking about GDP today is Chelsea Mitchell

Topic 1- GDP

Chelsea: According to our good ole friends at the department of Labor, GDP percentage is not affected by an increase of minimum wage.The Federal Reserve Bank, of Chicago, we can all trust them right, (play illuminati music) they state that increasing the minimum wage would only increase the GDP by 0.3% but, will have no effect in the long term.

George: Well, that was easy moving on to inflation.

Topic 2- Inflation

Chelsea: The federal reserve bank of chicago also presents data that shows that after a minimum wage increase, limited service restaurants, such as fast food will pass nearly 100% of the labor costs on to the consumers through an increase in prices. Now see what our guess Mrs. Mitchell has to say about inflation. (Play Mrs. Mitchell about Cheeseburgers!)

George: Thanks Mrs. Mitchell, next up we have Ray talking about unemployment and retail sales.

Topic 3- Unemployment

Ray: High unemployment goes hand in hand with high minimum wage. Chicago’s Federal reserve bank states that the minimum wage hikes will make it harder to get a job, especially for teenagers. That gives them minimal experience going into the workforce after college. Fast food workers will lose their jobs due to automation . Robots will be the new cashiers and cooks of Mcdonald’s replacing these entry level jobs with cheaper robots who won’t mess up my double cheeseburger. Ed Rensi former CEO of Mcdonald's, which is one of the biggest employers in the United States, explains that too high of a government-mandated minimum wage would have a deadly effect on unemployment”“A higher minimum wage would not only kill existing jobs but also result in closing a substantial number of small businesses, from 15-20%.

A higher minimum wage also means a larger strain on small businesses, meaning they will need to pull back operations and then employ fewer workers. The whole point of a wage to begin with is to have financial stability, you are guaranteed that money as opposed to starting your own business where you may come out with a loss. That is why CEOs and presidents make so much, they have the most to lose if the company struggles, and by extension, the most to gain when it succeeds.

Imagine you have an employee working at Mcdonalds who makes 9/ hour and another employee who has twice the experience. Which employee do you think should be paid more? If everyone is being paid at 15 dollars and hour then there would be no opportunity for raises to be given out to the better employees.

Topic 4- Retail Sales

Ray: There have been numerous facts, statistics, and studies that supporters of raising the minimum wage openly disregard

To argue for raising the minimum wage, you must not believe in small businesses and know nothing about basic economics.

Now before you lazy bums get up in cheeto fingers let me explain: When the minimum wage is raised, so are the prices of goods that people buy. If you wanted to buy a car in ohio for 100k, the same car would cost 115k in New York, a 15% increase. Now why is that? Well, the minimum wage in Ohio is 8.10 but, in New York it is 9 dollar. This is an 11% increase in the minimum wage. When talking about retail sales it is important to realize that the goal of an employer is to make a profit. Why would a company pay more than what you are worth? If there are 2 identical houses with the exact same lawn and one person who cuts the grass. The first house brings in 50k/year and in the 2nd house brings in 100k/year. Wanting to be paid more for minimal skills is like wanting to get paid more for cutting the same grass on an identical lawn. Just because someone CAN pay you more, doesn't mean they SHOULD pay you more.

Topic 5- Taxes

George- Every employee pays 6.2% in that good ole Social Security tax, then the employer has to match that, causing more payment for the employer, that means the employer is going to have to pay more just to keep you around. If a minimum wage increase does occur the democrats are most likely to be in power at the time. As history records, democrats love their tax increases. So, most likely you will see an increase in taxes, so what would be the point in increasing the minimum wage?

George – (How our views were confirmed in this interview and an unanswered question to do further research on)

Our views were confirmed and supported by numerous employers and statistics. A higher minimum wage would hurt almost everyone in the long run, or even the lengthy short term. It is an unnecessary roadblocking middleman who gets in between the employer an employee. If you let capitalism run its course, time and time again it has been proven that it works. That why United States is the best country in the world and the leader in economic strength. So thank you for joining us to dismantle the argument that the minimum wage is somehow beneficial to hard working americans.





This is George, Ray and Chelsea and join us next week when we talk about hillary clinton and why we think she should go to jail.

* Closing Jingle *