How Raising the Minimum Wage to $15 Would Impact the Economy
- Current state of minimum wage legislation
- The minimum wage debate
- Top arguments against raising the minimum wage
- Raising the minimum wage would cause massive job losses
- Raising the minimum wage would hurt small businesses
- Raising the minimum wage would increase the cost of living
- Additional benefits of raising the minimum wage
- How the minimum wage increase would impact tipped earners
- The bottom line
Current state of minimum wage legislation
The minimum wage debate
- As of 2019, workers paid $7.25 per hour (the current federal minimum wage) make 29% less than their minimum wage counterparts from 50 years ago. In addition, Zipperer noted that essential workers will need to make at least $15 throughout the country in order to afford a passable standard of living.
- Those making minimum wage are disproportionately women and people of color.
- If the U.S. had passed a $12 minimum wage order in 2018, there would have been $6.2 fewer individuals living in poverty (as of 2019).
- Raising the minimum wage has shown to overwhelmingly benefit the economy and has historically had little downside.
Top arguments against raising the minimum wage
Raising the minimum wage would cause massive job losses
Counterargument: A $15 minimum wage would create new jobs and decrease unemployment rates
Raising the minimum wage would hurt small businesses
Counterargument: A $15 minimum wage is good for small businesses
Raising the minimum wage would increase the cost of living
Counterargument: A $15 minimum wage would increase cost of living, but not enough to offset increased wage benefits
Additional benefits of raising the minimum wage
- Giving raises to one-third of African Americans and one-quarter of Latinos (roughly $3,500 annual increase per minimum wage worker).
- Benefiting 51% of women between the ages of 25 and 54
- Providing financial assistance to essential workers (60% of the minimum wage workforce)
How the minimum wage increase would impact tipped earners
When was the minimum wage last increased?
How would the minimum wage increase impact health care?
How many workers earn less than $15 per hour?
Who does raising the minimum wage benefit most?
Does raising the minimum wage affect taxes?
The bottom line
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