39 percent of Black and Latina women would benefit (vs. 18 percent of white men); 38 percent of African American workers would benefit; 33 percent of Latino workers would benefit; and. That makes a lot of sense, especially because $10.90 would put it just where it was in. Not a single one. Kara McIntyre, Lidl to Raise Atlanta-Area Starting Pay to $15 An Hour, Patch (Atlanta, Ga.), January 5, 2021. support the minimum wage increase to $15 an hour. Those companies are paying more for their workers, so they have less money to spend on technological advances. 31. Minimum wage should ideally provide enough income so the average American can make a decent living which includes providing shelter, clothing and food. https://www.epi.org/minimum-wage-tracker/, Federal Business for a Fair Minimum Wage$15: Signatories List in Formation, New York Boosts Minimum Wage and Some Businesses Balk, Amazon Raises Minimum Wage to $15, Urges Rivals to Follow, Amazon Boosts Minimum Wage to $15 for All Workers Following Criticism, Target Raises Minimum Wage to $15 an Hour Months Before its Deadline, Walmart Is Giving 165,000 Employees a Pay Raise Between $15 and $30 per Hour, Wayfair Sets $15 Minimum Wage for All U.S. Workers, Costco Raises Minimum Wage to $15 an Hour, Best Buy to Join Retailers Paying a $15 Minimum Wage, Chobani Increases Employees Starting Wage to at Least $15/Hour, Starbucks to Raise Minimum Wage to $15 for US Employees over Next Three Years, Sanderson Farms Increases Pay Rates for Hourly Employees, Lidl to Raise Atlanta-Area Starting Pay to $15 An Hour, Henry Ford Among the First Michigan Health Systems to Raise Minimum Pay Rate to $15 Per Hour, Michigan Health System with 8 Hospitals Increases Minimum Wage to $15 an Hour, Akron Childrens Hospital to Raise Its Minimum Wage to $15, Ohio Childrens Hospital to Boost Minimum Pay for 3,000 Employees, Mercy Announces Minimum Wage Increase, General Pay, North Kansas City Hospital and Meritas Health Raise Minimum Base Wage, Lifebridge Health Raises Minimum Living Wage for Hospital Team Members to $15 an Hour, Corporations Social Crusades Often Leave Out Workers, Wells Fargo to Raise Minimum Hourly Pay Levels in a Majority of Its U.S. Markets, Franklin Savings Bank Raises Minimum Wage in NH To $15. 15. With higher wages, many businesses would have to raise their prices to pay for it. A survey conducted by the Federal Reserve found that almost 40% of Americans cannot afford a surprise $400 expense out of pocket. Characteristics of minimum wage workers (2019), from the Bureau of Labor Statistics, How Increasing the Federal Minimum Wage Could Affect Employment and Family Income, from the Congressional Budget Office, Minimum Wages and Racial Inequality (paywall), by Ellora Derenoncourt and Claire Montialoux, Impacts of Minimum Wages: Review of the International Evidence, by Arindrajit Dube, City Limits: What do Local-Area Minimum Wages Do?, by Arindrajit Dube and Attila S. Linder, Racial Inequality and Minimum Wages in Frictional Labor Markets, by Jesse Wursten and Michael Reich, The Disparate Impact of a National $15 Minimum Wage, by Paul H. Kupiec, Myth or Measurement: What Does the New Minimum Wage Research Say about Minimum Wages and Job Loss in the United States?, by David Neumark and Peter Shirley, The Distributional Effects of Minimum Wages: Evidence from Linked Survey and Administrative Data, by Kevin Rinz and John Voorheis, The Economic Impact of a High National Minimum Wage: Evidence from the 1966 Fair Labor Standards Act, by Martha J. Bailey, John DiNardo, and Bryan A. Stuart, History of Changes to the Minimum Wage Law, from the Department of Labor, Why $15 Minimum Wage is Pretty Safe, by Noah Smith, Minimum Wage Tracker, from The Economic Policy Institute, $15 Minimum Wage Subverts Biden Recovery Plan (paywall), by Michael R. Strain, How Can Price Theory Help Us Navigate the Minimum Wage Debate?, by Brian Albrecht, Pay Is Rising Fastest for Low Earners. One of the reasons to raise the minimum wage is to keep families inclined with inflation rates. according to the Center for Economic and Policy Research. Correction: This article previously stated that the CEO-to-worker pay ratio at Chipotle was 1,951 to 1. 46. As the federal minimum wage debate continues to spark strong opinions, advocates on either side will continue to assert many reasons in support of their positions. From the pole to the equator, the specter of violence looms. Do these CEOs deserve their millions? 16. The Celtics vs the Lakers. Values calculated using the listed states share of total U.S. nonfarm employment in calendar year 2019 (prior to the COVID-19 pandemic). Welcome to the world of the working poor. Yet, I have not heard any of the Republican presidential hopefuls suggest that these millions are hurting our exports. Should the minimum wage be raised? Economists have been arguing for DECADES about whether or not raising the minimum wage kills jobs. 4. It is long overdue Since it was last raised in 2009, the minimum wage has failed to keep up with inflation, failed to keep up with average wages, andmost dramaticallyfailed to keep up with incomes of the top 1 percent and CEOs, contributing to America's growing inequality crisis. The EITC is a tax credit for low-income workers. That is not a typo. Illinois Bill Mandating Temp Workers Receive Equal Pay Compared to Direct Hires Sent to Governor, Building and Construction Industry Exemption: Tool to Contest Withdrawal Liability, Construction Industry Workplace Law Update Summer 2023. In January 2021, legislators introduced the Raise the Wage Act of 2021, to increase the federal minimum wage from $7.25 an hour to $15 an hour by 2025. spark consumer demand, which would enable them to retain or hire new Gary Peters, the chair of the Democratic Senatorial Campaign Committee, developed a three-pronged strategy for the 2022 midterms, focusing on retaining vulnerable seats, influencing popular Republicans to forgo Senate runs, and propping up weak Republican candidates, which led to the expansion of the Democratic Senate majority. Many studies on minimum wage have come from economics focusing on the impacts of the minimum wage raise on employment and unemployment rates, the transition of workers across jobs and into and out . Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. Gradually raising the federal minimum wage to $15 by 2025 would lift pay for, Affected workers who work year round would, African Americans and Latinos are paid 10%15% less than white workers with the same characteristics, so. Download Everyone believes that America is the place where all your misery and issues disappear, however in America there a more people in poverty than rich people. It was initially introduced with the purpose of stabilizing the post-depression economy and protecting workers in the labor force. Typically, the opponents of minimum wage emphasize its potential negative effect on employment. Economic Policy Institute calculation using Current Employment Statistics data from the Bureau of Labor Statistics. Ellora Derenoncourt and Claire Montialoux, Minimum Wages and Racial Inequality, Quarterly Journal of Economics 136, no. What are the benefits of raising the minimum wage? Dean, Is the Fight for $15 the Next Civil Rights Movement? Al Jazeera America, June 22, 2015. of low-wage work, would stand to benefit disproportionately from the This decade span from 2009-2019 has had a lot of inflation, but we have not raised the minimum wage with the inflation rates since 2009. Essay Service Examples Economics Minimum Wage. We help employers develop proactive strategies, strong policies and business-oriented solutions to cultivate high-functioning workforces that are engaged, stable and diverse, and share our clients' goals to emphasize inclusivity and respect for the contribution of every employee. This essay wont pass a plagiarism check! City Limits: What do Local-Area Minimum Wages Do? Pay Is Rising Fastest for Low Earners. New research, insightful graphics, and event invites in your inbox every week. Lest I forget to mention, three-quarters of the population support raising the minimum wage to $10 an hour. Sanderson Farms, Sanderson Farms Increases Pay Rates for Hourly Employees (press release), June 3, 2019. . All work has dignity and worth. Currently it is at seven dollars and twenty five cents which is too low in the current world today. This EduBirdie considers academic integrity to be the essential part of the learning process and does not support any violation of the academic standards. As states and cities across the country have raised wages, research has found no statistically significant effect on employment. If the competition is fierce for qualified employees, an employer may have little choice than to adjust wages to prevent departures. Do you have a Chinese McDonalds in your neighborhood? Someone working on $15 an hour would make an average of $30,600. The workers will most likely be happy with the company they are with because of the pay (Pros and Cons of Raising Minimum Wage). It takes away jobs, And raising the wage doesnt seem to compel employers to cut jobs. Raising the federal minimum wage to $15 an hour would improve the overall standard of living for minimum wage workers. Arjun Panchadar, Amazon Raises Minimum Wage to $15, Urges Rivals to Follow, Reuters, October 2, 2018. Additionally, a disproportional number of minority workers reside in one of the 21 states that maintains a minimum wage of $7.25 an hour. This fact sheet was produced in collaboration with the National Employment LawProject. All you need to do is to channel some of the exorbitant CEO salaries toward the common worker. Additionally, if employees are satisfied with their job and their pay, they are less likely to leave, which in turn reduces the employers hiring and training costs. For racial/ethnic wage gaps, see Appendix Table 1 of Elise Gould, State of Working America Wages 2019, Economic Policy Institute, February 2020. Abha Bhattarai, Amazon Boosts Minimum Wage to $15 for All Workers Following Criticism, Washington Post, October 2, 2018. As of Jan. 12, 2023, the highest is DC, at $16.50 an hour, followed by Washington state at $15.74 an hour. Janine Puhak, Starbucks to Raise Minimum Wage to $15 for US Employees over Next Three Years, WDRB.com, December 12, 2020. Jobs at EPI But we see a future in which no one does. 41. One of the reasons that increases in the minimum wage would not have an impact on unemployment is that in todays economy an increase in minimum wage would come mostly out of profits. See also Laura Huizar and Tsedeye Gebreselassie, What a $15 Minimum Wage Means for Women and Workers of Color, National Employment Law Project, December 2016. Especially during the pandemic, most companies are not flourishing. There are many reasons why, but the main reasons are to keep up with inflation, raise consumer spending, and to cut government programs. The minimum wage makes no difference on unemployment. More than a quarter of the workforce40 million workerswould see a raise in wages. Thats why new efforts by the Biden administration and Congress to This mass spending will bring in revenue across the country. Subscribe to our show on Apple Podcasts, PocketCasts and NPR One. 4 (October 2019); Kevin Rinz and John Voorheis, The Distributional Effects of Minimum Wages: Evidence from Linked Survey and Administrative Data. U.S. Census Bureau Center for Administrative Records Research and Applications Working Paper 2018-02, 2018. Economic Policy Institute analysis of the legislation, forthcoming. 2023 EduBirdie.com. compelled to seek government assistance, meaning taxpayers are According to the data from the Economic Policy Institute, while 27 In fact, most of the people who work for under $10 an hour are working as cashiers at grocery and department stores (1.4 million), retail salespeople (1.1 million), cooks (1 million) and janitors, cleaners, waiters or waitresses (1.5 million) none of whom work in the export sector. In one recent poll, 67 percent of small business owners support the minimum wage increase to $15 an hour. Additionally, there is strong evidence to suggest that as wages increase, employers tend to see lower rates of staff turnover and harder, more efficient work from employees. Learn more about Friends of the NewsHour. 59. percent of the total US workforce would benefit from the raise: The bump from $290 a week to $600 a week would lift millions of families out of poverty. This would be better than earning minimum wage but still not enough to spend money on needed items (Raise the U.S. Minimum wage increases cause the price of labor to go up, and when that happens, people, in this case employers, hire less labor. Arindrajit Dube, Minimum Wages and the Distribution of Family Incomes, American Economic Journal: Applied Economics 11, no. Greater New York Chamber of Commerce, Celebrating Juneteenth, June 18, 2020. The federal minimum hourly wage is just $7.25 and Congress has not increased it since 2009. The pandemic has made this move even more urgent, as millions have slipped into poverty over the past year, and 11 percent of adults are now facing food insecurity. In 2019, the average early childcare worker the United States earned $11.65 an hour. Since the Fight for $15 was launched by striking fast-food workers in 2012, Additional statesincluding Washington, Oregon, Colorado, Arizona, New Mexico, Vermont, Missouri, Michigan, and Mainehave approved, One in three retail-sector workers (36%) would get a raise, including. 2021 Jackson Lewis P.C. How the Raise the Wage Act would benefit U.S. workers and their families, Program on Race, Ethnicity, and the Economy, Economic Analysis and Research Network (EARN), Four Graphs on U.S. Occupational Segregation by Race, Ethnicity, and Gender, Why Its Time to Give Tipped Workers the Regular Minimum Wage, The Contribution of the Minimum Wage to U.S. Sirsissuesresearcher, explore.proquest.com/sirsissuesresearcher/document/2285121088?accountid=44669. Thats not any more than the Russian serfs were able to do. In states without a $15 minimum wage law, public supports programs for underpaid workers and their families make up. Another reason to raise the minimum wage is to maximize consumer spending. Not to mention, in large, expensive cities, the EPI expects that a single adult with no children will need to be making at least $28.70 an hour in New York, $24.06 In LA and $23.94 in Washington D.C. by 2025 in order to keep up with the increased costs of living. This material may be considered attorney advertising in some jurisdictions. I think if the minimum wage were raised from $7.25 it would probably hurt public and private entities. Multiple studies conclude that total annual incomes of families at the bottom of the income distribution rise significantly after a minimum wage increase. Woodruff discusses the legality and morality of unpaid internships, arguing that while some non-profit organizations may not be able to afford to pay interns, offering paid internships to students with demonstrated financial need is an important step that all organizations should take. Even in states with seemingly low housing and living costs, an increase in the minimum wage is necessary. But you notice that the Big Mac Meal is selling for $5.69; that gives you the opportunity to raise its price to the next attractive number of $5.75 in order to make up for the increased cost of labor. The U.S. economy does not allow a person who earns minimum wage to be able to spend as much money as they want on a product opposed to someone who earns more than minimum wage. 33. If set too low, minimum wages will have little effect in protecting workers and their families against unduly low pay or poverty. Today, millions of Americans do Nearly one out of every three of us lives in poverty. Raising the lowest pay permitted by law is a Proposal Essay By definition, the minimum wage is the lowest wage permitted by law or by a special agreement. Have no time to work on your essay? newsletter for analysis you wont find anywhereelse. Key costs, for instance, gas and lodging costs, have gone up fundamentally since the lowest pay permitted by law was last changed in 2007. The future is equal. The first option would raise the federal minimum wage to $15 per hour as of January 1, 2025. 49. Contact us decade of hard work, low-wage workers deserve a bump to get them and Economic Policy Institute analysis of Current Population Survey outgoing rotation group microdata, 20172019, 17. Full time workers earning a wage of $10.15 per hour would earn roughly $21,000 per year. Toggl, toggl.com/pros-and-cons-of-raising-minimum-wage/. Gillian Friedman, Best Buy to Join Retailers Paying a $15 Minimum Wage, New York Times, July 22, 2020. As states and cities across the country have raised wages, research has found no statistically significant effect on employment. At Walmart the ratio is 1,133. This causes a monumental gap in the amount of income and the amount of outcome a family encounters. Alina Selyukh, Gives Me Hope: How Low-Paid Workers Rose up Against Stagnant Wages, National Public Radios All Things Considered, February 26, 2020; Kimberly Freeman Brown and Marc Bayard, Editorial: The New Face of Labor, Civil Rights is Black & Female, NBC News, September 7, 2015; Amy B. Sunset unacceptable subminimum wages for workers with disabilities employed in sheltered workshops and for workers under age 20. They think putting more money in the pockets of low wage workers is an effective way to reduce poverty. Increasing the minimum wage means businesses have to spend more money to pay their employees. even more at risk, and the federal minimum wage of $7.25/hr is locking David Cooper, Raising the Federal Minimum Wage to $15 by 2024 Would Lift Pay for Nearly 40 Million Workers, Economic Policy Institute, February 2019. 58. You can order a unique, plagiarism-free paper written by a professional writer. The minimum wage has been at the heart of many economic debates in the past several years. COVID-19 are so important. 35. According to the Economic Policy Institute, a $15 minimum wage would result in $107 billion a year in higher wages. Many agree that a SMALL increase wont. Left: When government programs are cut, it causes the government to use less taxpayer dollars. The United States as a country has not kept up to date with the current inflation rate. 9:29 9-Minute Listen Playlist Download Embed Transcript Enlarge this image David McNew/Getty Images Burr vs Hamilton. Get ready for a fight over the minimum wage with maximum rage! CTRL + SPACE for auto-complete. Wells Fargo, Wells Fargo to Raise Minimum Hourly Pay Levels in a Majority of Its U.S. Markets (news release), March 4, 2020. Patriotic Millionaires, Endorsed Bill: The Raise the Wage Act, accessed January 22, 2021. That is the best the free market could deliver for the men and women on Main Street. 1. Opening with impact- Visual Imagery - I would like to start my speech today with an activity. Not by a long shot. So profits would not be in great jeopardy. So an increase in the minimum wage would affect a third of the labor force being paid an hourly basis. Nonprofit Professional Employees Union. Employers and employees should be aware of positions on both sides of the debate and prepare for what is an almost inevitable change in the federal minimum wage law. The federal minimum wage of $7.25/hr is locking millionsmost notably women of color and single parentsin poverty. We need to get our economy moving, prioritizing workers and families most impacted by the pandemic, specifically women and people of color. among recipients of public assistance, most work or have a family raising the wage. This fact sheet was updated February 19 with a new section on tipped workers. 57. (up to three quarters, including a majority across party lines) support See related work on Minimum Wage and Tipped minimum wage. As a matter of fact, youd be barely surviving. Sylvia Allegretto and David Cooper, Twenty-Three Years and Still Waiting for Change: Why Its Time to Give Tipped Workers the Regular Minimum Wage, Economic Policy Institute, July 2014. The Minimum Wage: Does It Matter? Investopedia, Investopedia, 12 Aug. 2019, www.investopedia.com/articles/07/minimum_wage.asp. Unless otherwise indicated, the figures presented in this fact sheet come from a forthcoming EPI analysis of the 2021 Raise the Wage Act. One study by the Economic Policy Institute found that for every dollar the minimum wage is increased, spending on government assistance DROPS by 5.2 BILLION dollars! And raising the wage doesnt seem to compel employers to cut jobs. There are many types of minimum wage laws that set forth the lowest Neediness keeps on developing in America. In contrast, youth unemployment is 15.5 percent in the U.S., even though the U.S.s minimum wage (using Purchasing Power Parities exchange rates) is below that of these Germanys and Switzerlands $10 and $9.20an hour respectively. putting money in peoples pockets for consumer spending has positive Support Intelligent, In-Depth, Trustworthy Journalism. For example, to have the same minimum wage would be impractical in California and Oklahoma, as the average value of a home, according to Zillow.com, is $635,055 in California but only $143,173 in Oklahoma. Ellora Derenoncourt and Claire Montialoux, Minimum Wages and Racial Inequality, Quarterly Journal of Economics 136, no. 23. That is a whopping reduction of the federal minimum wage by a third. Michael Kransz, Michigan Health System with 8 Hospitals Increases Minimum Wage to $15 an Hour, MLive.com, October 19, 2020. Kate King, New York Boosts Minimum Wage and Some Businesses Balk, Wall Street Journal, January 4, 2021. It is long overdue Since it was last raised in 2009, the minimum wage has failed to keep up with inflation, failed to keep up with average wages, andmost dramaticallyfailed to keep up with incomes of the top 1 percent and CEOs, contributing to America's growing inequality crisis. Due to this stereotypical stereotype, people that live in poverty are often looked down upon or not even cared about. Congressional Budget Office projections for the consumer price index were applied to the Economic Policy Institutes Family Budget Calculator. https://www.pbs.org/newshour/economy/why-raising-the-minimum-wage-is-good-economics, The man and the thinking behind the minimum wage hike, using Purchasing Power Parities exchange rates. Events
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