Posted on 12/27/2022 11:06:12 AM PST by Red Badger
The federal minimum wage of $7.25 is in place for 20 states.
Four states will have a $15-an-hour minimum wage by New Year’s Day, while 27 states are poised to raise the minimum wage in 2023.
Some states are enacting the wage change after Jan. 1, so by the end of 2023 there will be six states that are set to have minimum wages at or above $15 an hour. They are California, Connecticut, Massachusetts, New York, Oregon, and Washington, according to a report last week from the National Employment Law Project.
Other states are gradually implementing a $15-an-hour minimum over the course of several years, including Delaware, Florida, Illinois, Maryland, Nebraska, New Jersey, Rhode Island and Virginia, USA Today reported.
The federal minimum wage of $7.25 remains in place for 20 states.
The Congressional Budget Office found last year that raising the minimum wage to $15 an hour would increase the federal deficit by $54 billion over a decade due to the increase in prices for goods and services. Although about 900,000 fewer people would be in poverty, 1.4 million workers would lose their jobs, the report states.
Meanwhile, inflation over the summer placed the federal minimum wage at its lowest value in 66 years, according to the Economic Policy Institute. Inflation is still up 7.1% from last year, and some experts are concerned that increasing the minimum wage will fuel already high inflation.
"Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. To make up for the increase in cost, companies must charge more for their goods and services to maintain the same level of profitability," Investopedia economist Will Kenton wrote.
Pulitzer-prize winning economist Milton Friedman argued in 1966 that raising the minimum wage would harm minorities and low-paid and unskilled workers the most.
"The loss to the unskilled workers will not be offset by gains to others. Smaller total employment will result in a smaller total output. Hence the community as a whole will be worse off," he said.
However, the Center for American Progress, a liberal think tank, maintains that "there remains little to no evidence that workers’ wages are causing today’s high inflation."
Chick-fil-a starts higher than that.
Doesn’t matter - inflation is rising much faster.
i read lettuce at $11.00 head in ca today
Where do kids get experience at the basics of showing up on time and doing a decent job?
The liberal have that right. It's caused by deep state corrupt politicians spending money that isn't there.
Trying to drive fast food out of business ?
I remember when minimum wage jobs were starter jobs for high school students, not a career choice
“However, the Center for American Progress, a liberal think tank, maintains that “there remains little to no evidence that workers’ wages are causing today’s high inflation.”
If it is true that government mandated wages above market rate will not cause inflation, then the minimum wage should be raised to $100 per hour; just to choose a round figure that makes me feel good.
most organizations have the upper 20% carry along the lower 80%. The lower 80% does the work that the upper 20% doesn’t really want to do. If that lower 80% gets to be too troublesome, we get rid of it.
Past centuries war was he best way to do it.
Today automation and drugs will be the way.
“Chick-fil-a starts higher than that”
Chick-fil-a has a better quality employee IMO.
The big other food chains will never be able to say that I don’t care what the wage is.
Very destructive for the economy.
Liberals in states where the minimum wage is $15:
“Why does a burger, that cost $4 a few months ago, now cost $9?”.
“Why are the fast food places closing?”.
“It’s ridiculous to lay everyone off and have you order by kiosk.”.
i read lettuce at $11.00 head in ca today
for a ball of water ,LOL
Bidenflation isn't caused by wages.
$7.25 is worth $10.06 today. Due to inflation, the minimum wage should be $12.00. But we will see 10% inflation every year. And there's no Reagan coming in to save us.
Inflation is the new normal.
as a matter of reality, the minimum wage lags reality and thus becomes acceptable
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