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Pros And Cons Of Minimum Wage VideoPros And Cons Of Minimum Wage
Low-wage workers could see a boost to their pay for the first time sinceif former Vice President Joe Biden has his way.
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The U. Economists say boosting wages could help pad hard-hit Americans' wallets during a time of severe financial distress while also helping to increase demand, though others argue that it might harm the small businesses and companies already struggling during the worst recession since the Great Depression of the s. Here's everything you need to know about Biden's pledge, including how it could impact your wallet and what the potential consequences or benefits might be.
He's also floated indexing minimum wage increases to the source hourly rate, according to his campaign's plan. Policy analysts and experts say the quickest way to implement that policy might be to renew the "Raise the Wage Act," which the House of Representatives passed link in July If it were renewed inthat piece of legislation most likely wouldn't take effect untilaccording to William Spriggs, chief economist at the American Federation of Labor Unions Pros And Cons Of Minimum Wage Congress of Industrial Organizations.
At that point, the U. Estimates on how many individuals would see an impact vary, but experts say it would likely result in pulling the lowest-wage workers out of poverty and helping marginalized groups who disproportionately work minimum-wage positions. About 1. But that might not portray the entire picture, given that many minimum wages aren't considered as binding today as they were in https://soundofliberation.com/essay/how-to-write-discussion-in-medical-thesis/the-tax-rate-is-fair.php late s, Spriggs says.
That's because some firms, including the likes of Walmart and Amazonpay above the federal level out of choice. A different estimate from the left-leaning think tank Economic Policy Institute EPIPros And Cons Of Minimum Wage has conducted some of the most extensive research on the subject matter and its economic effects, suggests that about At a demographic level, about a quarter of all Black workers would be impacted by a boost to the federal minimum wage, as well as Those groups often face an unemployment rate that's nearly two-times higher than whites.]