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Low-wage workers could see a boost to their pay for the first time since , if former Vice President Joe Biden has his way. 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 median 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 back in July If it were renewed in , that piece of legislation most likely wouldn't take effect until , according to William Spriggs, chief economist at the American Federation of Labor Unions and Congress of Industrial Organizations. The Importance Of The Federal Minimum Wage

The Importance Of The Federal Minimum Wage Video

Minimum wage set to rise in 25 states in 2021—What supporters and opponents have to say

History of the minimum wage

Currently, the minimum wage is only set at a nominal level and must be increased by Congress in order to increase. The general reasoning behind increasing the minimum wage is to help low-skilled parents of children earn a wage that can support their family.

Typically, economists assume that a full-time employee works about hours per year 40 hours a week, for 50 weeks. Assuming this increase were fully phased in by Federxl, the minimum wage would have been increasing at approximately 3. Often, this prototypical family of a single working adult with two children is touted as the main target of a minimum wage increase.

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But there are varying impacts of the minimum wage in different states, regions, and Iportance. People tend to support minimum wage increasesbecause they sound like the right thing to do, but are they good policy? The goal of increasing the minimum wage is often said to be a poverty fighting tool, but the Congressional Budget Office recently reported that they estimated nearlypeople would lose their jobs as a result of the increase.

Furthermore, 21 states have increased the minimum wage above the federal rate.

The fact that millions of people are earning wages that would be affected by a new higher federal minimum wage might not be the most efficient way to alleviate poverty, but should programs like the Tge continue to be increased? Would there be an improvement to overall well being given some other proposed assistance programs?

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Or is there some other path Mibimum reducing relative https://amazonia.fiocruz.br/scdp/blog/work-experience-programme/supply-chain-for-audi.php in the U. Employers might have a responsibility to pay higher wages, or it might just be good for business. For example, the Gap recently announced that they would be raising the minimum wage that they pay their own employees. So would it be better to wait to let employers raise their own wages?

Or should the government take action? DO NOT try to answer all of these questions, just focus on one topic. Also, try to think about your comment from different angles. To write a brief comment, read the previous comments, compose your thought in a Word document, and paste it in the comment box below.]