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This will benefit 7.6 million Americans. Raise the minimum fare

This will benefit 7.6 million Americans.  Raise the minimum fare

Minimum hourly wageCurrently at $7.25, it has been in place for 13 years. Joe Biden tried to implement new quotas during his time as vice president, but so far neither he nor anyone else has done so, according to internal reports.

Meanwhile, work by Urban Institute researchers predicts how Americans’ lives would change if the minimum wage were raised to 100 percent.

Raising the minimum rate. The visuals are convincing

An increase in the U.S. minimum hourly wage to $15 would help lift nearly 7.6 million Americans out of poverty. The company points out that many people will be financially better off unless many people lose their jobs, which is the most likely scenario.

What happens when some low-minimum-wage workers lose their jobs? Analysts predicted this scenario and according to them This increase would help lift 7 million people out of poverty in the United States.

Everyone will benefit from an increase in the minimum wage

Of course, the poor will benefit from an increase in the minimum wage. If only one family member receives the new expected amount, the family’s annual budget will increase by $5,600.

Changing the minimum rate is expected to bring savings to society as a whole. Low wages force poor Americans to take advantage of Social Security benefits, costing taxpayers more than $100 billion. Annually.

Who will gain more?

All employees will benefit

Researchers from the Urban Institute argue that solving the wage problem for poor Americans would have far-reaching implications. This is expected to increase wages in all sectors.

In support of this thesis, the researchers cite research by University of California economists. Scientists say that having a company in the local community offers rates above $15. Hourly wages are rising in other sectors as well. It is estimated that employees of local companies earn 4.7% more because of competing companies that offer higher salaries.

The current minimum wage is being eaten away by inflation

The insider notes that most Americans last year She was highly paid. A section of the society started looking for new positions with better pay. This, in turn, forced employers to raise low-wage vacancies in order to find people willing to work.

Unfortunately, these increases are now not being realized anyway, as they are worth less due to inflation. However, the minimum rate is regulated by federal law and is still in effect in 20 US states. Now it’s at its lowest value in decades.

I am very disappointed that Congress and many, but not all state legislatures have successfully abandoned their pledge to provide a decent wage. – Commented on Ben Zipper’s situation dealing with the issue of minimum wages and low wage labor markets.

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