Wednesday, December 23, 2015
Andrew Soergel - U.S. News & World Report - Minimum Wage Increase Comes with Cadre of Potential Complications
Minimum Wage Increase Comes with Cadre of Potential Complications
Andrew Soergel - U.S. News & World Report - Tuesday, December 22, 2015
New Year's Day is still more than a week off, but 2016 is already shaping up to be the year of the minimum wage increase.
Alaska, Arkansas, California and Colorado are among about a dozen states due for minimum wage upticks at the turn of the year, with more increases and more potential legislation already in the pipeline for later in 2016 and beyond.
The federal minimum wage currently sits at just $7.25 per hour, though waiters and individuals who receive a bulk of their income through tips can legally earn even less. Vermont Senator and Democratic presidential candidate Bernie Sanders is among a host of politicians championing higher wages as a means of revitalizing the middle class.
But the jury is still out on how much minimum wage gains would actually help the U.S. economy and the middle class. Some studies suggest government-mandated wage hikes are actually detrimental to the American workforce.
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