Minimum Wage: Time for a Raise?
RadioEd is a biweekly podcast created by the ¿ì»îapp Newsroom that taps into the ¿ì»îapp’s deep pool of bright brains to explore new takes on today’s top stories.Ìý
Some things change. Some stay the same. Since 2009, the . But the federal minimum wage hasn't budged — it has sat at $7.25 an hour. After taking control of the White House and Congress, President Joe Biden and Democrats are pushing to more than double the rate to $15. The nonpartisan Congressional Budget Office reports it will lift nearly 1 million people out of poverty and give another 26Ìýmillion a raise. However, it could cause businesses to lay off about 1.4 million workers. ¿ì»îapp economist Jack Strauss explainsÌýthe potential impact of an increase, explores alternatives and assesses the future of the U.S. workforce.
Show Notes
is professor and Miller Chair of Applied Economics at the Ìýand its Reiman School of Finance. HeÌýspecializesÌýin forecasting and applied economic analysis.
In this episode:
- U.S. Department of Labor:
- Congressional Budget Office analysis:
- Politico:
- Pew Research Center:
- CNBC:
- National Review:
- Slate:
More information:
- CNN Money:
- Interactive map:
