The debate over raising the federal minimum wage has been a contentious issue for years. Since 2009, the minimum wage has been stagnant at $7.25, prompting calls from Democrats to increase it. However, business leaders have pushed back, claiming that raising the minimum wage would have negative effects on the economy.
State minimum wage laws vary, with some states already setting higher minimum wages than the federal standard. Many businesses also voluntarily pay their employees more than the minimum wage in order to attract and retain talent. Despite this, advocates for a higher minimum wage argue that it is necessary to provide a livable wage for workers.
Cities like Seattle have successfully raised their minimum wage in recent years, but the impact on jobs has been a point of contention. The Congressional Budget Office has a minimum wage calculator to estimate the effects of raising the minimum wage on employment levels.
One of the concerns raised by opponents of raising the minimum wage is the potential impact on prices. Critics argue that increasing wages for workers could lead to higher prices for consumers. However, proponents believe that the benefits of a higher minimum wage outweigh any potential drawbacks.
The discussion around how much the minimum wage should be raised is ongoing, with various proposals on the table. As the debate continues, it remains to be seen what the future holds for the federal minimum wage and its impact on the economy.
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Video “Here’s What Would Happen If We Raised Minimum Wage | Business Insider Explains | Business Insider” was uploaded on 09/25/2024 to Youtube Channel Business Insider