Employers would pass some of those increased costs on to consumers in the form of higher prices, and those higher prices, in turn, would lead consumers to purchase fewer goods and services. “Higher wages would increase the cost to employers of producing goods and services. The CBO study had this sobering assessment over what will happen to prices and employment if the minimum wage is raised: Republicans are concerned about the cost to small businesses, particularly those in the service industry. It has been a hot-button issue for the Democratic Party, which got the first Wages Act through the House of Representatives in 2018, but never got a hearing in the Republican controlled Senate. The federal minimum wage hasn’t changed since 2009. The President is following up on promises he made in the 2020 campaign to increase the minimum wage to $15. “And if you’re making less than $15 an hour, you’re living below the poverty wage.” “No one should work 40 hours a week and live below the poverty wage,” Biden said. The CBO study also warned that changing the minimum wage for the first time since 2009 would eliminate 1.4 million jobs, mostly among young, less-educated people in the service and entry-level industries. The new standard would mean pay raises for 17 million workers directly affected and lift 900,000 Americans above the poverty threshold, according to a study by the nonpartisan Congressional Budget Office (CBO). The increases would be phased in at approximately $1.75 an hour for each of the next four years. Practical Suggestion for Tax Refund: Pay off Credit Card Debt! January 9, 2018īiden wants the minimum wage – currently set at $7.25 an hour – to jump to $15 an hour by 2025.Tax Season Countdown All Over Again June 30, 2020.Payroll Tax Deferral: Is It Worth It? September 11, 2020.How Biden & Trump Tax Policies Compare October 2, 2020.Biden: How Their Plans for Student Loan Debt Compare October 16, 2020 Paying Down Student Loans Before the COVID Suspension Is Lifted October 28, 2020.Google Is the Latest Company to Offer Student Loan Repayment Benefits November 3, 2020.How to Get a Refund on Your Student Loan Payments During COVID-19 May 3, 2021.What to Do If You Can’t Afford Car Insurance September 19, 2019.Why Credit Card APR’s Are Rising, Despite Fed’s Third Rate Cut of 2019 November 4, 2019.Stimulus Checks for COVID-19 Relief July 1, 2020.New Lending Rules Protect Consumers from Predatory Lenders and from Themselves January 14, 2013.FHA Steps in to Help Nursing Homes by Backing Mortgages February 1, 2013.
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