Bold Increases In The Minimum Wage Should Be Evaluated For The Benefits Of Raising Low-Wage Workers’ Total Earnings
Workers today paid the federal minimum wage of $7.25 per hour are making 25 percent less than their counterparts made in 1968, despite the fact that the nation’s productivity has roughly doubled since then. Concern that low-wage workers are being deprived of the wage increases their increased productivity should deliver has led local, state, and federal policymakers to propose minimum wage increases that exceed the minimum wage increases that took effect in the 1990s and 2000s. Among the bolder proposals is a 2017 bill introduced by Sens. Bernie Sanders (I-Vt.) and Patty Murray (D-Wash.) to increase the federal minimum wage to $15 an hour by 2024, which would raise the minimum wage above its inflation-adjusted peak value in 1968. California, Washington, D.C.,...