Los Angeles Times (September 1)
“An increase in the minimum wage would not only be good for low-wage workers. It would also be good for the city, good for the economy and, in the long term, good for business. It is, simply put, the right thing to do.” September 1 marks Labor Day in the U.S. where the federal minimum wage is $7.25 per hour. Some states and cities adopt higher minimums as Mayor Eric Garcetti has proposed for Los Angeles, where 28% of the population lives below the poverty level. If the proposal passes, L.A.’s new minimum of $13.25 would still be lower than Seattle’s, which is set to rise to $15.
Tags: Business, Economy, Eric Garcetti, Labor Day, Los Angeles, Minimum wage, Poverty level, Seattle, U.S., Workers
USA Today (July 14)
“Raising the minimum wage can lead to higher corporate earnings,” writes Bill Gross, the founder of PIMCO. “Main Street is Wall Street’s best friend…. It is time to let common sense as opposed to the race for short-term corporate profits guide our economic future.”
Tags: Bill Gross, Common sense, Earnings, Economic future, Main Street, Minimum wage, PIMCO, Short-term corporate profits, Wall Street
Washington Post (June 6)
“Vying for the title of the United States’ most progressive city, Seattle this week decided to raise its minimum wage to $15 an hour.” Amidst the applause and the doomsayers, however, lies the truth. Nobody knows how this experiment will end. “Despite literally hundreds of studies focusing on the minimum wage, top economists are still uncertain about the consequences of raising it.”
Tags: Consequences, Doomsayers, Economists, Experiment, Minimum wage, Progressive, Seattle, Studies, U.S., Uncertain
Wall Street Journal (March 2)
“The fundamental economic issue facing America” is not headline-grabbing income inequality, but rather “jobs—their scarcity and the quality of those that people manage to find.” When the marginally employed are included, the real unemployment rate is closer to 13% and part-time jobs now account for 18% of the workforce. “Job losses in the low-wage and minimum-wage category is the critical issue of our day: Too many of the poor are not working full time or at all.”
Tags: Full-time, Income inequality, Job losses, Jobs, Minimum wage, Poor, Quality, Scarcity, U.S., Unemployment, Wages, Work, Workforce
New York Times (February 18)
“A higher minimum wage would be good for workers and for the economy.” The old job-killing myth “has been debunked… a higher minimum wage boosts pay without measurably reducing employment, while improving productivity. One study from the Federal Reserve Bank of Chicago found that a $1 increase in the minimum wage results, on average, in $2,800 in new spending by affected households in the following year, in large part because the increase helps workers accumulate down payments to buy cars. Owning a car, in turn, helps workers to keep their jobs.”
Tags: Economy, Employment, Federal Reserve, Minimum wage, Productivity, Workers
Wall Street Journal (July 1)
Summer jobs have long been a rite of passage for teenagers, but the percentage of 16-19 year-olds working has dropped to the lowest level since records began in 1948. “Only 24% of teens, one in four, have jobs, compared to 42% as recently as the summer of 2001.” This is due to partly to recession, partly to changing parent expectations, but the Wall Street Journal lays most of the blame on the minimum wage which Congress raised to “$7.25 an hour in 2009 from $5.15 in 2007.” As a result, “millions of kids will spend the summer playing computer games or hanging out” instead of “learning valuable job skills.”
Tags: Job skills, Minimum wage, Summer, Teenagers, Unemployment
