EPI: raising minimum wage would boost economy, lift wages for millions of Americans

Via Occupy Democrats…

According to a new report by the Economic Policy Institute, an increase in the minimum wage to $10.10 per hour would lift wages for millions of Americans while also providing a boost to the economy.

According to the Economic Policy Institute, the Fair Minimum Wage Act of 2013, a bill introduced by Sen. Tom Harkin (D-Iowa) and Rep. George Miller (D-Calif.) that would raise the federal minimum wage in three incremental increases of $0.95 from its current level of $7.25 per hour to $10.10 per hour, would affect 27.8 million workers, directly or indirectly distributing $35 billion in additional wages over the phase-in period to the working class.

The documented spending habits of the working poor indicate that this money would most likely be put back into the economy, as low-income people living with little financial cushion tend to spend more as discretionary income accumulates.

The EPI report assessed that the national economy would grow by about $22 billion during the beginning stages of the Fair Minimum Wage Act, resulting in about 85,00 new jobs created as a consequence of increasing affluence in the blue-collar pocket. While conservative economists argue that a raise in the minimum wage would make employers reluctant to hire more workers, the resulting growth of such a wage hike on the overall economy would overwhelm such a contraction in the labor force.

4 comments to EPI: raising minimum wage would boost economy, lift wages for millions of Americans

  • An opinion columnist “disrespected the President” and that is grounds for pulling the plug on criticism? Seriously? You don’t think Barack Obama has enjoyed a generally positive press these past 5 years?

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    • nonquixote

      Did you intend this comment for another thread? Maybe the Open Letters to Ed MJS?

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    • Jake formerly of the LP

      So not only does WHAAA-ska fail at playing the lame “white conservative victimization” card, he plays it IN THE WRONG POST. Absolute brilliant, Davey! Jeez, no wonder why you can’t get a job outside of wingnut welfare.

      On the subject at hand- it’s very telling that Paul Ryan and co decide that they’d rather pursue policies that lower GDP and raise poverty (cutting unemployment benefits) than common-sense policies that raise GDP and lower poverty (raising minimum wage and improving infrastructure). And we should hammer any candidate (GOP or Dem) that isn’t understanding this reality.

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  • jerry person

    This link is for jack of LP This shows Paul ryan saying just the opposite of what your saying. republicans like ryan in this video support unemployment. Ryan explains how much unemployment checks help the economey and how it has been proven to work many time. This show todays republicans now are just follow kochs ideals from mother russia. Nothing to do with ant American proven to work ideals. Koch junkies say the dumest things https://www.youtube.com/watch?v=pz9XPZa2MKw

       0 likes

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