Re: Will Biden raise the federal minimum wage from 7.25 USD per hour to 15 USD?
https://www.cnbc.com/2021/01/14/biden-calls-to-raise-the-federal-minimum-wage-to-15-per-hour.html
Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries?
Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.
Quote
The federal minimum wage is poised to get its first update in more than a decade.
President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.
The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.
“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”
President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.
The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.
“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”
Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries?
Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.
IMO $15 is unrealistic, but the Democrats & Republicans can reach an agreement around $10-$11 as it's not increased for more than ten years.
$15 is too high for more of the pooper states and could lead to many business bankruptcies.
A long process of applying new minimum wage should be held by now if BIden really wants to double it. And as you mention, this increase definitely damage different businesses and make them soon bankrupt. But the say thing is that it only impact small and medium businesses while BIG GUYS are still invulnerable.