Market Impact of the new federal minimum wage
Currently, in the United States, the minimum wage for workers is $7.25 per hour and it has remained constant for over 10 years. This means many residents in the United States have to work for two shifts or more than one job to secure a decent income and have a standard lifestyle. Fortunately, the Wage Act of 2021 has helped to pass the new increase of minimum wage to $15 per hour. The Act would majorly help to eliminate the poverty level in the United States and help many workers secure decent pay (Weaver, 2021).
- How will the proposed increase help workers and which parts of the labor market would be helped?
- Which part of the labor force would be hurt?
- What are the ffect on prices of goods and services produced at minimum wage labor?