Minimum Wage: Time for a Raise?
RadioEd is a biweekly podcast created by the DU Newsroom that taps into the University of Denver’s deep pool of bright brains to explore new takes on today’s top stories.
Some things change. Some stay the same. Since 2009, the cost of living has risen 20%. But the federal minimum wage hasn't budged — it has sat at $7.25 an hour. After taking control of the White House and Congress, President Joe Biden and Democrats are pushing to more than double the rate to $15. The nonpartisan Congressional Budget Office reports it will lift nearly 1 million people out of poverty and give another 26 million a raise. However, it could cause businesses to lay off about 1.4 million workers. University of Denver economist Jack Strauss explains the potential impact of an increase, explores alternatives and assesses the future of the U.S. workforce.
Show Notes
Jack Strauss is professor and Miller Chair of Applied Economics at the Daniels College of Business and its Reiman School of Finance. He specializes in forecasting and applied economic analysis.
In this episode:
- U.S. Department of Labor: Questions and Answers About the Minimum Wage
- Congressional Budget Office analysis: The Effects on Employment and Family Income of Increasing the Federal Minimum Wage
- Politico: National minimum wage law enacted, June 24, 1938
- Pew Research Center: Two-thirds of Americans favor a $15 federal minimum wage
- CNBC: $15 minimum wage will result in layoffs, one-third of small business owners say
- National Review: $15 Minimum Wage: Bad Policy at a Bad Time
- Slate: Even a Conservative Analysis Shows the $15 Minimum Wage Does More Good Than Harm
More information:
- MIT Living Wage Calculator
- CNN Money: How far will my salary go in another city?
- Interactive map: Minimum wages and laws by state
