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Listen "How Legitimate is a $15 an hour Federal Minimum Wage? Hoyt Bleakley"
Episode Synopsis
President Joe Biden remains staunchly committed to pursuing a $15 an hour federal minimum wage. No matter how long the fight drags on in congress. And no matter how heavy the opposition he faces is.
"No one should work 40 hours a week and live-in poverty," Biden said. "But it's totally legitimate for small business owners to be concerned." One recent study by the National Bureau of Economic Research concluded that 80% of economic research over the last 30 years had found job losses associated with a higher minimum wage. The evidence of a negative impact is stronger for teens and young adults, as well as the less educated. Since 2009, the federal minimum wage has been $7.25 an hour, though 29 states and Washington D.C. have higher minimum wages, as do some cities and counties, according to PolitiFact.
Among the general public, the $15 minimum wage is popular, although business groups and their allies among lawmakers argue that they would cause job losses
So, what should we make of the “Fight for $15?” Hoyt Bleakley is a Professor of Economics at the University of Michigan and he joined me this week to provide some prospective on the subject.
"No one should work 40 hours a week and live-in poverty," Biden said. "But it's totally legitimate for small business owners to be concerned." One recent study by the National Bureau of Economic Research concluded that 80% of economic research over the last 30 years had found job losses associated with a higher minimum wage. The evidence of a negative impact is stronger for teens and young adults, as well as the less educated. Since 2009, the federal minimum wage has been $7.25 an hour, though 29 states and Washington D.C. have higher minimum wages, as do some cities and counties, according to PolitiFact.
Among the general public, the $15 minimum wage is popular, although business groups and their allies among lawmakers argue that they would cause job losses
So, what should we make of the “Fight for $15?” Hoyt Bleakley is a Professor of Economics at the University of Michigan and he joined me this week to provide some prospective on the subject.
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