Monday, August 27, 2012

Increasing the Minimum Wage will Benefit Millions of Young People

A report from the Economic Policy Institute (EPI) shows that the proposed Miller/Harkin increase to the federal minimum wage, from $7.25 per hour to $9.80 per hour, would benefit 21.5 million children nationwide.

And that number doesn't even account for the millions of young adults (18-24 years old) working in entry-level jobs who would benefit from this increase. An increased minimum wage in NYC would be especially beneficial--since the cost of living here is prohibitively high--and will have a positive impact on thousands of young people by increasing their potential to achieve economic self-sufficiency.  
Currently, 18 states and the District of Columbia have a higher minimum wage than New York, and this includes states where the cost of living is dramatically lower.  While an increase to the minimum wage was passed in the New York Assembly earlier this year, the increased has yet to be approved by the NY Senate.  
Apart from helping children and young people, EPI blogger Doug Hall reports that the increased wage, which would be introduced via three incremental increases, would give the economy a boost as well, as minimum wage workers would spend their new earnings immediately.  Read more about how an increase to the minimum wage would benefit more than a quarter of our nation's children--not to mention millions of struggling young adults--on the EPI blog.

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