Jan 22, 2021 1 min, 31 secs

President Joe Biden on Friday is expected to introduce his proposal to raise the federal hourly minimum wage, which has been stuck at $7.25 since 2009.

“If the federal minimum wage were to be raised it would provide a much-needed financial shot in the arm for many of those still in a position of financial fragility,” said Mark Hamrick, senior economic analyst at Bankrate.com.

Advocates for a higher minimum wage argue that corporate America can bear the cost of a higher minimum wage more easily than families forced to live hand-to-mouth.

Advocates for a higher minimum wage also make the argument that corporate America can bear the cost of a higher minimum wage more easily than families forced to live hand-to-mouth.

Even those that currently pay more than the prevailing minimum wage in their locations, such as Amazon, which rolled out a $15 minimum hourly wage in 2018, would probably have to raise that wage floor in order to keep their recruitment and retention competitive.

An August survey found that 72 percent of Americans — including 62 percent of Republicans and 87 percent of Democrats — said the minimum wage should be high enough to keep full-time workers above the poverty line.

“Predictions that higher minimum wages would lead to job elimination are highly exaggerated, at best,” Milkman said.

The nonpartisan Congressional Budget Office determined in a 2019 report that raising the hourly minimum wage incrementally to $15 by 2025 could shave, at the median, 1.3 million jobs from the labor force, but would also lift 1.3 million people out of poverty and contribute an additional $8 billion to the aggregate household income of these families

The conventional wisdom is that higher minimum wages motivates companies with large low-wage workforces to invest in equipment and robotics to facilitate more automation — investments many are actually making now in order to cut down on person-to-person contact and inhibit the transmission of Covid-19


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