2021
DOI: 10.1002/pam.22333
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The Economics of a $15 Federal Minimum Wage by 2025

Abstract: The federal minimum wage was increased most recently 12 years ago, when it was set at $7.25. Since then, price inflation has translated into a substantial decline in the real value of that $7.25 minimum wage. As the value of the federal minimum wage has declined, many states and cities have stepped in to set their own local minimum wages at levels above $7.25. According to the Economic Policy Institute, 30 states and the District of Columbia now have a minimum wage higher than the federal minimum wage, and 45 … Show more

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Cited by 2 publications
(2 citation statements)
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“…In addition to having a control group, information on initial equivalence is crucial to be able to identify a causal effect (Reich, 2019). Evidence should be provided to show that participants in international internships and control group members had similar characteristics and traits prior to the mobility experience.…”
Section: Methodological Problemsmentioning
confidence: 99%
“…In addition to having a control group, information on initial equivalence is crucial to be able to identify a causal effect (Reich, 2019). Evidence should be provided to show that participants in international internships and control group members had similar characteristics and traits prior to the mobility experience.…”
Section: Methodological Problemsmentioning
confidence: 99%
“…In contrast, some researchers, in advocating for sharply higher minimum wages, argue that the evidence establishes that the minimum wage does not reduce employment. For example, Michael Reich, in 2019 testimony before the U.S. House Education and Labor Committee (Reich, 2019, p. 4), asserted:
Economists have conducted literally hundreds of studies based on over 160 minimum wage changes in the past thirty‐five years. The best of these studies do provide a credible guide to the likely employment effects of a $15 floor.
…”
Section: How the Research Literature Gets Summarizedmentioning
confidence: 99%