As the midterm elections approach, President Obama is calling on Congress to increase the federal minimum wage to $10.10 an hour from $7.25. “Let’s give America a raise, and make our economy stronger,” he said on Thursday at Northwestern University. That sounds nice, and the hike would give a raise to Americans who already have jobs earning the minimum wage, assuming that they’re still employed after the required raise. Unfortunately, this 40% minimum-wage hike would also reduce employment opportunities for those who need them most. The middle class and working poor are struggling. While the stock market soared to historic highs, the labor-participation rate dropped in September to 62.7%—the lowest since 1978—according to the Bureau of Labor Statistics. More than six million people, BLS reports, are “not in the labor force” but “want a job now.”
Posted on: Thu, 09 Oct 2014 12:00:01 +0000
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