Notwithstanding the latest oblivious comments of Crown Prince Jeb, the drumbeat demanding a significant increase in the national minimum wage continues to grow louder and louder — both at the grassroots level and in the world of data and research.
Confirmation of the latter can be found in two news studies highlighted last week by the wonks at the Economic Policy Institute.
In study #1, researchers at the federal Bureau of Labor Statistics found that pay for average American workers is and has been stagnant. As EPI President Lawrence Mishel explained in a post last week:
“Their analysis confirms that there has been very broad-based stagnant pay whether one examines just wages or a more comprehensive compensation measure that also incorporates changes in health, pension, and other benefits. The bottom 80 percent of workers had stagnant or declining hourly compensation while the bottom 88 percent of workers had stagnant or declining wages.”
Study #2 comes from EPI’s David Cooper. Here are the key findings:
- A $12 minimum wage in 2020 would undo the erosion in value of the minimum wage that took place largely in the 1980s. It would also reverse the growth in wage inequality between low-and middle-wage workers over the past generation.
- Raising the minimum wage to $12 by 2020 would directly or indirectly lift wages for 35.1 million workers—more than one in four U.S. workers. Read More