—
Earlier this year the Congressional Budget Office (CBO) issued a report finding that the Obama administration’s proposal to raise the federal minimum wage to $10.10 an hour would cost jobs. Economics isn’t an exact science and other economists disagree with the CBO, according to an article by The Fiscal Times.The CBO, according to members of the president’s Council of Economic Advisers (CEA), relied too much on older research and not enough on more recent findings. CEA Chair Jason Furman and economist Betsey Stevenson wrote in a blog, Seven Nobel Prize winners and more than 600 other economists recently stated that: 'In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market.'
Thirteen states have increased their minimum wage since January. Given that brief history, the Center for Economic and Policy Research (CEPR), using research conducted by investment bank Goldman Sachs, stated in a report,
· All but one of the 13 states that raised their minimum wages saw job growth in the first five months of 2014.
· The states that raised the minimum wage saw job growth that was, on average, higher than states that did not. The 37 states that did not raise the minimum wage had employment increase by .68 percent. Those that did raise the wage saw employment increase by .99 percent.
· Four of the top ten states in terms of employment performance were states that raised the wage, including Washington, Oregon, Colorado and Florida.
· The biggest exception was New Jersey. It’s not only the worst performing state that raised the minimum wage, but is the worst performing state for job creation with a net decline in employment of .56 percent.
California’s minimum wage would increase to $13 an hour by 2017, the highest state rate in the nation, under a bill passed this month by the state Senate, according to Bloomberg. Seattle’s city council approved a $15 minimum wage, the highest of any big U.S. city and more than double the federal standard of $7.25.
Washington state has the country’s highest minimum wage, states Bloomberg, at $9.32 due to an initiative passed in 1998 that linked the state minimum wage to the cost of living. Opponents including restaurant and bar owners claimed it would kill job creation. But since its passage, the state’s job growth continued at an average 0.8 percent per year, a 0.3 percentage point above the national rate. Poverty in Washington state has trailed the U.S. level for at least seven years. Payrolls at state restaurants and bars have expanded by 21 percent.
The San Francisco labor lawyers at Keller Grover represent those who work for a living, protecting their rights to earn at least the minimum wage. The law firm of Keller Grover knows how difficult it can be to live in California while earning the minimum wage and support its increase. The San Francisco wage and hour lawyers of Keller Grover believe is able to help if the employer is paying less than minimum wage. Call the law firm at at 415.659.9937
Watch Video by the law firm.
San Francisco Wage and Hour Attorney Eric Grover for free case evaluation
Contact Info:
Name: Eric Gover
Email: Send Email
Organization: Keller Grover
Address: 1965 Market Street
Phone: 4156599937
Website: http://www.cawagehourlaw.com/
Release ID: 58494
Google
RSS