Should minimum wage increase? A look at key data points
📊 Minimum wage debateA hot topic right now surrounds the push to increase the federal minimum wage. While federal minimum wage hasn’t increased since 2009, more than half of the states in the country have minimum wages above the federal floor. Minimum wage facts and figuresPoverty line comparisonFederal minimum wage, as it stands, at $7.25 per hour, working 40 hours per week, amounts to $15,080 per year (gross income). Minimum wage valueAccording to analysis from the EPI, the federal minimum wage is worth 17% less than 10 years ago -- and is 31% less than in 1968, when adjusted for inflation. Source: EPI analysis of historical minimum wage data in the Fair Labor Standards Act and amendments.
U-M economists: ‘Unbalanced’ job recovery from COVID-19 will worsen income inequality in Michigan
Over the next two years, employment and incomes are forecast to increase, with Michigan’s construction and automotive industries expected to see growth. “On the one hand, it is encouraging that the recovery from the COVID-19 recession is likely to create a nearly complete jobs recovery in higher- and middle-wage industries,” the report says. In that scenario, Michigan would end 2022 with 152,000 fewer jobs than it had in the first quarter of 2020—a 3.4% shortfall. In level terms, personal income in 2022 is expected to come in 5.8% higher than in 2019. They forecast a recovery of 22,600 jobs in 2021 and 13,300 in 2022.