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This view emphasizes the role of minimum wages as a market regulation policy akin to antitrust policies, as opposed to an illusory "free lunch" for low-wage workers. Another reason minimum wage may not affect employment in certain industries is that the demand for the product the employees produce is highly inelastic. [56]
The deregulation of the labor market undermined unions by allowing the real value of the minimum wage to plummet, resulting in employment insecurity and widening wage and income inequality. [202] David M. Kotz, professor of economics at the University of Massachusetts Amherst , contends that neoliberalism "is based on the thorough domination of ...
A 2021 study on the effects in the late 1960s and early 1970s of the 1966 extension of the Fair Labor Standards Act, which extended the minimum wage to cover several economic sectors where nearly a third of all black workers were employed, found that the new minimum wages led to a sharp increase in earnings for the newly covered workers without ...
In 2006, voters approved a constitutional amendment that ties Ohio's minimum wage to inflation. That means the 2024 state minimum wage for non-tipped workers is $10.45 an hour and for tipped ...
The federal minimum wage has been an unlivable $7.25 an hour since 2009. That’s the longest period without an increase since its introduction in 1938, and thanks to inflation, today’s minimum ...
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Because the Republican Party has opposed raising wages, the federal real minimum wage is over 33 per cent lower today than in 1968, among the lowest in the industrialized world. People have campaigned for a $15 an hour minimum wage, because the real minimum wage has fallen by 43% compared to 1968. [112]
In the United States workers generally must be paid no less than the statutory minimum wage.As of July 2009, the federal government mandates a nationwide minimum wage level of $7.25 per hour, while some states and municipalities have set minimum wage levels higher than the federal level, with the highest state minimum wage being $9.47 per hour in Washington as of January 1, 2015. [5]