How did 15 minimum wage affect Seattle?
No consensus among economists Studies of the effects of the Seattle wage hike have had different findings: A 2017 University of Washington study found that while wages went up, hours worked declined, resulting in less pay for low-wage workers.
What would a $15 hour wage mean?
Raising the minimum wage to $15 in 2025 would lift up to 3.7 million—including an estimated 1.3 million children—out of poverty. Raising the minimum wage to $15 would help ensure that more low-wage workers are paid enough to cover basic living expenses, i.e., a wage providing a modest yet adequate standard of living.
What did raising the minimum wage do to Seattle?
It was calculated that the minimum wage ordinance reduced low wage workers’ earning by $125 on average in 2016. The study concluded that increasing the minimum wage has reduced the employment opportunities for low income workers.
When did Seattle implement $15 minimum wage?
Seattle’s minimum wage began to be implemented in 2015 and rose to $15/hour by 2017. For the period 2010 to 2017, researchers collected crime data from the FBI’s Uniform Crime Reports and the Seattle Police Department.
What would $15 minimum wage do to the economy?
A more robust economy and increased economic development in low-wage areas. A reduced pay gap between workers of color and their white colleagues. Reduced crime, improved health in children and even reduced suicide rates.
What is Seattle unemployment rate?
Seattle-Bellevue-Everett, WA
| Data Series | Nov 2021 | Jan 2022 |
|---|---|---|
| Unemployment Rate(2) | (r)3.1 | 3.9 |
| Nonfarm Wage and Salary Employment | ||
| Total Nonfarm(3) | 1,732.4 | 1,717.7 |
| 12-month % change | 4.7 | 6.1 |
How will$ 15 minimum wage affect economy?
In a groundbreaking 2019 study, Reich and Anna Godøy, then a research economist at the Institute for Research on Labor and Employment (IRLE), found that a $15 minimum wage in low-wage areas would lift workers and their children out of poverty without causing job loss, and without adverse effects on vulnerable women or …
What happens if we raise the minimum wage?
Raising the federal minimum wage will also stimulate consumer spending, help businesses’ bottom lines, and grow the economy. A modest increase would improve worker productivity, and reduce employee turnover and absenteeism. It would also boost the overall economy by generating increased consumer demand.
What happens when minimum wage increases?
The single largest problem with increases to the minimum wage is that they result in higher unemployment for low-skilled workers and young people. Put simply, increases in the minimum wage increase labour costs to employers who respond by reducing the number of employees and/or the number of hours worked.
How raising the minimum wage will hurt the economy?
The Congressional Budget Office, for example, projected that an increase to a $15 minimum wage by 2025 could mean an average of 1.4 million jobs lost, a fall in business revenues leading to a $9 billion drop in real income, and increases in the prices of goods and services across the economy.
Why Raising the minimum wage is bad?
Increasing it would raise the earnings and family income of most low-wage workers, lifting some families out of poverty—but it would cause other low-wage workers to become jobless, and their family income would fall.
What is the unemployment rate in Seattle 2021?
Seattle-Bellevue-Everett, WA
| Data Series | Nov 2021 | Dec 2021 |
|---|---|---|
| Unemployment Rate(2) | (r)3.1 | (r)3.2 |
| Nonfarm Wage and Salary Employment | ||
| Total Nonfarm(3) | 1,732.4 | 1,740.4 |
| 12-month % change | 4.7 | 5.7 |