Declining Dollars

While raising the minimum wage to $10.10 from the current $7.25 is estimated to eliminate 500,000 jobs and raise 900,000 workers out of poverty, that’s not the end of the story. Those numbers will steadily decline as inflation eats away at the value of the minimum wage increase. Assuming inflation of 2%/year, by 2021 the lost jobs will number 300,000 and those no longer in poverty will number just 540,000.

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