No. Under the current proposal, it would be raised in increments, hitting $15 in 2025. In 2021, it would rise to $9.50, then a year later to $11, next to $12.50 in 2023, the following year to $14, and finally to $15 in 2025, as outlined in Raise the Wage Act of 2021. An estimated 32 million people would benefit from the hike, according to the Economic Policy Institute.
Fast Company
February 25, 2021
A new Economic Policy Institute report challenges the notion that record breaking wage growth in 2020 is “a cause for celebration.”
Yahoo Finance
February 25, 2021
Outdated unemployment insurance systems in some states collapsed from the influx of applicants who lost their job during the pandemic. As a result, only 71% of applicants received benefits by April 11, according to the Economic Policy Institute.
The Independent
February 25, 2021
Meanwhile, the $10 increase proposed by Romney and Cotton would only boost wages for 4.9 million workers, or 3.2% of the workforce, according to a report released Thursday from the Economic Policy Institute.
CNBC
February 25, 2021
That hypothetical worker, however, likely couldn’t sue in court to begin with given that “more than half—53.9 percent—of nonunion private-sector employers have mandatory arbitration procedures,” according to the Economic Policy Institute.
The Stranger
February 25, 2021
While both proposals would of course raise wages for millions of workers, the Democrats‘ Raise the Wage Act would go much further to benefit working Americans. Just 3.2 percent of workers would see additional money in their paychecks by 2025 under Romney’s and Cotton’s plan, compared to 21.2 percent of workers under the Democratic bill, according to an analysis published Wednesday by the Economic Policy Institute. In different terms, the Democratic plan would give a raise to 32.2 million workers and the Republican proposal would provide a wage hike to just 4.9 million workers.
Newsweek
February 25, 2021
David Cooper, “Raising the federal minimum wage to $15 by 2024 would lift pay for nearly 40 million workers,” Economic Policy Institute, February 5, 2019, available at https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2024-would-lift-pay-for-nearly-40-million-workers/.
Center for American Progress
February 25, 2021
Heidi Shierholz, a senior economist at the Economic Policy Institute, countered that multiple academic studies of state and local minimum wage mandates show few job losses. Without pay raises, Shierholz added, low-income Americans continue to fall further and further behind as income inequality grows.
Star Tribune
February 25, 2021
The Economic Policy Institute estimates that passing the increase would benefit around 40 million Americans, over 38 million adults, nearly 24 million full-time workers, 23 million women, over 11 million parents, 5.4 million single parents and the parents of 14.4 million children. In 2019, the EPI estimated that this would benefit 255,000 workers in West Virginia.
Charleston Gazette-Mail
February 25, 2021
Romney and Cotton’s plan would only raise wages for around 3 percent of American workers, compared to 21.2 percent of workers under the Democratic proposal, according to an analysis published Wednesday by the Economic Policy Institute.
Newsweek
February 25, 2021