Raising today’s federal minimum wage would help low-wage workers who are trying to earn a living and have a sense of economic security, said Ben Zipperer, senior economist at the Economic Policy Institute, a Washington, D.C., think tank that provides economic research.
“The minimum wage has basically lost, 29%, 30% of its purchasing power over the last 15 years, simply because Congress has failed to update it,” Zipperer said.
Lifting the minimum wage threshold to $15 per hour would increase the incomes of about 20 million workers, Zipperer said. That would include people who are low-wage workers who may be earning hourly pay that is slightly more than the federal minimum wage threshold.
“Changes in wages don’t necessarily result in big changes in employment,” Zipperer said.
“When you raise wages at a particular workplace, that makes it a lot easier to recruit and retain workers,” he said.