The Daily The Fight for (and Against) a $15 Minimum Wage
Mar 17, 2021
Ben Casselman, an economics and business reporter for The New York Times, delves into the ongoing debate around the $15 minimum wage. He explores the historical context of the minimum wage, tracing its evolution from the Great Depression. Casselman highlights the grassroots 'Fight for 15' movement and its impact on corporate policies, as well as the shifting opinions among economists. The discussion also touches on bipartisan support emerging for wage increases and the political hurdles that remain in advancing this crucial issue.
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Minimum Wage Earners
- Few workers earn the federal minimum wage, as many states have set higher minimums.
- Millions of workers, mostly women and minorities, earn less than $15 an hour.
First Minimum Wage
- The first federal minimum wage was 25 cents per hour, enacted in 1938 under FDR.
- It addressed economic hardship during the Great Depression, reflecting New Deal efforts.
Reagan's Impact
- Reagan's election brought a conservative shift, halting minimum wage growth for nearly a decade.
- This era prioritized free-market ideas, fostering concerns about job losses if wages increased.