For example, in rural Missouri, a single adult without children will need $39,800 (more than $19 per hour for a full-time worker) by 2025 to cover typical rent, food, transportation, and other basic living costs.12 By 2025, workers in these areas and those with children will need even more, according to projections based on the Economic Policy Institute’s Family Budget Calculator. Today, in all areas across the United States, a single adult without children needs at least $31,200-what a full-time worker making $15 an hour earns annually-to achieve a modest but adequate standard of living.Not just on the coasts, but all across the country, workers need at least $15 an hour today. Additional states-including Washington, Oregon, Colorado, Arizona, New Mexico, Vermont, Missouri, Michigan, and Maine-have approved minimum wages ranging from $12 to $14.75 an hour.workforce-California, Connecticut, Florida, Illinois, Maryland, Massachusetts, New Jersey, New York, Virginia, and the District of Columbia- have approved raising their minimum wages to $15 an hour. Since the Fight for $15 was launched by striking fast-food workers in 2012, 9 states representing approximately 40% of the U.S.The Raise the Wage Act follows the lead of the growing number of states and cities that have adopted significant minimum wage increases in recent years, thanks to the ‘Fight for $15 and a union’ movement led by Black workers and workers of color. More than a quarter (28%) have children.More than four in 10 (43%) have some college experience.
More than half (51%) of workers who would benefit are adults between the ages of 25 and 54 only one in 10 is a teenager.The majority of workers who would benefit are adult women-many of whom have attended college and many of whom have children. Minimum wage increases in the 1960s Civil Rights Era significantly reduced Black–white earnings inequality and are responsible for more than 20% of the overall reduction in later years.African Americans and Latinos are paid 10%–15% less than white workers with the same characteristics, so The Raise the Wage Act will deliver the largest benefits to Black and Latino workers: about $3,500 annually for a year-round worker.Almost one in four (23%) of those who would benefit is a Black or Latina woman.Nearly one-third (31%) of African Americans and one-quarter (26%) of Latinos would get a raise if the federal minimum wage were increased to $15.Raising the minimum wage to $15 will be particularly significant for workers of color and would help narrow the racial pay gap. Because underpaid workers spend much of their extra earnings, this injection of wages will help stimulate the economy and spur greater business activity and job growth. A $15 minimum wage by 2025 would generate $107 billion in higher wages for workers and would also benefit communities across the country.For example, minimum wage increases in the late 1960s explained 20% of the decrease in the Black–white earnings gap in the years that followed, whereas failures to adequately increase the minimum wage after 1979 account for almost half of the increase in inequality between women at the middle and bottom of the wage distribution. A $15 minimum wage would begin to reverse decades of growing pay inequality between the most underpaid workers and workers receiving close to the median wage, particularly along gender and racial lines.A majority (59%) of workers whose total family income is below the poverty line would receive a pay increase if the minimum wage were raised to $15 by 2025.Affected workers who work year round would earn an extra $3,300 a year-enough to make a tremendous difference in the life of a cashier, home health aide, or fast-food worker who today struggles to get by on less than $25,000 a year.Gradually raising the federal minimum wage to $15 by 2025 would lift pay for 32 million workers-21% of the U.S.The Raise the Wage Act would have the following benefits: 4 The benefits of gradually phasing in a $15 minimum wage by 2025 would be far-reaching, lifting pay for tens of millions of workers and helping reverse decades of growing pay inequality. Sunset unacceptable subminimum wages for workers with disabilities employed in sheltered workshops and for workers under age 20.
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