January 11, 2020
In yesterday’s blog, I cited an op-ed piece by Nicholas Kristof and Sheryl WuDunn, who wrote that if the federal minimum wage, which is currently $7.25, had kept up with inflation and productivity since 1968, it would now be $22 an hour.
As it turns out, even small increases in earnings can have a significant effect on personal well-being. A study published in the Journal of Epidemiology & Community Health related that researchers analyzed 25 years of monthly data from all 50 states and the District of Columbia. Their conclusion? States that raised their minimum wages by $1 reduced the suicide rates by 3.4 percent to 5.9 percent among adults between the ages of 18 and 64, whose highest educational attainment was a high school diploma or less.
Imagine what would happen if the minimum went up by ten dollars?