The American job market has significantly downshifted as consumers, who drive the economy, are tapped out from the ongoing cost-of-living crisis under the Biden-Harris administration.
According to Friday’s employment report, only 115,000 jobs were created in July (67,000 using the more accurate household survey).
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If a $15 an hour minimum wage were implemented nationwide, more than 2 million jobs would be lost, according to a new report published by the nonprofit Employment Policies Institute (EPI).
The authors of the report – Dr. David Macpherson, professor at Trinity University, and Dr. William Even, professor in the Farmer School of Business at Miami University – conducted a state-by-state economic impact analysis including the impact of coronavirus unemployment and state shutdown data. The report also provides demographic-level estimates of the impact of raising the federal minimum wage to $15, comparing employment effects by age, sex, race and ethnicity, occupation type, and industry.
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