Commentary
How does the minimum wage affect the Fed’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the “millions of people” who aren’t paid a “living wage” for work makes headlines, the actual numbers are pretty underwhelming.
As of the end of 2021, there are 2 million workers at, or below, minimum wage. Crucially, this number includes those in the restaurant profession that are paid “wages” of $2/hour but also receive tips. Notably, the number and total percentage of ALL workers today who are at or below minimum wage are at the lowest levels since 1979….