Week 6

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Economics

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Feb 20, 2024

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Employers Should Pay a Living Wage Courtney Hanley American Public University
Minimum Wage is Not Enough • North Carolina Living Wage is currently $7.25/hr. • Tips earned can take credit toward minimum wage. • $15/hr is the wrong number to focus on.
Can one survive on minimum wage? • Employees working full-time at minimum wage cannot afford necessities such as food, housing, transportation, childcare, and healthcare in any location across the country.
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Housing Prices • The average apartment rent is 36% high than it was in 2012. • The average down payment to purchase a home is 20%. • The average home purchase price in North Carolina is $316,052 ( North Carolina Home Prices & Home Values,2023)
Health Insurance Prices • The cost to a worker for family health coverage is 48% more than it was in 2012 (Porretta, 2019). • In 2020, the national average cost for health insurance was $456 for an individual and $1,152 per month (Poretta, 2019).
Out-of-Pocket Medical Cost • Out-of-pocket healthcare spending increases by 10.3% per year (Bareham, 2023). • The average American family spends at least $4,393 per year on out-of- pocket medical expenses (Bareham, 2023).
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Food Prices • The average spending on food at home is $5259 annually, or about $438 per month (Measom, 2023). • Food at home prices increased 11.4% from 2021 to 2022 (Measom, 2023).
Gas Prices • The current national average for gas is $3.58 per gallon, with a peak of $3.66 per gallon in 2022 (Laycock, 2023). • The average price per gallon of gas in 2018 was $2.95 (Laycock, 2023).
Childcare Prices • The average childcare cost for one child in the U.S. in 2021 was $226 per week for childcare or daycare center (Care.com Editorial Staff, 2022). • According to Care.com, 59% of parents are more concerned about childcare cost now than in years prior (Care.com Editorial Staff, 2022).
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Yearly Tax Cost • The average American pays $2,471 of property taxes per yea (Knueven, 2021). • Americans in the most common tax bracket paid an average income tax of $4567 for the 2020 tax year (Knueven, 2023).
Inflation Considerations • Wages currently do not necessarily increase with inflation (Hayes, 2023). • The Federal minimum wage is not pegged to inflation, and companies have full discretion on whether to increase salaries or hourly workers above the minimum wage requirements (Hayes, 2023).
Is minimum wage ethical? • Minimum wage is regarded as a humanitarian or moral and ethical issue by some researchers, and as an economic issue by the others. Minimum wage encompasses less- skilled, unskilled, or inexperienced workers Sümer, B. (2018).
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Government Assistance • Millions of American adults who earn low wages rely on federal programs to meet basic needs, such as Medicaid for health care and the Supplemental Nutrition Assistance Program for food (GAO, 2021).
Future Generations • Evidence shows that minimum wages reduce employment and create unemployment among young unskilled workers. While some youths will benefit from higher current earnings, others will not find work, delaying labor market entry and reducing lifetime incomes (Kalenkowski, 2016).
U.S. Average Yearly Income • The annual earnings for a full-time minimum-wage worker is $15,080 at the current federal minimum wage of $7.25 (Indeed Editorial Team, 2022). • Annual income of $15,080 is not enough to pay for necessities.
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Making the push to $20/hr • $15 has proven unattainable, as has the $10.10 and $12 an hour proposed in Congress over the years; we’ve been stuck at $7.25 since 2009. • This would boost the wages of millions of Americans and move
References • Porretta, A. (2019, June 27). How Much Does Individual Health Insurance Cost? EHealth Insurance Resource Center; eHealth Insurance. https://www.ehealthinsurance.com/resources/individual-and-family/how-much-does-individual-health-insuran ce-cost • North Carolina Home Prices & Home Values . (2023). Zillow. https://www.zillow.com/home-values/36/nc/ • Bareham, H. (2023). Average out-of-pocket healthcare costs . Bankrate. Retrieved June 12, 2023, from https://www.bankrate.com/loans/personal-loans/out-of-pocket-healthcare-average-costs-and-how-to-finance-t hem/#healthcare • Measom, C. (2023). Average Cost of Groceries per Month: How Much Should You Be Spending? GOBankingRates. https://www.gobankingrates.com/saving-money/food/average-cost-of-groceries/#:~:text=The%20Average%20C ost%20of%20Groceries%20Per%20Month&text=According%20to%202021%20data%20from • Laycock, R. (2022, September 27). Gas prices US | National averages: 2018-2023 [updated weekly] | Finder . Finder.com. https://www.finder.com/gas-prices#:~:text=US%20avg.&text=While%20the%20current%20national%20average • Care.com Editorial Staff. (2022, June 15). This is how much child care costs in 2022. Care.com Resources. https://www.care.com/c/how-much-does-child-care-cost/
References Cont. • Knueven, L. (2023, February 1). How much income tax does the average American pay the IRS? Business Insider. https://www.businessinsider.com/personal-finance/average-federal-income-tax-payment-by-income#:~:text=Th e%20average%20federal%20income%20tax • Knueven, L. (2021, July 1). The average amount people pay in property taxes in every US state . Business Insider. https://www.businessinsider.com/personal-finance/average-property-taxes-every-us-state • Hayes, A. (2023, May 30). Do es raising the minimum wage increase inflation? Investopedia. https://www.investopedia.com/ask/answers/052815/does-raising-minimum-wage-increase-inflation.asp#:~:tex t=Wages%20currently%20do%20not%20necessarily,salaries%20above%20the%20minimum%20wage . • Sümer, B. (2018). Minimum Wage as An Ethical Issue. European Journal of Multidisciplinary Studies , 7 (1), 26. https://doi.org/10.26417/ejms.v7i1.p26-35 • Minimum Wage is Not Enough . (2022, April 8). Center for Hunger Free Communities. https://drexel.edu/hunger-free-center/research/briefs-and-reports/minimum-wage-is-not-enough/#:~:text=Em ployees%20working%20full%2Dtime%20at • GAO (2021). Low-Income Workers: Millions of Full-Time Workers in the Private Sector Rely on Federal Health Care and Food Assistance Programs. www.gao.gov. Retrieved June 12, 2023, from https://www.gao.gov/products/gao-21-410t#:~:text=Millions%20of%20American%20adults%20who
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References Cont. • Indeed Editorial Team (2022, December 9). How Much Does a Minimum Wage Job Pay a Year? Indeed Career Guide. https://www.indeed.com/career-advice/pay-salary/how-much-does-a-minimum-wage-job-pay-a-year • Williams, J. (2019, July 23). What’s the likely impact of a $20 federal minimum wage? FOXBusiness. https://www.foxbusiness.com/economy/impact-20-dollar-minimum-wage#:~:text=Rashida%20Tlaib%20(D%2D MI)

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