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The $15 Minimum Wage and Social Security’s Future
It’s still in the political negotiation stage, and who knows what might happen, but a $15/hour minimum wage standard would produce one clear result…workers would be contributing more payroll tax to the Social Security System. The Motley Fool’s Maurie Backman, in a post on their website today, takes a look at what role a wage rate hike like this could play in Social Security’s long-term financial viability. She notes that the increase ” … would put more money into roughly 32 million American workers’ pockets. That could, in turn, result in an additional $107 billion in revenue for Social Security.” That’s certainly true but, from a cautionary viewpoint, the actual effects would need to be weighed against the potential for job losses as small businesses cope with the increased labor costs. Read Ms. Backman’s post here…