As early as 2017, a $15 hourly minimum wage could become the norm for a much larger portion of the country. USA Today reports that five states and nine cities have begun taking meaningful steps toward raising wage floors, joining Seattle, Los Angeles and “more than a dozen other” areas with phased-in wage plans. While the federal minimum wage remains at $7.25, 60 percent of the U.S. workforce is employed in areas with higher wage minimums.
But even labor economics experts admit they “don’t know” whether drastic hikes in minimum wages could have a significant impact on cost of living and unemployment rates, according to Bloomberg.
