Another socioeconomic discussion that is on the front burner is the reduction of wage inequality, getting more income to low-income people. This issue is focused on the different rates of pay (for the same work) between men and women. Although this is seen as an important issue, it can be viewed (incorrectly) as a bit ancillary to the minimum wage discussion. In actuality, as discussed in American Progress.org
, 19 million women would benefit from increases in the minimum wage because Black women and Latinas are overrepresented among workers who would benefit.
As explained in the American Progress article, “Raising the minimum wage adds up to thousands more dollars for individual women every year. According to new analysis by the EPI and NELP, women working year-round, on average, would see an increase of about $3,500 in wages annually; and for Black women and Latinas, this figure increases to $3,700. This translates to a total wage increase of $66 billion for women working year-round. To boost the economic recovery, it is essential to get money into the hands of those who make spending decisions for their families, those who are breadwinners, and those who are likely to spend every additional dollar out of necessity.”
With increased income comes, of course, increased taxes. The more money you earn, the more tax you pay, putting money back into the government coffers.
Complicated issues? You bet. Coming down hard on either side is not so easy. As the debate continues, our professionals at ASN will watch what happens and keep you informed. If you would like to have a longer conversation regarding these issues, we would love to talk with you.