Minimum wage increase will never be at first glance a win-win situation for all

According to The Economic Policy Institute (EPI), an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States, the minimum wage is 23 percent less than its peak inflation-adjusted value in 1968.

This is despite productivity (how much output can be produced in an average hour of work in the economy) more than doubling over that time period. The low-wage workforce has surely contributed to this rise in economy-wide productivity, since as a group they have far more education now than they did then.

For the workforce overall, 37 percent in 1968 had not completed high school (or received a GED), which was true for only 9 percent in 2012 (the latest year with comparable data).

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