The Biden Administration is currently pushing the idea of raising the Federal minimum wage from $7.25 to $15 an hour. While presented under the guise of helping lower income Americans, this aggressive policy proposal is actually an impetuous and injudicious solution that would harm the very people it is intended to aid. As a first step, as of January 22, 2021, the administration will soon be requiring that all Federal contractors pay a $15 minimum wage.
Since the establishment of the Fair Labor Act of 1938, businesses with an amended minimum annual revenue of $500,000 — as well as employers producing goods for commerce — must provide a minimum wage. This broad price floor has been an ongoing issue for many small businesses, but within the past few years, some cities and states have taken measures to augment this wage enforcement.
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