Households That Make Less then $30k
A salary $30,000 works out to be a single income that makes less $15 an hour for 40 hours a week over a year.
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A salary $30,000 works out to be a single income that makes less $15 an hour for 40 hours a week over a year.
A series of maps showing how relatively deprived each New York State neighborhood based on Census tract.
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Raising the federal minimum wage to $15 an hour by 2025 would increase wages for at least 17 million people, but also put 1.4 million Americans out of work, according to a study by the Congressional Budget Office released on Monday.
A phase-in of a $15 minimum wage would also lift some 900,000 out of poverty, according to the nonpartisan CBO. This higher federal minimum could raise wages for an additional 10 million workers who would otherwise make sightly above that wage rate, the study found.
Potential job losses were estimated to affect 0.9 percent of workers, the CBO wrote, adding: "Young, less educated people would account for a disproportionate share of those reductions in employment."
The current poverty line for a family of four is about $26,000. Each year, the government adjusts the line for inflation based on the consumer price index. Among the options that the administration is considering is whether to use a version called the "chained CPI," which is lower than the rate currently used. The chained CPI assumes that as the prices of goods go up, individuals substitute less expensive items, thereby reducing their overall expenses.
Some economists argue that this is a more accurate way to measure inflation, and both Barack Obama's and George W. Bush's administrations tried, without success, to introduce the use of the chained CPI in federal programs.