How does the minimum wage affect the Federal Reserve’s biggest fear? I touched on this subject previously as the Fed began its rate-hiking campaign. However, while the issue of the millions of people who aren’t paid a “living wage” for work makes headlines, the actual numbers are fairly underwhelming.
As of the end of 2021, there were two million workers at, or below, minimum wage. Crucially, this number includes those in the restaurant profession that are paid wages of $2 per hour, but also receive tips. Notably, the number and total percentage of all workers today at or below minimum wage are at the lowest levels since 1979.
