OECD: Wage inequality will only get worse from now through 2060, By Mamta Badkar, July 2, 2014, Business Insider: Global wage inequality is expected rise, and economic growth is expected to slow, between now and 2060, according to a new report form the OECD. The report points out that widening earnings gap, ‘rising capital incomes (which tend to be highly concentrated), less redistributive tax and benefit systems, and changing household formation patterns,’ have all contributed to rising inequality in recent decades. ‘Rising inequalities threaten growth, most notably by blocking economic opportunities,’ according to the press release. The OECD projects that earnings inequality could grow between 17-40% by 2060. . .”
Day: July 3, 2014
Minimum Wage Laws
- Rhode Island governor signs minimum wage increase, By Curtis Skinner, July 3, 2014, Chicago Tribune/Reuters: “Rhode Island’s Democratic governor, Lincoln Chafee, has signed a bill to increase the state’s minimum wage by $1, to $9 an hour, his office said on Thursday, following similar moves by neighboring New England states. The hike, which will take effect next year, comes as Democrats across the country have made raising the minimum wage a key priority ahead of November’s elections, saying wages for millions of Americans have not kept pace with the rising cost of living. . .”
- Measure to repeal Seattle $15 minimum wage moves closer to ballot, By Alex Dobuzinskis, July 3, 2014, Chicago Tribune/Reuters: “A Seattle business group has submitted signatures to try to force a public vote to repeal a municipal measure that would raise the city’s minimum wage to $15 an hour, a leader of the organization said on Thursday. Forward Seattle, which represents restaurants, retailers and other businesses, handed in just under 20,000 signatures to the Seattle City Clerk on Wednesday, more than the 16,510 needed to qualify for the November ballot, said group co-chair Angela Cough. The proposal would ask Seattle voters to repeal a $15 minimum wage increase. . .”