By Taxpayers Association of Oregon
HB 2699 would mandate a $2 minimum pay wage every year in Oregon under some conditions.
HB 2699 says, “…beginning on July 1, 2024, the minimum wage rate shall be $2 more than the minimum wage established under ORS 653.025 (1)(j), and shall be increased by $2 every year thereafter, except that in no case may the minimum wage rate exceed the minimum wage rate calculated pursuant to the formula established by the Bureau of Labor and Industries…”
Interestingly, the high minimum wage states also happen to be high cost of living states which happen to be liberal states.
Does mandatory minimum wage spikes cure or cause cost of living increases?
One study shows that minimum wage increases can actually cause employers to reduce staff and therefore block youth from employment.
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Data: minimum wage NFIB chart from 2021, latest compiled national state data chart we could identify at time of posting, Cost of living from 3rd quarter 2022, Missouri Economic Research, Information Center.