Employers posted a record 11.5 million job openings in March, meaning the United States now has an unprecedented two job openings for every person who is unemployed.
Bureau of Labor Statistics data reveal millions of Americans are seeking better paying jobs, while also contributing to the biggest inflation surge in four decades.
A record 4.5 million Americans quit their jobs in March — a sign that they are confident they can find better pay or improved working conditions elsewhere.
President Joe Biden has proposed a nationwide $15 minimum wage as part of his so-called “American Rescue Plan.” Talk about bad timing: Raising labor prices on businesses that are struggling to stay afloat is like throwing them a load of bricks instead of a life preserver.
State and local governments raising their minimum wages is one thing, but to more than double the federal minimum, from $7.25 to $15 per hour?
Nearly 1 in every 5 restaurants permanently closed their doors in 2020 as 30 large retail and restaurant companies filed for bankruptcy.
Meanwhile, employment in food services (restaurants and bars) fell 19% in 2020 as retail clothing jobs dropped 24% and accommodations (hotels) jobs plummeted 32%.
Although very few people — only about 1% of all workers and 0.1% of single parents — make the $7.25 minimum wage, a good portion of restaurant, retail and hotel jobs pay less than $15 per hour.
No one would suggest raising the rent on households who are months behind on their payments, so how could raising labor prices help businesses?
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