Summary of Bill HR 4889
Bill 118 hr 4889, also known as the Raise the Wage Act of 2023, is a piece of legislation introduced in the US Congress with the aim of increasing the federal minimum wage. The bill proposes to gradually raise the minimum wage from its current rate to $15 per hour by the year 2027.
The bill also includes provisions to eliminate the subminimum wage for tipped workers, which currently allows employers to pay these workers less than the federal minimum wage. Additionally, the Raise the Wage Act of 2023 seeks to index the minimum wage to median wage growth after it reaches $15 per hour to ensure that it keeps pace with inflation and cost of living increases.
Supporters of the bill argue that raising the minimum wage will help lift millions of Americans out of poverty and provide them with a livable wage. They also believe that increasing the minimum wage will stimulate economic growth by putting more money in the pockets of low-income workers, who are likely to spend it in their local communities.
Opponents of the bill, on the other hand, argue that raising the minimum wage could lead to job losses, as employers may not be able to afford the higher labor costs. They also contend that increasing the minimum wage could lead to higher prices for goods and services, as businesses pass on the additional costs to consumers.
Overall, the Raise the Wage Act of 2023 is a contentious piece of legislation that has sparked debate among lawmakers, economists, and the public. Its fate in Congress remains uncertain as both supporters and opponents continue to make their case for or against the bill.