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Estimating the Economic Impact of Increases in the Minimum Wage

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  • Fenstemacher, Kory Alan
  • Fisher, Jared Harrison
  • Hadzalic, Zerina
  • Hillebrandt, Brenda

Abstract

Florida’s latest Minimum Wage Initiative (Initiative #18-01) is highly likely to appear on November’s voting ballot. This amendment proposes raising the current minimum wage of $8.46 to $10.00 per hour beginning September 30th, 2021. Each year following the initial increase, the minimum wage would increase another $1.00 per hour until it reaches the goal of $15.00 per hour by the year 2026, which is marked by the dotted red line in Figure 1. Based on this information, the Florida Legislature has tasked AERG with a multi-stage economic analysis that involves estimating employment effects, as well as tax revenue and social services expenditures.

Suggested Citation

  • Fenstemacher, Kory Alan & Fisher, Jared Harrison & Hadzalic, Zerina & Hillebrandt, Brenda, 2019. "Estimating the Economic Impact of Increases in the Minimum Wage," SocArXiv xduw4, Center for Open Science.
    • Handle: RePEc:osf:socarx:xduw4
    DOI: 10.31219/osf.io/xduw4
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