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from Rolling Stone
When Congress was considering the latest Covid relief bill, much of the debate centered around two provisions: relief checks and the minimum wage — was $1,400, if combined with the $600 dispatched in January, sufficient to satisfy Joe Biden’s promise of $2,000? Should Democrats disregard the Senate parliamentarian’s ruling to push the wage hike through? Comparatively little attention, though, was paid to the piece of the $1.9 trillion American Relief Plan that researchers believe will have the most massive impact: the expanded child income tax credit. “Expanded child income tax credit” doesn’t sound revolutionary. It could be because the words “tax credit” are political white noise at this point, or that it’s being described as “expanded” — i.e., just more of what parents are already getting. But according to experts who study the effects of poverty, the provisions laid out in the bill Joe Biden will sign into law Friday represent nothing less than a fundamental reimagining of the American social contract. “It’s historic because this is not something that the United States would typically even think about,” Chris Wimer, co-director of Columbia University’s Center on Poverty and Social Policy says. “The idea that children shouldn’t suffer, essentially, regardless of their parents’ circumstances? … That’s new.”
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from The Spokesman-Review
Newspaper in Spokane, Washington
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from Yahoo Finance (Yahoo Money)
LEFT-CENTER BIAS, HIGH, news website owned by Verizon Media
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A boost to a $15 an hour minimum wage missed the cut in the latest COVID-19 relief bill, but a move to a more palatable $11 an hour soon is possible, Morgan Stanley strategists think. And it could take a big bite out of the profits at some well-known companies. "Across Morgan Stanley's universe of 1,000+ North American stocks, we estimate that most firms would experience limited impact. At an $11/hr minimum wage, we estimate that ~94% of firms would see wage costs rise by less than 100 basis points," explained Morgan Stanley's team in a new report titled "A Higher Minimum Wage: What Does It Really Cost." Outliers here, are consumer-focused services and retail businesses, Morgan Stanley notes. "Within these groups, restaurants, food retailers, and department stores look more exposed, with operating profits potentially reduced by 3-10% on average," Morgan Stanley says. Ten companies standout as having outsized risk to profits if the minimum wage goes to $11 an hour first and then $15 an hour. Unsurprisingly they are all restaurants, which for decades have relied on the minimum wage to feed their bottom lines.
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