Livable wages continue to be an important issue among voters, especially amid the coronavirus pandemic, and when it comes to President Donald Trump and former Vice President Joe Biden, the candidates have widely different approaches to raising incomes.
The federal minimum wage sits at just $7.25 an hour and has not seen an increase since 2009. An employee working a full-time job on a minimum wage salary makes just over $15,000 annually, but according to a study by GoBankingRates, the lowest median living wage rate for a U.S. state is about $58,000 in Mississippi.
When questioned about raising the federal minimum wage, President Trump said he would consider it but prefers to let states dictate increases. According to the president, a strong economy would lift wages and not hurt small business owners.
Biden, on the other hand, has committed to raising the federal minimum wage to $15 by 2026, the amount being part of the demand raised by the #FightFor15. The movement began in New York City in 2012 when more than 200 fast food workers walked out on the job in protest for higher pay.
Critics of a federally mandated increase in the minimum wage agree with the president's view that it would negatively impact small business owners and also would add to job losses, a drop in work hours, and higher prices for consumers.
However, a study by the House Committee on Education and the Workforce contends that a higher minimum wage would actually boost consumer spending and create more jobs.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
