How raising the minimum wage would affect the U.S. economy

Segments From This Episode

• There are worries that a third COVID relief package for the U.S. economy will lead to inflation

  Jeffrey Cleveland, chief economist at Payden & Rygel, however, is not concerned about “overheating” — that is, pumping in too much stimulus during a recovery and therefore producing inflation as demand ratchets up. Here’s how he sees it: “The economy is not running hot at present. Inflation, by all measures, is still very low,” Cleveland said. “We’ve been hearing this story, I think, for decades that the economy was on the cusp of overheating, and that would lead to higher inflation. And we haven’t seen that inflation, that worrisome inflation, materialize. So I think perhaps down the road these are issues that people should wrestle with, but fears of overshooting and overheating are premature.”

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• $15 minimum wage would reduce poverty but cut jobs, CBO says

  by David Brancaccio, Nancy Marshall-Genzer and Rose Conlon

  

  The CBO report says a $15 minimum wage would pull 900,000 people out of poverty but cost almost 1.5 million jobs.

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• Training program drives more women to become auto mechanics

  by Damon Mitchell

  

  One Tennessee high school is persevering with its automotive program, even during the pandemic

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