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Michigan’s minimum wage is scheduled to increase from $9.87 to $10.10 per hour on Jan. 1.
This level of minimum wage might surprise people working the types of jobs that usually pay minimum wage.
Many of these workers are making significantly more than $9.87 an hour already.
The fast food restaurant near my house has been offering $12 per hour for new hires.
A quick, unscientific poll of my students found that only two out of 35 were making less than $10.10 an hour while the majority are making significantly more.
With any change to the economy proposed by the state government, the natural question to ask is how that change will affect your day-to-day life. The minimum wage at this level will neither positively nor negatively affect your life in any significant way.
In economics, we would call this a non-binding minimum wage. Since most workers earn above the proposed minimum wage already, these workers see no change in their salary. In my class, only those two students earning below $10.10 an hour will see higher wages. The firms that employ them may be forced to raise their prices, but this would cause some consumers to seek their competitors that offer lower prices.
With competitive markets, firms resist price increases as much as possible. Additionally, the increase in wage is relatively small.
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