A $15 minimum wage still won't be a living wage for many families, MIT and CNBC analysis says

A $15 minimum wage still won't be a living wage for many families, MIT and CNBC analysis says

A protestor holds a sign in Upper Senate Park during a rally on Capitol Hill in Washington, Wednesday, July 22, 2015, to push for a raise to the minimum wage to $15 an hour.
Al Drago/CQ Roll Call

A CNBC analysis of cost-of-living data looked at how minimum wages compare to living wages.

For families, the proposed $15-per-hour minimum wage still falls short of a living wage.

For single adults, the $15 wage would bring about half of states to a living wage.

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A new CNBC analysis of cost-of-living data from Massachusetts Institute of Technology researchers looks at how a $15 minimum wage stacks up against a living wage.For families with two children and two parents working at the minimum wage, current minimums in every state are below a living wage, and even the proposed increase to $15 an hour may still fall short for those families. As CNBC reports: "A $15 minimum wage would push a number of states closer to a living wage, but none would meet or exceed it."That data doesn't take into account any income those families receive from safety net programs. A recent study from UC Berkeley's Labor Center found that lower wages cost taxpayers more than $100 billion a year, as almost half of the families who would see a raise from a $15 minimum wage rely on at least one social safety net program. The study found that 42% of the $254 billion spent on safety net programs goes to those families.A $15 minimum wage would go a little bit further for single adults, according to the CNBC analysis. For them, minimum wages currently "fall short" of a living in every state. However, a $15 minimum wage would be a living wage for single adults in about half of the states.
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