Specifically, it would raise the minimum wage to $9.50 on the day of passage, then by $1.50 one year later, increasing by $1.50 each year until it reached $15 in 2025.

One other detail that the NBC screenshots leave out: After 2025, this bill would index the minimum wage to median wages, raising it automatically every year. https://t.co/StmCH7PVYT
Here's the full text of the bill. https://t.co/oD5yT2oK3R
The minimum wage bill introduced today would phase out the tipped minimum wage loophole, raising it by $2.50 a year until the tipped minimum wage reached parity with the regular minimum wage in 2025.
Similarly, it phases out the separate minimum wage for disabled workers on the same timetable.
The timeline for the minimum wage hike in this bill sucks, but the indexing and elimination of sub-minimum wages for tipped and disabled workers is really good and important.
(There's a reason why Bernie and Jayapal are lead sponsors on this bill.)
To answer a couple of questions people have asked: First, most of the provisions of this bill would take effect before the 2024 election, if the bill passes this year.
If this bill passes in its present form this year, the minimum wage will be $14 on Election Day 2024, and the sub-minimum wage for tipped and disabled workers will be $12.50, en route to being phased out entirely the following year.
Second, any midterm Democratic congressional losses wouldn't effect the law, since Biden could veto any attempt to repeal or amend it while he remained in office.
Third, any attempt to rescind the final-year raises or the subsequent indexing couldn't be implemented by a president alone—they'd have to pass congress as well.
Fourth, the indexing after the minimum reaches $15 pegs the minimum wage to the median wage nationally. It can't go down if that median goes down, and goes up by a parallel percentage to the median.
(Most years, indexing to the median wage is better for workers than indexing to inflation—by my calculation, if the 2009 $7.25 minimum wage had been indexed to median wages it'd be a bit over $10 now, but only about $9 if indexed to inflation.)
Good question. And no, the Labor Secretary's role is just to calculate and announce the amount of the wage hike, based on the median national wage as determined by the Bureau of Labor Statistics. The Secretary doesn't have discretion in setting the wage. https://t.co/JtI1Tbu0b1
Wow. here's something interesting—this bill is actually considerably BETTER than the symbolic minimum wage bill the Dems passed in the House in 2019. https://t.co/GuaUnlArpU
The 2019 bill, like this one, phased in completely in 2025, but with smaller, later incremental steps. And while it narrowed the tipped-wage and disabled-worker gaps, it didn't eliminate them entirely, even in the final phase of the bill.
(The 2019 bill would have eliminated the youth minimum wage, which this bill also does, on a similar time schedule.) https://t.co/Rpb0wuv5Vc
In 2019, the Dems knew their bill was going nowhere. That this one is more aggressive both in benchmarks and in principles is a good sign.

More from Finance

1/ My Mission: To Spread Financial Wellness (thread)

Here’s what "financial wellness" means to me

⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️

2/ Mindset

Humans are programmed to think short-term

Evolutionary, thinking short-term makes sense. It helps with survival.

Financial wellness is all about training yourself to develop a long-term mindset

Not easy -- it takes practice


3/ Mindset

If you join the right tribes, you can’t help but improve

My favs:
@AffordAnything
@ChooseFiFI
FinTwit
@MicroCapClub
@themotleyfoolFool
@visualizevalue

Twitter / Podcasts / Blogs / YouTube -- when used correctly -- are amazing


4/ Mindset

Educate yourself - constantly!

Especially about:

1⃣Money
2⃣Relationships
3⃣Health

These 3 categories have an outsized influence on all areas of your life

Books


5/ Career

In the beginning, focus on growing your income

Do more than what is expected

Become a lynchpin

Find a career that you ENJOY (<- important!) that also has high-income potential

Start a side hustle (<- important!)

Build your talent
THREAD: Who are the rising stars of Chinese elite politics in the central Party-State bureaucracy?

For @MacroPoloChina I analyzed last year's ministerial-level promotions to posts in Beijing

TLDR: Ties to Xi Jinping—or a Xi ally—are very helpful! (1/14)

https://t.co/kO2A0Efyq2


Seven politicians were promoted to ministerial-level positions in central Party agencies last year

All are likely to feature on the next Central Committee selected at the 2022 Party Congress

Some could make the CCP's elite 25-person Politburo (2/14)

https://t.co/kO2A0Efyq2


Likeliest for the Politburo is Meng Xiangfeng, new Executive Deputy Director of the CCP General Office

He would replace Xi ally Ding Xuexiang as CCP chief-of-staff if Ding is promoted further in 2022

Meng worked under Xi allies Cai Qi in Hangzhou and Chen Xi in Liaoning (3/14)


Less likely for the Politburo but still important is Jiang Jinquan, new Director of the CCP Policy Research Office

He replaces 5th-ranked leader Wang Huning who led the Party's brains trust for 18 years

Wang remains prominent and will be <68 in 2022, so he'll stay around (4/14)


Other notable central Party promotions include Li Shulei and Liang Yanshun, who both assisted Xi when he led the Central Party School from 2007-2012

Li is a political conservative who is said to be quite close with Xi, even drafting his 2014 speech on culture and art (5/14)
Here are all the threads posted by @AdityaTodmal and @niki_poojary in January: 🧵

• 8 powerful ways to use Twitter
• Power of Stocks
• 14 Trading Strategies
• Basics of Derivatives (3 parts)
• Technical Analysis for all sectors
• Tweets of the week
• Books on Futures

All the Top 10 tweets threads I have ever posted to date:


Basics of Derivatives Part 1:


8 powerful ways to use Twitter:


Basics of Derivatives Part 2:

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