Scott Bessent, President-elect Trump's nominee for Treasury secretary, said Thursday that he does not support raising the minimum wage.
If confirmed, Bessent would not have the power to raise wages, which would require a vote from Congress. But Sen. Bernie Sanders (Iconic, Vt.), who introduced a bill to raise the minimum wage to $15 in the 117th Congress, told hedge fund manager Bessent that he and Bessent would “improve the standard of living.” He asked them to work with other members of Congress who want to do so. wages. “
“I believe the minimum wage is more of a statewide and local issue,” Bessent said during his confirmation hearing before the Senate Finance Committee.
“So you don't think the federal minimum wage of $7.25 an hour should change?” Sanders asked.
“No, sir,” replied Mr. Bessent.
The national minimum wage is Stuck at $7.25 Since 2009, 30 states and dozens of citiesAccording to the Economic Policy Institute, states including the District of Columbia have increased their effective minimum wages.
As of May 2022, there will be approximately 30 million Americans making less than $15 an hour, just over a quarter of the nation's workforce. According to recent reports According to the U.S. Bureau of Labor Statistics.
Another 22.8 percent, or 33.8 million workers, earned between $15 and $19.99 an hour.
President Trump said in December: “Meet the Press” interview He said he would “consider” raising the federal minimum wage, but did not provide a specific number. He also warned that raising the minimum wage too much could hurt businesses.
“The other really complex thing about minimum wage is that it varies a lot from place to place,” he says. “Great places like Mississippi and Alabama are very different from New York and California in terms of cost of living and other things.”
