All rights reserved. Sawant concedes that she has a number of concerns about the bill that ended up passing. Most stock quote data provided by BATS. "I'm having trouble just surviving." Factset: FactSet Research Systems Inc.2019. All times are ET. The cornerstone of Sawant's campaign was her call for a $15 minimum wage, an issue the local press Washington already has the nation's highest state-level minimum wage, at $9.32, a rate that also applied to Seattle. Supporters counter that the economy could actually see a boost as workers gain more disposable income to spend. All rights reserved. Sawant -- whose full name is pronounced "Shah-mah Sah-want" -- emigrated to the U.S. from India and earned a PhD in economics from North Carolina State University before taking a teaching position at Seattle Central Community College. "That is not going to happen for most people now, statistically speaking," she said. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. "It has the potential to really help the economy," said Olivia Anderson, a clerk at a Seattle ice cream shop. Working full-time, year-round for $15 an hour with two weeks off yields an annual pre-tax income of around $30,000. https://money.cnn.com/2014/06/24/news/economy/seattle-marxist-minimum-… "People are hungry for an alternative, but that alternative isn't there." The veteran activist, who supported the Occupy movement that cropped up in the wake of the Great Recession and bank bailout, ran for city council last year under the banner of The "Socialist" label is practically an epithet in many parts of the U.S., but Sawant says it "wasn't really any kind of barrier" in her meetings with voters.
The current federal minimum stands at $7.25. Annette Kousin, who works at a nearby coffee shop, worries about how the bill will impact food stamps and other federal benefits. Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. "You're still going to be where you are now." "I have a ton of student loans I need to pay off," she said. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. But despite those caveats, she called the legislation a major victory, estimating that it will benefit 100,000 low-wage workers and transfer $3 billion from businesses to low-wage workers over the next decade. Seattle's minimum wage push gained momentum following protests by fast food workers and a vote in Agitation for a higher minimum wage She and Socialist Alternative launched an organization in January called Sawant said there is "a deep disconnect " between young people today and older generations that grew up with the "American Dream" ideal of hard work leading to a more prosperous life. "Everybody said, 'Don't call yourself a Socialist,' but every speech I gave, I started with saying that I'm a member of Socialist Alternative," she said in a recent interview at her City Hall office. She says it was "watered down" by business interests and the Democratic party establishment. Some Democrats in Congress have been pushing for a gradual increase to $10.10, but so far While Seattle's $15 minimum is a first for a major U.S. city, it's not as if workers will be living lavishly. "The cost of everything is going to go up," said Selena Bevers, a convenience store clerk in downtown Seattle. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Now, fresh off Seattle's historic passage of a $15 minimum wage, the self-described Marxist is ready to make it a national fight. Local businesses, meanwhile, have complained that the legislation will hurt their bottom lines and harm the local economy. She says she was radicalized politically by the gaping inequality she observed upon arriving in the world's richest country. Disclaimer. "I know it will affect small businesses, but big corporations have the money to do this right now." She'd like to shorten the phase-in period, get rid of an allowance for sub-minimum "training wages" and leave tips out of businesses' wage calculations for workers.
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