Regional Economic Models, Inc (REMI) is hosting a webinar on Modeling the Macroeconomic Impact of Changing the Minimum Wage. The webinar will include a presentation on the macroeconomic implications of changes to the minimum wage, including how the minimum wage might influence job creation, gross domestic product (GDP), and personal income.
A bill to increase the minimum wage in Maryland to $12.50 per hour has already been introduced this legislative session, and more bills on the same topic are sure to come. A change in the minimum wage could negatively affect county budgets by increasing wages for part-time, contractual, and some salaried employees and by increasing the cost of procured contract services.
REMI’s webinar will include a discussion of studies on minimum wage in Maryland. The webinar is a free one hour presentation, to register click here.
Our focus on the regional and macroeconomic impacts brings new considerations to the table, such as how the minimum wage relates to industries, consumer prices, commuting, and regional competitiveness. This discussion will include the history of the minimum wage, the literature, some modeling considerations regarding the relative merits of the policy, a demonstration, and previous REMI studies in states like Maryland and New Jersey.
MACo is currently working with the Maryland Association of Human Resources Officers to gather detailed information on the financial impact of proposed minimum wage legislation. If you have information that you would like to share, contact Policy Analyst Robin Clark.