CAF member The Women’s Foundation of Colorado (WFCO) recently released a study created in partnership with the Colorado Women’s College at the University of Denver. The Impact of a $12.00 Minimum Wage on Women in Colorado sought to understand the implications for women, beyond earnings, of a proposed increase of the Colorado minimum wage (from $8.31 today to $12 per hour by 2020).
About The Impact of a $12.oo Minimum Wage on Women in Colorado:
The report explores who would be impacted by an increase in the minimum wage, how that increase would affect job growth and the Colorado economy, and how a higher minimum wage would impact child care access and affordability. Among key findings are that as a result of a minimum-wage increase, the Colorado gross domestic product will grow by $400 million and incomes will increase for 20 percent of households in Colorado.
The study also considers the impact of a minimum-wage increase on eligibility for child care, health care, nutrition and other public assistance programs. The report concludes that a very small number of Coloradans may lose benefits if the minimum wage is increased and in most of those cases the increase in income will exceed the value of benefits they may lose.
Findings from the report include:
- An increase in the minimum wage would have a significant positive impact on Colorado women and families, lifting many working women and their children out of poverty.
- Increasing the minimum wage to $12.00 per hour by 2020 will boost earnings and consumer spending in Colorado.
- Increasing the minimum wage will contribute to economic growth without significant job losses or increases in consumer prices.
- Childcare costs are not expected to increase substantially, especially in parts of the state with higher cost of living, such as Denver and Boulder.
- A minimum wage increase would be a net positive for minimum wage earners and the state of Colorado. It would increase earnings, strengthen the economy, and reduce economic inequity in our state.