How would raising the minimum wage affect the projections of Social Security income/benefits? What is the projected number of workers in 2029 and what is their projected average or total wage?
Raising the minimum age would have a very small effect on the Social Security projections. According to the 1998 Trustees’ report, the number of workers covered by Social Security is projected to rise from about 147 million in 1997 to about 167 million by 2030. By 2030, their average wage is projected to increase by about 30 percent in excess of inflation.
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