A map displaying Census Bureau information of the concentration of poverty in the United States.
New York passed a law called the Bakeshop Act. It didn't set a minimum wage — the minimum wage didn't exist yet in the U.S. — but it limited working hours and required that bakeries be kept clean.
It pretty much won, convincing regulators that forcing banks to get rid of a complex debt security used by smaller institutions to raise capital would impose immediate and unnecessary costs on small community banks.
Regulators creating international banking standards in Basel, Switzerland, have also faced a drumbeat of criticism from bankers who argue that proposed rules to increase the capital cushion international banks must amass to buffer against losses would slice 3.5 percent from the world’s economic output and cost 7.5 million jobs.
For last month, despite what seems like an endless series of snowstorms on the East Coast and arctic conditions in the Midwest recently, the reference week for the latest survey was Jan. 12-18, when conditions were fairly normal as Januaries go, limiting some of the impact of the weather in this report.
"Gross National Product does not allow for the health of our children, the quality of their education, or the joy of their play," he said. "It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate, or the integrity of our public officials."
Both Newman and Barankay suggested that other states and cities would take the cue from Los Angeles and introduce their own higher minimum-wage levels. Other big U.S. cities that recently increased the hourly minimum wage include Chicago ($13 by 2019), San Francisco ($15 by 2018) and Seattle ($15 from April).