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, Source: Current Population Survey data provided by the Economic Policy Institute. Note: CPI-U-RS is used to translate nominal wages into $, 2016.

C. , Scale effects: increase in consumer prices and reduction in consumer demand Percentage

D. , Income effects: effects of pay increases on consumer spending and employment Net change in compensation for workers (millions)

, We use the same assumption for Mississippi. By 2024, we estimate that the overall labor share will increase to 30for Medicare, Social Security and Workers' compensation. We estimate the Medicare, Social Security, and Workers' Compensation costs separately. Employers are liable for 6.2 percent Social Security taxes and 1.45 percent Medicare taxes. We estimate that the Workers' Compensation employer cost is 2.71 percent of wages in the U.S. as a whole and in Mississippi. The share of Medicare, Social Security, and Workers' Compensation is 10.36 percent from 2017. We assume that this same share applies throughout the phase-in period. Turnover reduction. For a discussion of savings generated by turnover reduction and the sources we used