Thursday, June 07, 2012

In search of a living wage

Of course, this doesn't have a prayer of passing, but paying people more at the bottom of the economic ladder would be a great form of stimulus:
A group of House Democrats have proposed increasing the minimum wage to $10, which, as Rep. Jesse Jackson Jr. (D-IL) pointed out would allow the wage to “catch up” with where it would be had it been allowed to grow with inflation. [...]

The minimum wage hit its peak buying power in 1968; to have the same buying power today, the minimum wage would have to be $9.92. If the minimum wage had been indexed to the Consumer Price Index since 1968, it would be approximately $10.40 today.
Cue the anguished wails from Capitol Hill, where they get automatic COLA increases to their six figure salaries every freaking year, about how this would be a horrible, job killing burden on small business owners. Wish there was some way to make these guys live on that hourly rate themselves. Frankly, it's about what their "work" product is worth.

[More posts daily at the Detroit News.]

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