This comment by Daniel on the post The Right Way To Approach Raising the Minimum Wage
Your argument looks a lot like it boils down to “Let the market decide!” the battle cry of the privileged, wealthy Republican. Nevertheless, I’ll be glad to consider your argument’s merits once the minimum wage is raised (yep!) to bring it back into line with the cost of living. We’ll have to go back to 1974 or so—that’s a good year to look at, because that was the year when average American income stopped keeping pace with inflation. In constant dollars, the US Federal minimum wage declined between 23% and 24% between 1974 and 2013. During that timeframe, it never exceeded its 1974 purchasing power (though in 1978, for that year only, it equaled its 1974 purchasing power).
Now, you say raising the minimum wage doesn’t work, isn’t a real solution, et cetera. Given that it has obviously never been tried — not really — I don’t see any sound basis for your argument.
Question of the day:
Should business balance shareholder return with employee living wage and benefits by shrinking the income inequality gap between employees and management?
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