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Kuros
Joined: 27 Apr 2004
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Posted: Sun Aug 20, 2017 8:31 pm Post subject: |
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http://prospect.org/article/no-fair-wage-not-free-lunch
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“...Why wouldn’t you want to improve the living standards of as many people as possible?” Rampell writes. “The answer: You won’t actually be helping them if making their labor much more expensive, much too quickly, results in their getting fired.”
This insincere concern-trolling ignores key policy details. Nobody is saying that the federal minimum wage should double overnight. The congressional Democrats’ minimum-wage legislation, the Raise the Wage Act, proposes to incrementally phase in a $15 federal minimum until it reaches that level in 2024—six years from now. That provides ample time for businesses to adjust.
Make no mistake: $15 an hour in 2024 will still be bold policy, as Jared Bernstein and Ben Spielberg have explained. By 2024, the new minimum would be worth about $12.50 in today’s dollars, benefiting about 30 percent of the workforce. At that point, the minimum wage would be 60 percent of the median wage. The highest it has ever been was back in the late 1960s, when it was 50 percent of the median wage and the minimum wage was at its peak purchasing power. |
$15/hour minimum wage may be necessary, but it is hardly sufficient. |
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