Monday, February 18, 2013
Let's Really Raise The Minimum Wage
President Obama's call to raise the minimum wage was fine, just fine, but it did not go far enough. The idea to index the minimum wage is a good start, but $9 is far too stingy. Economists may argue whether a higher minimum wage or a really generous Earned Income Tax Credit type is better for the economy as a whole--see Krugman, Paul--but that argument really only begins to matter if the minimum wage in question is a fuck of a lot high than 7, 9, or 15 dollars. As per his usual political proclivities, Obama lost the minimum wage battle before he even started by opening way too low. But how high should we really be considering? I said $13.50; that's still not a living wage, but the indexing will make for a better future. Some experts came up with $12.30 as an economically painless increase. That's an improvment over $9/hour, and almost as good as $13.50. As the boom times continue for the wealthiest Americans and American businesses, now would be a great time to raise incomes for everybody. The stimulus would benefit the economy as a whole and do a little to reverse the criminal wealth redistribution happening right now. The optics are glorious; the minimum wage increase is popular. The political issue is a winner, too. Reactionary douchebags and pampered, ignorant teabagger types hate the idea, so everybody wins!
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