A $15 minimum wage is a terrible idea

Source: Dylan Matthews - The Washington Post

Raising the minimum wage is so hot right now. President Obama, of course, proposed increasing the federal minimum from $7.25 to $9 an hour, and indexing it to inflation thereafter, in this year’s State of the Union address. Rep. George Miller (D-CA) and Sen. Tom Harkin (D-IA) introduced legislation to established a $10.10 an hour minimum. The Center for American Progress’s massive economic growth plan calls for setting the minimum at one half the average wage for production and non-supervisory workers; at the current average, that means a minimum of $10.04 an hour. A recent report from the New America Foundation’s Michael Lind includes a long argument for the superiority of the minimum wage to other means of raising wages, like the Earned Income Tax Credit.

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finances, jobs, economy, wages, salary, pay


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