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View Diary: Fast food CEO not freaking out about possible minimum wage increase (86 comments)

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  •  The thing that would stop (1+ / 0-)
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    unscrupulous employers undercutting the decent ones is a really simple formula.

    We make a judgement about the hourly rate that corresponds to a "living wage". Currently I believe that is around $15 per year.

    We then fix the annual increase to the prices index we choose, and add "growth of the economy %age" to that figure.

    So if prices grow at 2%, and the economy grows at 2%, then the minimum wage would rise 4% that year. Years of negative growth could be accommodated not by reducing wages, but by reducing the rate of growth of the minimum over a few following years.

    Then we add in a factor to make all this work over the next five years to reduce any immediate "shock to the system".

    Within five years everyone would be entitled to a living wage, indexed so that it would not lose its buying power, and would share in any economic prosperity.

    I hope that the quality of debate will improve,
    but I fear we will remain Democrats.

    Who is twigg?

    by twigg on Thu May 08, 2014 at 11:22:17 AM PDT

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