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The GOP House should tie minimum wage to the CPI.
Posted on 7/28/14 at 11:51 am
Posted on 7/28/14 at 11:51 am
Obviously the Dems and Reps cannot come to agreement on what the minimum wage should be, so I suggest that the GOP house pass a bill and tie the federal minimum wage to the CPI which would adjust automatically annually (this also includes downward adjustments during deflationary times). This will accomplish a few things:
1.) Short term it will give the GOP political cover because they are "doing something" about the minimum wage.
2.) It takes the minimum wage issue off the table forever. Because of this the Dems and Reid will not pass it.
3.) In terms of monetary policy, potentially additional pressure will be put on Federal Reserve from the businesses that hire low wage workers (which there are many) to slow down the printing press.
Thoughts?
1.) Short term it will give the GOP political cover because they are "doing something" about the minimum wage.
2.) It takes the minimum wage issue off the table forever. Because of this the Dems and Reid will not pass it.
3.) In terms of monetary policy, potentially additional pressure will be put on Federal Reserve from the businesses that hire low wage workers (which there are many) to slow down the printing press.
Thoughts?
5
Posted on 7/28/14 at 11:52 am to GumboPot
They should eliminate it at the federal level entirely. It should be a state and local issue. Personally, I don't think a minimum wage is necessary at all.
Posted on 7/28/14 at 11:57 am to GumboPot
eliminate Min wage
Posted on 7/28/14 at 12:11 pm to GumboPot
I disagree with tying the minimum wage to ANYTHING.
The big issue with minimum wage changes are on two fronts-
1. Businesses hiring marginal workers end up hiring fewer people whenever the rate is raised
2. Unions have a lot of their rates tied to the minimum wage, meaning hikes to it cause a corresponding hike to union hourly rates.
Given the current administration, I severely distrust tying ANY changes like this to a formula because they have shown time and again that they will lie to get what they want and that various labor statistics are damn near useless because of how they are being gamed.
The big issue with minimum wage changes are on two fronts-
1. Businesses hiring marginal workers end up hiring fewer people whenever the rate is raised
2. Unions have a lot of their rates tied to the minimum wage, meaning hikes to it cause a corresponding hike to union hourly rates.
Given the current administration, I severely distrust tying ANY changes like this to a formula because they have shown time and again that they will lie to get what they want and that various labor statistics are damn near useless because of how they are being gamed.
Posted on 7/28/14 at 12:23 pm to GumboPot
quote:
1.) Short term it will give the GOP political cover because they are "doing something" about the minimum wage.
2.) It takes the minimum wage issue off the table forever. Because of this the Dems and Reid will not pass it.
3.) In terms of monetary policy, potentially additional pressure will be put on Federal Reserve from the businesses that hire low wage workers (which there are many) to slow down the printing press.
this is a good idea, but won't fly unless they raise the min wage now. Since CPI is low single digits, they would be correctly called out as making a symbolic gesture only.
Posted on 7/28/14 at 1:19 pm to GumboPot
Personally it should be abolished.
But you are right, it is too political to eliminate at this point.
Your idea is exactly what Florida does; it tied its minimum wage to the Federal level but its state Constitution adds an inflation clause (I don't know if they use CPI or another index).
But you are right, it is too political to eliminate at this point.
Your idea is exactly what Florida does; it tied its minimum wage to the Federal level but its state Constitution adds an inflation clause (I don't know if they use CPI or another index).
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