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Started By
Message
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 11:58 am to kingbob
quote:
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.
I agree from a practical stand point, but from a political stand point that won't fly.
Maybe the practical can be merged with the political. That is, tie the minimum wage to regional CPI.
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 12:15 pm to teke184
if there were a chance your bill could pass (and there's not - the dems would never restrict mw to an index), then there'd be a chance it could be eliminated, which is the best choice ...
Posted on 7/28/14 at 12:15 pm to GumboPot
Minimum Wage discussions are straw men, at best. The only real way to fix the growing class of "have nots" is to create a business environment that enhances more than just the upper class while not penalizing anyone.
Replace all personal income taxes with a national sales tax (23% rate, locked in by Constitutional Amendment so it doesn't become an election-year football). Businesses could only get in on this if no one in the company makes less than 500% of the highest-compensated employee (including benefits).
Once that's accomplished, THEN look at Minimum Wage. I would be willing to bet the situation wouldn't seem as dire then.
Replace all personal income taxes with a national sales tax (23% rate, locked in by Constitutional Amendment so it doesn't become an election-year football). Businesses could only get in on this if no one in the company makes less than 500% of the highest-compensated employee (including benefits).
Once that's accomplished, THEN look at Minimum Wage. I would be willing to bet the situation wouldn't seem as dire then.
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 12:32 pm to Hawkeye95
quote:
Hawkeye95
Your avi...I saw Snowpiercer this weekend. What a weird movie. Funny how the AGW crowd killed off humanity (except for a few).
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).
Posted on 7/28/14 at 2:25 pm to GumboPot
quote:
Your avi...I saw Snowpiercer this weekend. What a weird movie. Funny how the AGW crowd killed off humanity (except for a few).
yeah, I didn't like it but I really liked her.
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