It’s time to index wage to inflation
Once again the minimum wage debate is upon us. If it seems like we have been there before, we have. The law has been around for 75 years and we’ve raised the rate 22 times.
Each time it comes up, we hear the same arguments. Don’t raise the rate. It’s currently $7.25 per hour. It will increase prices, cause workers to be laid off, hurt those we intend to help and force small businesses to close.
With that outlook, cities like Seattle (minimum $9.49 per hour) or San Francisco (minimum $10.55 per hour) must be wastelands. When I can easily walk to six pizza places from my home, it doesn’t seem we are lacking in fast-food, minimum-wage facilities – and they have survived many of those 22 times.
So let’s give those hard-working people their increase. They haven’t had one in years. And they will spend it right back into the economy, helping everyone. And while we’re at it, index the wage to inflation so we don’t have to talk about it 22 more times over the next 75 years.