In his speech at the Center for American Progress this week,
President Obama devoted considerable time to an issue suddenly much in
discussion: the minimum wage. This is not a new debate. In fact, it
neatly echoes the last time Congress raised the minimum wage, in 2007,
which echoed the debates before that. Few economic issues are such sweet
catnip to ideological camps, and there is precisely zero consensus
about whether these minimums have positive, negative or no effect.
Supporters say that a higher minimum wage will give people a better standard of living and boost consumption. Detractors argue that it will lead companies to hire fewer workers and kill job creation. One thing no one addresses, however, is that regardless of whether the government raises the minimum wage, our society can’t endlessly coast with a system that includes wage stagnation for the many and soaring prosperity for the few, nor can the government snap its legislative fingers and magically produce income. Someone will pay for these increases; nothing is free.
http://www.theatlantic.com/business/archive/2013/12/the-true-cost-of-a-higher-minimum-wage/282131/
Supporters say that a higher minimum wage will give people a better standard of living and boost consumption. Detractors argue that it will lead companies to hire fewer workers and kill job creation. One thing no one addresses, however, is that regardless of whether the government raises the minimum wage, our society can’t endlessly coast with a system that includes wage stagnation for the many and soaring prosperity for the few, nor can the government snap its legislative fingers and magically produce income. Someone will pay for these increases; nothing is free.
http://www.theatlantic.com/business/archive/2013/12/the-true-cost-of-a-higher-minimum-wage/282131/
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