And therein lies the problem. Up ahead. Like Zeno’s arrow, you never get there.Wed, Aug 19, 2015, 5:00 am Dick Conoboy
This week in Iowa, Bernie Sanders said in a stump speech, “We’ve got to raise the minimum wage to a living wage, $15 an hour.”
Presumably this pleased the crowd, however, Bernie has it wrong. (I am not picking on Bernie – Obama does no better.) In order to reset the minimum wage to anything near a living wage, it must be raised to about $21 an hour TODAY which would bring it in line with the purchasing power the minimum wage represented 4-5 decades ago. “Based on consumption growth since 1968, the minimum wage today would have to be $25.05 to represent the same share of the country’s total consumption. Based on national income growth, the minimum wage should be $22.08. Based on personal income growth, it should be $21.16,” wrote Salvatore Bobones for Thruthout….over three years ago. […]
noisy waters northwest 