$15/hr Minimum Wage – Seriously? / NorthwestCitizen, Dick Conoboy

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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. […]

Read Dick’s complete post on NorthwestCitizen here.

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