Why raise the minimum wage? Because it would be an “economic stimulus package… entirely funded by the private sector.”
I’ve heard a lot of goofy arguments against raising the federal minimum wage. The silliest goes like this: “You want to raise the minimum wage to $15? Why not $50? Why not $100?”
Of course, that’s not a real argument. Yet I hear it a lot, which means it probably originates somewhere in the nation’s vast menagerie of conservative talk-show hosts.
The answer, if this pseudo-argument deserves one, is that $15 is at least where the current minimum hourly wage of $7.25 would be if it had kept up with worker productivity since the 1960s, according to various experts.
For example, the liberal-leaning Economic Policy Institute estimates that, if the minimum wage had kept pace with productivity growth since 1968, as it did for the two decades before, it would now be $18.67 per hour. Ah, the good old days.
That figure makes President Barack Obama’s request for a raise…
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