So that’s what the states are supposed to do with their own minimum wage. The federal minimum wage is not the one we should be challenging for livable wages unless the wage is unlivable everywhere. States absolutely should be setting their own minimum wage to keep people out of poverty in their state. For example, the federal minimum wage is currently $7.25/hr, but NY state minimum wage is $16.50/hr.
An adjustable minimum wage would increase the wealth gap. Companies would not be providing cost of living increases along with performance increases, keeping more people near the bottom.
We need our government to regulate prices on essential goods and/or subsidize them through taxation to keep them from inflating faster than wages increase. Nordic nations employ mixed-economics for this and it’s quite successful.
So that’s what the states are supposed to do with their own minimum wage. The federal minimum wage is not the one we should be challenging for livable wages unless the wage is unlivable everywhere. States absolutely should be setting their own minimum wage to keep people out of poverty in their state. For example, the federal minimum wage is currently $7.25/hr, but NY state minimum wage is $16.50/hr.
An adjustable minimum wage would increase the wealth gap. Companies would not be providing cost of living increases along with performance increases, keeping more people near the bottom.
We need our government to regulate prices on essential goods and/or subsidize them through taxation to keep them from inflating faster than wages increase. Nordic nations employ mixed-economics for this and it’s quite successful.