Thursday, April 17, 2014

Robert Reich: Raise Minimum Wage To $15 An Hour

Robert Reich acknowledges that the Senate Democrats' push to raise the minimum wage to $10.10 an hour is an improvement over the current $7.25, but he argues that it should really be incrementally raised to $15. With his cartoonist skills and sound economic logic, Reich provides seven reasons why. Watch:

2 comments:

Michael J. Mand said...

I particularly like reason #4. Almost all the increase in wages for lower earning people circulates back into the economy via increased spending. Ronald Reagan told us that a rising tide lifts all boats. Here would be a perfect opportunity to test his theory...... And I suspect he will be proven correct.

Jeff Tone said...

But as a supply sider, Reagan had his theory backwards. He cut taxes on the wealthy, the suppliers, on the misguided proposition that they would "create jobs." In reality, it is through putting more money in the hands of consumers, for example by increasing the minimum wage, that the economy is stimulated.