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Originally Posted by Bill O'Rights
Sounds admirable.
However...unless that inflatiary increase is applied across the board, within 20 years the minimum wage will have overrun everyone elses wages, and we will all be earning minimum wage. Or...we'll all be out of jobs and looking to immigrate to China.
Consider...few pay increases keep pace with inflation. The industry standard for wage increases was 3% last year. What was the rate of inflation? I dunno, I'm to lazy to look it up, but it was greater than 3%. See where this goes?
So...regardless...any increase in the minimum wage will reduce the value of your current wages...whatever that may be.
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Yeah, I'm not too big of a fan of the automatic adjustments to the CPI either. I guess social security does the same thing. But all that means is if people have more money, and are in the market for the same produces, the prices will go up. And for workers who are making $7/hour, it wouldn't be very good for them, because now they aren't making that much more than the minimum wage. I wonder what would happen if the CPI just shot up 100 or 200% because the value of the dollar plunges, what would happen?
There are quite a few jobs that can't go overseas, but that just means that the only jobs that will be left are at the big box stores, fast food, car sales, realtors, military, police, fire, government, medical, truck drivers, farmers, strippers...
There will still be enough jobs for a large percentage of the population.
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Originally Posted by jorgelito
I think Ben & Jerry's tried this, tying the executive salaries to the lowest paid employee. It didn't work, they eventually had to hire a real CEO at market prices to run their business effectively.
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Whole foods and a bunch of European companies have rules that the CEO can't make more than 14 or 17 times what the lowest paid employee gets.