When the U.S. Congress does nothing about the minimum wage, it cuts the minimum wage.
That statement may seem paradoxical, but it isn’t if you keep in mind the difference between nominal wages and real wages. The word “nominal” is just an adjective used to mean “the name of something,” and so a “nominal dollar” […]
Last March, I wrote about two bills before the U.S. Congress — H.R. 1010 in the House and S. 460 in the Senate. Together, these bills are known as the Fair Minimum Wage Act, and if passed they would increase the minimum wage from its current $7.25/hour to $10.10/hour over the next two years. After […]
The Fair Minimum Wage Act of 2013 (H.R. 1010 in the House and S. 460 in the Senate) is a bill that would increase the minimum wage from its current $7.25/hour to $10.10/hour over the next two years. After that point, the minimum wage would automatically increase to keep pace with inflation — the tendency […]
In his 2013 State of the Union address, President Barack Obama called for a restoration in the minimum wage and a change to make it keep pace with inflation:
“We know our economy is stronger when we reward an honest day’s work with honest wages. But today, a full-time worker making the minimum wage earns […]
As part of an effort to demonstrate that its Lahore, Pakistan factory does right by its workers, Econscious President Dale Denkensohn released reports of workers’ pay from the winter of 2007-2008 a few days ago. Are their reported wages for full-time 48 hour workweeks — 4600 Pakistan rupees a month, equivalent to 37 US pennies […]