It used to be thought that America's greatest strength was not its military power, but an economic system that was the envy of the world. But why would others seek to emulate an economic model by which a large proportion -- even a majority -- of the population has seen their income stagnate while incomes at the top have soared?
The last time the unemployment rate was below 6 percent was in July 2008. Moreover, while the labor force fell slightly (though statistically insignificantly) last month, the decline in the jobless rate over the past year has come for the "right" reason: more people finding work, not leaving the job market.
A minimum wage increase will positively affect a sizable portion of the population, will have a moderate stimulative effect on the economy, and will be easily affordable. And by indexing it to inflation as the Harkin-Miller bill suggests, it would ensure that low income American workers would not risk seeing their wages eroded during the next recession.