The real problem in our economy today is not a lack of productivity. The problem is that the gains from productivity growth have not been broadly shared. The wealthy have used their power to rig the deck so that most of the benefits of growth have gone those at the top. They have used their control of trade policy, the Federal Reserve Board, and more recently the Wall Street bailout, to ensure that those at the top have gained at the expense of everyone else. A higher minimum wage is an important step toward reversing this rigging. It should not be too much to expect that workers today should get at least as much as they did 45 years ago, and perhaps some dividend to allow them to share in the benefits of economic growth over this period. A minimum wage of $10 an hour would be a big step in the right direction.
WASHINGTON -- The federal minimum wage is $7.25 an hour. But none of the three Republicans running in Missouri's U.S. Senate primary knew that fact wh...
When someone brings up the idea of a raise in the federal minimum wage, you hear a huge outcry from some in the business lobby. Their generic argument is that the increase will lead to job losses among those low-wage workers affected by the higher wage level. Yet, you hear the opposite from groups that represent low-wage workers interests. So the DC lobby that represents low-wage employers say they're against an increase, not because it would raise labor costs and cut into profits, but because it's bad for the workers themselves, who will suffer reduced hours and layoffs. But the workers' groups say, "Bring it on!" So what's best for the middle class in this economy -- who you gonna believe?