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The important thing here is that it’s not indexed to inflation, it’s occasionally increased by legislation, so for most of the ~decade between bills, wages are
by mechagodzilla 5y ago
The important thing here is that it’s not indexed to inflation, it’s occasionally increased by legislation, so for most of the ~decade between bills, wages are decreasing in purchasing power for those people. I think you can make a much stronger case that it should track productivity than that it should track GDP, as the latter increases just by virtue of a growing population.
- ac29 5y agoMinimum wage is indexed to inflation some places, such as the most populous state, California. (Minimum wage is actually currently increasing by $1/year, which is substantially more than inflation, and will start being indexed to inflation in 2024 when the minimum hits $15/hr)