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The problem with this is, who gets to say what a nominal dollar is? There are like ten different versions of inflation calculation. It wouldn't be hard to cherr
by foxyv 5y ago
The problem with this is, who gets to say what a nominal dollar is? There are like ten different versions of inflation calculation. It wouldn't be hard to cherry pick the commodities that set inflation low. Or, if you are really devious, you could subsidize only those commodities that are in the index as a loss leader for stuff people actually need.
Personally I would prefer to use a percentage of the 99th percentile of earners. So if the rich get richer, the minimum wage goes up.
- TheCoelacanth 5y agoThe Federal Reserve decides what a nominal dollar is. It's the real dollars that are in question.
- danbruc 5y agoThis could just be part of the law. In the end it is not that much different than the current situation, every couple of years the minimum wage gets adjusted after looking at the numbers. Having the law state the minimum wage in real dollars and specifying how convert the value would in the end just automate this process and adjust the minimum wage every year or so.
- dragonwriter 5y ago> the current situation, every couple of years the minimum wage gets adjusted after looking at the numbers. For large values of “couple” (counting the last few back: 2007, 1996, 1989, 1977.) Each of those spread out increases over a few years, but even then there was a wide gap between the last incrrease.and the next adjustment.)
- uhhhhhhhhhhhhhh 5y agowell then people would just fight over who controls nominality