Larry Summers, his first-term adviser, may have inadvertently provided the best epitaph for the Obama era in a speech this month in Chicago. Whether your concern is America’s growing debt, its declining international prestige or stagnant middle-class incomes, Mr. Summers said, “there is no more important question for the American prospect than accelerating the rate of economic growth.” Excerpt: WSJ 3-16-16
And then we have:
No it isn’t. It isn’t the foundation of the middle class, teenagers maybe but not the middle class. 🍟 Who earns the minimum wage? Check here.
However, back on track. To the extent an adult family member works in an unskilled job paying the minimum wage, what is the real problem, the worker, the job, the lack of skills?
Raising the minimum wage is not the real issue. Merely raising the minimum is the paint over the crack. When we raise the minimum wage don’t we raise everything related to it like prices, like the poverty level and in the end where does that get the minimum wage earner? Still at the bottom of the economic ladder.
How does a new higher minimum wage with its consequences actually raise the worker to a livable wage?
Fixing the crack is creating demand for all types of jobs ala Larry Summers. Fixing the crack is finding a way to move adult heads of households out of minimum wage jobs. I guess the political question is what has government, this Congress, and this Administration done to fix the crack?