Reply to thread

Message

<blockquote data-quote="roadrunner2012" data-source="post: 1213729" data-attributes="member: 40736">
<ul>
<li data-xf-list-type="ul">UMass-Amherst Professor Arindrajit Dube notes that accounting for&nbsp; inflation, California’s proposed minimum wage will still be less than&nbsp; 1968’s minimum wage in 2013 dollars: </li>
</ul>“It appears likely that California will&nbsp; soon enact legislation to bring the state’s minimum wage to $10/hour by&nbsp; 2016.&nbsp; Accounting for expected inflation over the next 3 years, the real&nbsp; value of this minimum in 2016 will likely be around $9.30/hour. To put&nbsp; this magnitude in context, the national minimum wage reached its high&nbsp; water mark in 1968 when it was around $10.60/hour in today’s dollars. So&nbsp; even with this proposed hike, the take home pay for a California&nbsp; minimum wage worker will be lower in 2016 that it was 35 years ago.&nbsp; It&nbsp; is also of note that unlike 10 other states in the country, even with&nbsp; this legislation California will not automatically index its minimum&nbsp; wage to cost of living — subjecting its future adjustment to the&nbsp; vagaries of state politics.</blockquote>

[QUOTE="roadrunner2012, post: 1213729, member: 40736"] [LIST] [*]UMass-Amherst Professor Arindrajit Dube notes that accounting for inflation, California’s proposed minimum wage will still be less than 1968’s minimum wage in 2013 dollars: [/LIST] “It appears likely that California will soon enact legislation to bring the state’s minimum wage to $10/hour by 2016.[B] Accounting for expected inflation over the next 3 years, the real value of this minimum in 2016 will likely be around $9.30/hour. To put this magnitude in context, the national minimum wage reached its high water mark in 1968 when it was around $10.60/hour in today’s dollars. So even with this proposed hike, the take home pay for a California minimum wage worker will be lower in 2016 that it was 35 years ago[/B]. It is also of note that unlike 10 other states in the country, even with this legislation California will not automatically index its minimum wage to cost of living — subjecting its future adjustment to the vagaries of state politics. [/QUOTE]

Verification