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Originally Posted by AmeliaG
In my state (California), the minimum wage was voted some time back to increase to $9 this year. I guess it is $7.25 elsewhere, which is also not far off from your $9 number.
I guess I think that wealth inequality is when you have huge corporations getting corporate welfare from the US taxpayers, while paying almost no taxes themselves, and spending their money offshore so there is not even any trickle down . . . while inflation (extra huge for items like houses and cars and school) and factors like absurd gas prices drive up the cost of basics including food and make a living wage very hard, not just for people at the bottom, but for people in the middle. That's before we even get into that a person who makes $250k probably gives roughly half to the government, but someone making $250 mill almost certainly does not.
I agree strongly that wealth inequality needs to be addressed. But I think opportunity (including access to affordable capital) and education and fairer tax laws (and maybe public works) are the answer. Not arbitrarily raising the bottom end to something impossible.
A guy who owns a Subway franchise probably makes $55k a year. That is a mid-level income person, not a one percenter.
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The parent corporation, Subway, would have to improve the terms of the deal or else the franchisee would probably terminate the agreement. This would be competition actually working upwards for a change rather than downwards.
I get your and Robbie's objections over the current workers making say $14.75 but more than likely it will put tremendous pressure on their employers to also raise their wages as well. $17-$20 an hour would be highly likely for them. As usual the employers would probably try to delay it but eventually conditions would likely force their hand as otherwise they could go to other employers or an easier job which pays the same.
I really don't support a $15 minimum wage though. I like $9 as a minimum and would consider $10-$12 as reasonable. But likewise I do not think a $15 minimum wage would be catastrophic either. I think it would lead to some outsourcing and some price increases but it would also have an almost immediate effect or reversing some income and wealth inequality. I'm not sure it's the best way to do it but philosophically I like the idea of reducing income and wealth inequality through work as opposed to government handouts.