Seattle May Raise The Minimum Wage To $15/hour
By lucas@endneoliberalism On 19 Aug, 2013 At 11:30 AM | Categorized As Progressive Politics, raising the minimum wage | With 0 Comments

City council and mayoral candidates said they’d consider the raise. “A higher minimum wage is a very simple and elegant solution to the death spiral of falling demand that is the signature feature of our economy”, Venture capitalist Nick Hanauer agrees.

The current federal minimum wage of $7.50 has 50% of Americans living under the poverty line and costs taxpayers billions in corporate subsidies. WalMart alone costs the government $2.66 billion every year as 80% of its employees rely on food stamps (End Neoliberalism, Tax & Regulate The One Percent).

Raising the minimum wage to $15/hour increases demand while only impacting consumer prices by 3%. More importantly, a higher minimum wage impacts the local economy when consumers are able to shop for quality goods at local shops rather than seek the cheapest prices at WalMart. In short, raising the minimum wage means more money flowing through the economy and more money staying in the economy.

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Picture credit: Nikon D700 CC BY 2.0

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