Living Wage OK'd in Chicago Options

[Hartmann]

http://www.newsvine.com/_news/2006/07/26/3...oks-living-wage

Will be a good case study on whether or not the minimum wage should be raised.

[pebkac]

Inflation is not a direct result of minimum wage. Inflation is made up of many things. All of which relate to how much money is in an economy. Goverment spending, trade, wealthy immigrants, etc all also effect inflation.

Right now, goverment spending is in the billions of dollars a year. The question is, compared to other things, how much inflation is caused by raising the minimum wage? I don't think anyone here really knows. Is it significant to even blame minimum wage for a rise in inflation? Again, no one here knows.

Everyone here talks about inflation like it's the end of the world. But is it? Sure, prices of everything generally increase with inflation, but so do wages. And how many people here have a lot of debt from student loans? You'll really benefit from inflation if you have fixed interest. Inflation also benefits the stock market. Generally, the stock market improves during inflationary times. And God knows our market could use the boost right now. So I really don't think the inflation argument holds a lot of water.

My question to many of you who claim it's "doable" to live on the current minimum wage: have you done it?

Probably not.

Minimum wage wouldn't be doable for a person who has kids at all.