If you follow my website at all, you know I have talked for sometime about the need for wage inflation. But this is a country filled with narrow thinking politicians who struggle to see the big picture. A raise of 60% over 5 years is crippling to small businesses. I am appalled by this move in LA.
I agree wholeheartedly that these companies need to be pushed to raise wages if they are not ethical enough to do so on their own but a sense of reason is in order. Let's raise everyone's mortgage/rent by 60% over the next 5 years. No? Why not? Oh yeah, IT'S CRIPPLING!
Walmart & McDonalds can and should afford it, but smaller companies will be destroyed by this. It's too much too fast. Based on the following video from Time, if at it's peak, $10.75 in 2014 dollars is enough to buy a basket full of a week's groceries, why does min wage now need to go to $15? Wouldn't $12 be reasonable? With maybe a plan to go to $15 in the following 5 years?? But you know, instead let's cripple companies so that half the workforce will get laid off - then when half the people are homeless and the other half are making $15 an hour we can feel good about wage equality. NOT!
Here is the article from Time with the video about wage and inflation.