October 23, 2015
During CNN’s Democratic debate, presidential candidate, senator from Vermont, and self-proclaimed socialist Bernie Sanders promised that if elected he would work to “raise the [federal] minimum wage to $15 an hour.”
From an economic point of view, this policy would run the risk of sparking a wage/price spiral, where wages are tied to a cost-of-living index and their increase, in turn, raises
the cost of living, sending inflation out of control and ultimately working against the intended goal of helping low-wage workers. Continue Reading...