Vermont's minimum wage has been raised to keep pace with inflation.
The money obviously has to come from somewhere. If the economy has grown, then there will be more money. If not, then the money has to come out of someone else's pocket. Which means that my raise translates into your pay cut.
We wish for robust economic growth -- and pay raises for all -- in the coming year.
Who pays for all of this? It is much like the social security raise of 2.4% that congress provided this year in the face of doubled fuel costs, and increased double digit costs for all the other needs of life. Oddly, the congress wants to provide more money for fuel assistance, but isn't it the same people thay did not provide a genuine cost of living increase to?
Posted by: Karen Kerin | January 02, 2008 at 05:28 PM
"Economic Growth. It's A Good Thing"
Agreed -- too bad we are heading in the opposite direction -- see REAL data at:
http://www.shadowstats.com/alternate_data
Posted by: Edward Charles Ponzi Jr. | January 06, 2008 at 03:30 PM
Wages are a zero-sum game? Since when?
Posted by: Mister Guy | February 01, 2008 at 01:35 AM