The law needs to have a formula to automatically update the minimum wage annually. I propose "85% of the national annual mean wage in the most recent year for which data is available, divided by 200, per hour", (I believe right now this would be ~$25.50) but I'm not an economist.https://twitter.com/ewarren/status/1392522632189390850 …
I'm not saying policymakers should just ask for and then implement my ideas on every issue, but I _am_ saying most of them would almost certainly not be worse than the status quo
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ugh my math sucks. divided by 2000, not 200; and 85% would then be $22.10/hr, not $25.50, based on the figures at https://www.ssa.gov/OACT/COLA/central.html …
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also if I'm understanding that table right, the ratio of median to mean annual wage (which has dropped from 72% in 1991 to 66% in 2019) is one way to gauge the (in)equality of income distribution: mean being higher than median means too many people making more than average.
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anyway a $22/hr federal minimum wage would be $44k/yr for someone working full-time, and that's probably enough to live just fine on in most of the country (but probably not New York or San Francisco)
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