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posted by janrinok on Monday December 08 2014, @06:49PM   Printer-friendly
from the consumers-with-more-money-to-spend dept.

NPR (formerly National Public Radio) reports:

By a 44-5 vote, Chicago's City Council set a minimum-wage target of $13 an hour, to be reached by the middle of 2019. The move comes after Illinois passed a nonbinding advisory last month that calls for the state to raise its minimum pay level to $10 by the start of next year.

The current minimum wage in Chicago and the rest of Illinois is $8.25. Under the ordinance, the city's minimum wage will rise to $10 by next July and go up in increments each summer thereafter.

[...]The bill states that "rising inflation has outpaced the growth in the minimum wage, leaving the true value of lllinois' current minimum wage of $8.25 per hour 32 percent below the 1968 level of $10.71 per hour (in 2013 dollars)."

It also says nearly a third of Chicago's workers, or some 410,000 people, currently make $13 an hour or less.

[...][In the 2014] midterm elections, voters in Alaska, Arkansas, Nebraska, and South Dakota approved binding referendums that raise their states' wage floor above the federal minimum.

Media Matters for America notes that The Chicago Tribune's coverage tried to trot out the *job-killer* dead horse once again, to which the response was

According to a March 2014 report(PDF) prepared for the Seattle Income Inequality Advisory Committee titled "Local Minimum Wage laws: Impacts on Workers, Families, and Businesses", city-wide minimum wage increases in multiple locations--Albuquerque, NM; Santa Fe, NM; San Francisco, CA; and Washington, DC--produced "no discernible negative effects on employment" and no measurable job shift from metropolitan to suburban areas.

Related:

Seattle Approves $15 Minimum Wage

Mayor's Minimum Wage Veto Overridden by San Diego City Council

States That Raised Their Minimum Wages Are Experiencing Faster Job Growth

 
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  • (Score: 2) by frojack on Monday December 08 2014, @11:37PM

    by frojack (1554) on Monday December 08 2014, @11:37PM (#123936) Journal

    Modded you interesting, but not informative.

    Inflation is not necessarily linked to the increase in the money supply as you seem to suggest.

    That a bank loans out your deposits (Your $1000 deposit remains in your account, while $800 loan appears in another client's account), does not mean that inflation is going up or down. The convenience of the increase in money supply is paid for (over time) by the borrowers. It imposes no penalty on the economy as a whole.

    Just because a farmer borrows money for a new tractor doesn't mean you will pay more a pound of potatoes. The farmer can't raise his prices above the prevailing price and still expect to sell them.

    Government debt is a whole different matter, and when the government simply prints more money used to buy goods and services it is still dramatically different than when a government borrows money to buy goods and services.

    The problem comes in when the government retires debt by printing money.

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