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Why Should We Raise Taxes

[Summary]Column: Why raising the minimum wage is good economics | PBS NewsHour In July, New York state moved to raise the minimum wage for fast-food workers to $15 an hour in New York City by the end of 2018 and in the rest of the state by mid-2021. Economist

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Column: Why raising the minimum wage is good economics | PBS NewsHour

In July, New York state moved to raise the minimum wage for fast-food workers to $15 an hour in New York City by the end of 2018 and in the rest of the state by mid-2021. Economist John Komlos explains why we need to raise the minimum wage. Photo by REUTERS/Brendan McDermid
– RTX1LEYV

Donald Trump, the real estate mogul and frontrunner-by-far in the Republican presidential primary, asserted callously at the Milwaukee debate that “wages are too high” in this country. Was he fantasizing or was he talking about his own wages? Lucky enough to be born into a millionaire family, how could he know what it feels like to keep one’s head above water as the 1.3 million people working at the current federal minimum wage of $7.25 an hour do? Even if one can work full-time, after state and federal taxes and Social Security and Medicare deductions, one is lucky to retain $225 a week or $12,000 a year, which is precisely the threshold of poverty for a single person. Welcome to the world of the working poor. No chance of paying rent and taking care of dependent children on that kind of salary. As a matter of fact, you’d be barely surviving. That’s not any more than the Russian serfs were able to do.

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