Trump’s economic plan would add 4x more to national debt than Harris

Do you ever wonder if you are doing your kids a favor by accumulating capital for them? Shouldn't they be motivated to accumulate their own capital?

 

We absolutely need to increase minimum wage. It has not been increased since 2007. Because inflation in the last 17 years has increased the price of everything by a factor of 1.5 - 1.8, the working poor has taken a huge pay cut as far as what their earnings can buy for them. They have lost 30-40% of their purchasing power through no fault of their own. If you are going to have an economy with 2% inflation rate as a target, you should raise the minimum wage (currently at $7.25/hr) by 2% a year, or $0.145/hr.

Minimum wage should be increased by more than $0.15/hr to make up for the losses of the last 15 years. It should be raised by $0.25/hr (after an initial raise of $0.75/hr) until they are caught up with where they were in purchasing power in 2007. The gradual increase would assure that the replacement of workers with machines is minimized.

The increase in the minimum wage will actually help the economy by increasing the purchasing power of a large number of people (helping the wealthy get wealthier does little for the consumer economy because most of the additional money they make gets invested).