Monday, June 25, 2012
Forget about Minimum Wage for now
Several callers called in suggesting that we ought to implement a minimum wage system. The text book answer now is that we do not know how to do it properly.
My take? I realized we may be the only country with the administrative capability to do better than using a minimum wage policy. We can narrowly cast and target our solutions. The cleaning industry is the first sector to be addressed. Clearly the need to raise cleaners pay is the greatest.
I haven't heard anyone talking about how we can roll back a minimum wage policy if it fails. I think it is really hard to do that.
Let's put minimum wage on the shelf for now. The targeted approach is also helping us get a better grasp what a minimum wage should be if proven we needed one in the end.
Posted by PengYou at 10:19 AM