Yesterday, Seattle mayor Ed Murray proposed a plan to raise the minimum wage in that city to $15/hour, to be phased in over 7 years, depending on the size of the company. Firms with greater than 500 employees, nationally, have 3 years to make it happen. Those that offer health insurance get another year, and firms smaller than 500 American employees get the full 7 years. After that, the powers that be will adjust the minimum wage for inflation.
From the news reports I have read, it seems this had some sort of endorsement from Seattle’s business community; methinks it was less of an endorsement than an admission of the inevitable. After all, it often doesn’t matter what the rules are, as long as everyone knows exactly what they will be. Then you can decide if you want to play the game…Read On…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.