A Seattle CEO is making headlines for his decision to cut his own pay and raise his employees’ minimum salary to $70,000 a year. Dan Price, the chief executive of Gravity Payments, said he made the decision after ready a study that showed that giving people more money makes the happy.
At least one influential liberal blogger was very excited about the news.
A tiny San Francisco suburb’s attempt to implement one of the nation’s highest minimum wages threatens to shatter an immigrant’s American dream.
John Nemec came to America from the Czechoslovakia in 1966 with $20 in his pocket and zero relatives and friends. He landed a minimum wage job in New York City that netted him $1.25 an hour.
“I thought I was a rich man—anyone coming from my country felt rich. We made 2,000 crowns in a month. That was about $57,” he says.
Minimum wage hikes hurt the people that politicians claim to help, according to a new study.
University of California at San Diego professors Jeffrey Clemens and Michael Wither found that the $7.25 minimum wage passed in 2007 contributed to job losses for entry level and low-skilled workers. The wages may have been high on paper, but the take home pay for workers fell during the first three years of the new wage.