Tag: inflation
In theory, the size of the COLA shouldn’t matter if purchasing power is maintained. For some reason that I do not fully understand, Social Security beneficiaries love to get a cost-of-living adjustment (COLA). Mind you, I do view automatic indexing of benefits as a wonderful feature of our Social Security program. Without such adjustments, retirees…
Largely missing from the debate about raising the federal minimum wage is how much its value has eroded over the past 50 years. The current federal minimum is $7.25 an hour. If the 1968 wage were converted to today’s dollars, it would be worth about $12 an hour. At $7.25 an hour, a full-time worker…
