I saw this article indicated that Mitt Romney had suggested that the minimum wage be tied to increases in inflation. There are a number of problems with this including what conservatives have long argued — the adverse affect on employment particularly at the entry level if minimum wage continues escalating. One can imagine that in a stagflation situation such a proposal would be especially harmful. Andy Roth, spokesman for Club for Growth, hates it even as a political strategy to try to remove it as a political weapon for liberals to bash conservatives, contending “It’s a horrible idea, even as a political maneuver. Once you give liberals an inch, they’ll take a foot.” Well, Romney seems not very enamoured of it either. According to his spokesman, Romney did not mean this comment to be taken as a policy proposal that minimum wage should be tied to inflation. According to spokesman Kevin Madden, Romney continues to believe that “economic indicators should be considered as part of any discussion about raising the minimum wage” and that he would oppose any proposal which would cause an “abrupt change or a disproportionate increase that would threaten eliminate jobs, especially at the entry level.” I’m not sure why he threw it out there but I am relieved the idea is apparently not part of his economic agenda.
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