📺 @BernieSanders tonight at 6pm ET will join @NewsHour .

[Celerity]

8. that is not germane to the error made in the comparative components of your initial reply

Last edited Fri Mar 5, 2021, 07:51 AM - Edit history (1)

Your statement used the word now, which is not applicable to this particular subject, as Sanders always has used multi-year phase-ins for his wage increase bills. There is no new action in this bill compared to his past ones, thus your analogy is faulty.

Sanders is many things, but he is not a fool about macro and micro economics. He is well aware that more than doubling the baseline minimum wage in a single fiscal year would have serious systemic knock-on effects, and could possibly generate exogenous shocks that could have destabilising outcomes both large and small. A multi-year glidepath allows for much of that to be avoided.

Some of the potential drivers of that systemic turbulence would be due to the fact that it would not just be the sub 15 usd per hour workers who would get wage increases. Many more wage cohorts would also see increases as well, as there are a multiplicity of interlocks with negotiated labour contracts that are pegged to the minimum wage via an assortment of adjustment formulae.