I am in favor of raising the minimum wage. The reason is that by doing so you can count on the fact that every additional dollar will be spent locally, and it will then turn over many times. Giving money to the wealthiest, on the other hand, through “tax reform” or through any other means, will not stimulate the economy.
When the super-wealthy are given tax breaks, the money is invested all over the world. Some investments will be in South America, or in the Pacific Rim, or, worse still, large chunks of that money will end up in Caribbean bank accounts, doing nothing for the American economy. But there’s one more point with respect to the minimum wage that all Nebraskans need to understand. Holding it down to a pittance, as Adrian Smith has done—holds down wages and salaries all the way up the line. If the base is held constant, the best Americans can hope for is enough to keep up with the cost of living, and we rarely get that.
John Ruskin, a nineteenth-century intellectual said it best, “the secret to being rich is keeping your neighbor poor.” That’s why Adrian Smith won’t raise the minimum wage. Help me put a stop to this.