Minimum wage has become a contentious political issue, even though it has nothing to do with a living wage. Workers are paid for the worth of the job they are paid to do. Nevertheless, Democrats plan to tap into what they perceive as income inequality by using minimum wage as a plank in their populist economic platform heading into the November elections.
President Obama’s speech yesterday on inequality is being lauded as one of the best of his life, by people who paid attention to it. It’s a sad speech to read, in some sense, since it contains within it the promise of a presidency that we never saw come to fruition – the sort of policy effort that might have been launched to bipartisan success in the first year of his presidency, instead of his effort on Obamacare.