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Next November, Californians will decide whether to raise the state's minimum wage to $12 an hour -- which would be the highest level of any state and not so far from the $15 an hour goal often mentioned by labor activists.
The left has gotten its mojo back in recent years, rediscovering its populist roots to take on Wall Street and -- through a revived labor movement and other attacks on inequality -- returning to its central project of creating a just economy.
But something is still missing from the progressive pitch: A higher sense of meaning. And according to new research, that element is crucial for engaging the millennials, the largest generation in U.S. history.
In today’s New York Times, Paul Krugman takes on the plight of low-wage retail and fast food workers, who have seen their real wages fall almost 30 percent since 1973 even as this sector has become a larger part of our economy. During a season when Americans flood the stores for holiday shopping, Krugman asks whether anything can be done for low-wage retail and restaurant employees.
With millions still out of work, and slack demand seeming like an entrenched reality, getting to "full employment" sounds like an almost Utopian idea. Of course, it's not -- the U.S. economy has twice emerged from recessions in the past quarter century to achieve something close to full employment (albeit with lots of low-paying service jobs). There is a good chance that we can do so again.
In fact, the Volcker rule is already federal law, passed as part of the massive financial sector overall bill known as the Dodd-Frank Act, signed in 2010. But since that time, five separate regulatory agencies, including those that focus on the markets and others on the banks, have been working to come up with a rule that will satisfy all parties.
Tens of thousands of Detroiters are waiting anxiously for 10 a.m. Tuesday. That’s when they’ll hear from Judge Stephen Rhodes whether the city is eligible for bankruptcy protection, a decision that could affect pensions, city services and healthcare for residents.
Detroit filed for bankruptcy protection July 18, making it the biggest municipality to file for Chapter 9. But it is up to Rhodes, a federal bankruptcy judge, to decide whether the city negotiated in good faith with creditors before applying for Chapter 9, and whether it was truly insolvent.
In 2012, Walmart banked $22.1 billion in profit and paid $5.3 billion in federal taxes. But if it had increased wages for its workers from $7.25 (the current minimum wage) to $12.50, it would have simply deducted the expense from its taxable income and would likely have passed along the increase to its customers, estimated at 46 cents per shopping trip or $12.49 a year for the average shopper who spends more than a $1,000, so there would have been no impact at all on pocketable profits.
They walked through the parking lot of the Walmart Supercenter at Oakwood Commons, handing out fliers, then continued into the store with the same message for the Black Friday bargain hunters: Walmart pays its workers too little.
Anthony Goytia, who works nights stocking shelves at a Walmart store in Duarte, Calif., says all he wants from the retailer is a living wage and a little respect. "I'm a hard worker and take pride in my work," said the 31-year-old, who as a part-time employee earns $9.60 an hour, or roughly $12,000 a year. "I'm not a slacker. I'm there on time. I give it my all, and it's only fair I should be compensated for that."