Jump to content

What Happened When One Company Set a Minimum Wage of $70,000


Draggingtree

Recommended Posts

Draggingtree
what-happened-when-one-company-set-minimum-wage-70000Mises: What Happened When One Company Set a Minimum Wage of $70,000

AUGUST 11, 2015Jonathan Newman

 

Dan Price, the CEO of Gravity Payments, took a $930,000 pay cut to raise the minimum salary of his employees to $70,000. The plan was announced in April 2015, and set to be completed over the course of three years. Both his employees (especially the ones with a larger pay increase) and proponents of income equality celebrated the move. It garnered considerable publicity and rippled through social media, with mostly positive but some negative reactions.

 

In the New York Times piece that reported on people’s initial reactions in April, they quoted Rush Limbaugh calling it “pure, unadulterated socialism,” and an economist from the American Enterprise Institute saying “A lot of people have the sense that this may work for this one firm, but it is nothing we should take general lessons from.” Another economist from the Stanford University Hoover Institution took a different stance and predicted, “This is going to be great for his business.” Scissors-32x32.png


Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • 1711630279
×
×
  • Create New...