The minimum wage has come off the front page recently as the economy expands and other matters of national interest steal column inches from the headlines. The issues haven’t gone away. The minimum wage is sure to rear its ugly head again.
In the past the argument revolved around how much to raise the minimum wage if at all. Forcing wages higher can cause job losses, accelerate automation or cause businesses to close due to the additional overhead. On the other hand, working full-time at minimum wage is getting near impossible to survive on. There has to be a better way.
In 2015 Warren Buffett wrote an op-ed piece for The Wall Street Journal saying a carefully crafted expansion of the Earned Income Credit could solve the problem. The title of this post is from that op-ed piece.