David Harrison

speaker
171 appearances 4 recordings 1 series first heard Mar 2018 last heard Jan 2022

David Harrison’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Employees Get Cost-of-Living Increases to Fight Inflation · 5 Jan 2022 podcast
In that case, that's where it's spelled out.
Some states also have a cost of living adjustment tied to their minimum wage rates.
When inflation goes up, your minimum wage goes up.
And so that's going to happen this year as inflation has gone up.
These states are going to see a minimum wage workers in several of these states like Arizona or Colorado or Minnesota are going to see their pay go up.
Not necessarily.
No, these could just be people who work minimum wage jobs.
And, you know, as inflation rises, you know, under the state's minimum wage laws, their pay goes up.
For instance, in Arizona, which is one of the states that has tied their minimum wage to inflation, the hourly pay raise for a minimum wage worker went up 5.3% at the beginning of this year, of 2022.
And last year, by contrast, it only went up 1.3%.
So that's a clear sign that we've seen rapidly rising inflation in 2021, which has led to a significant bump in the minimum wage.
So as of the beginning of this year, a minimum wage worker in Arizona makes $12.80 an hour, up from $12.15.
It's likely that as more of these contract negotiations come up, that unions are going to start asking for COLAs as part of the regular negotiations, as part of the regular contract renewals.
So we definitely could see more unions asking for trying to put COLA clauses into their contracts.
Well, there's a risk that if wages and inflation rise together, they could kind of spiral upward.
So as inflation rises, wages rise, which pushes inflation up, which pushes wages up again.
And that, you know, it's called a wage price spiral.
And that could be a possibility that it could lead to a situation in which inflation rises very, very rapidly.
So far, there's not much evidence that that's actually happening, but it's something that economists are keeping an eye out for.
And, you know, I'm sure if something like that does start to take effect, that's something the Fed would probably want to respond to.
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