2696 The real minimum wage

Dick Morris suggests it should have been indexed to the cost of living rather than givin one-shot increases, but figures the real minimum wage as:

"Much of the debate over the minimum wage is, of course, obviated by the earned-income tax credit which kicks in for all minimum-wage mothers. The credit, plus Medicaid eligibility, plus food stamps, plus day-care allowances, plus rent subsidies, plus exemption from income taxes, means that those who earn the minimum wage really have a pre-tax income equivalent over $20,000."

Tell that to beginning librarians and school teachers who earned a master's degree to earn about that much.