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Specifically, it would raise the minimum wage to $9.50 on the day of passage, then by $1.50 one year later, increasing by $1.50 each year until it reached $15 in 2025.

 One other detail that the NBC screenshots leave out: After 2025, this bill would index the minimum wage to median wages, raising it automatically every year. https://t.co/StmCH7PVYT
Here's the full text of the bill. https://t.co/oD5yT2oK3R
The minimum wage bill introduced today would phase out the tipped minimum wage loophole, raising it by $2.50 a year until the tipped minimum wage reached parity with the regular minimum wage in 2025.
Similarly, it phases out the separate minimum wage for disabled workers on the same timetable.
The timeline for the minimum wage hike in this bill sucks, but the indexing and elimination of sub-minimum wages for tipped and disabled workers is really good and important.
(There's a reason why Bernie and Jayapal are lead sponsors on this bill.)
To answer a couple of questions people have asked: First, most of the provisions of this bill would take effect before the 2024 election, if the bill passes this year.
If this bill passes in its present form this year, the minimum wage will be $14 on Election Day 2024, and the sub-minimum wage for tipped and disabled workers will be $12.50, en route to being phased out entirely the following year.
Second, any midterm Democratic congressional losses wouldn't effect the law, since Biden could veto any attempt to repeal or amend it while he remained in office.
Third, any attempt to rescind the final-year raises or the subsequent indexing couldn't be implemented by a president alone—they'd have to pass congress as well.
Fourth, the indexing after the minimum reaches $15 pegs the minimum wage to the median wage nationally. It can't go down if that median goes down, and goes up by a parallel percentage to the median.
(Most years, indexing to the median wage is better for workers than indexing to inflation—by my calculation, if the 2009 $7.25 minimum wage had been indexed to median wages it'd be a bit over $10 now, but only about $9 if indexed to inflation.)
Good question. And no, the Labor Secretary's role is just to calculate and announce the amount of the wage hike, based on the median national wage as determined by the Bureau of Labor Statistics. The Secretary doesn't have discretion in setting the wage. https://t.co/JtI1Tbu0b1
Wow. here's something interesting—this bill is actually considerably BETTER than the symbolic minimum wage bill the Dems passed in the House in 2019. https://t.co/GuaUnlArpU
The 2019 bill, like this one, phased in completely in 2025, but with smaller, later incremental steps. And while it narrowed the tipped-wage and disabled-worker gaps, it didn't eliminate them entirely, even in the final phase of the bill.
(The 2019 bill would have eliminated the youth minimum wage, which this bill also does, on a similar time schedule.) https://t.co/Rpb0wuv5Vc
In 2019, the Dems knew their bill was going nowhere. That this one is more aggressive both in benchmarks and in principles is a good sign.

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“Coffee? What does that have to do with payments?” I’m glad you asked.

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Not those who are looking to pacify Wall Street with short-term results.


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Low multiples are not a reason to buy a company.

A ship will continue to sink if it has a hole in it.

"A stock may have a low valuation but an even lower intrinsic value. Buying such a stock is not a recipe for investment success."


3. Getting quality right

For long-term investors, getting the quality of the business is more important than the valuation.

“An investor could have paid 281 times earnings for L’Oréal, 156 times for Colgate, and 147 times for Brown-Forman and still beat the market.”


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Get a cup of coffee.

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