At the current minimum wage of $7.25 an hour, a full-time worker makes only $15,080 in a year — well below the poverty line for a family of three. So it’s nothing but good news that President Obama signaled in December 2013 his support for Democratic law-makers’ push to raise the federal minimum wage to $10.10 an hour. In truth, we need more than just a raise in the minimum wage: we need a living wage and a guaranteed annual income for anyone who is unable to work, for whatever reason.

In an op-ed titled “Better Pay Now,” New York Times columnist Paul Krugman made an impassioned plea for a raise in the minimum wage. Even amid its Great Recession, America is a much richer country now than it was forty years ago, Krugman argued, but that wealth hasn’t reached the hands of workers:...

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