Amazon applauded by Larry Kudlow for hiking minimum wage
President Trump’s chief economic adviser Larry Kudlow praised Amazon on Tuesday for raising its minimum wage to $15 per hour for all employees in the U.S., effective on Nov. 1.
“Good for them,” Kudlow told reporters outside of the White House. “I’m in favor of higher wages.”
Higher wages, Kudlow said, are just another example of a flourishing economy that he often credits to the Trump administration’s business-friendly policies.
A reported published in early September by The Washington Post, for instance, revealed that blue-collar jobs are growing at the fastest rate in more than 30 years, with jobs in industries like mining, construction and manufacturing growing 3.3 percent in the year before July -- the best rate since 1984.
“By the way, more people working and prospering -- you’ve heard me say this before -- is not inflationary,” he said. “It’s a good thing, not a bad thing. It’s just what’s happening in the economy.”
The e-commerce behemoth said the wage hike will benefit more than 250,000 of its employees, in addition to 100,000 seasonal employees. Its current rate, which was set more than a decade ago, is $7.25 per hour. Amazon, and CEO Jeff Bezos, have come under fire in recent years for allegedly mistreating employees.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 198.68 | -4.20 | -2.07% |
Amazon shares remained fairly steady on Tuesday after the announcement.
