Cheers, Boos At Exec’s $70K Minimum Wage Plan

Last week Dan Price, CEO of credit card processing company Gravity Payments, announced he would set “minimum wage” at $70,000. Though much of the immediate reaction on social media and elsewhere was positive, some commenters were skeptical. “His mind-set will hurt everyone in the end,” Sandi Krakowski, author and Facebook marketing expert, wrote on Twitter. The decision was likely influenced by the false equating of better paid workers with more productive workers, said Patrick R. Rogers, an associate professor of strategic management at the School of Business and Economics at the School of Business and Economics at North Carolina AT&T State University, but “there’s just no evidence that this is true.” Rush Limbaugh weighed in among the critics, calling the move “pure, unadulterated socialism.”