Why A $70,000 Minimum Salary Isn't Enough for Gravity Payments

When Dan Price announced that he was raising the minimum salary in his company to $70,000, it made a lot of headlines. The story of the founder and CEO of the Seattle-based credit card processor Gravity Payments drastically cutting his own salary in order to raise the standard of living of even his lowest paid employees was written about just about everywhere, from liberal bloggers to conservative radio hosts.