In his 2015 State of the Union speech, President Barack Obama urged Congress to raise the federal minimum wage from $7.25 to $10.10 per hour, and stated that future minimum wage increases should be tied to the cost of living. Explain how tying the minimum wage to an index like the CPI could impact the economy? Do you suppose the impact would be different if the minimum wage was tied to the chain-linked CPI as opposed to the fixed-weight CPI? Explain.