Skip to comments.Higher Minimum Wage Coming Soon
Posted on 07/10/2009 4:33:28 AM PDT by edpc
The federal minimum wage is set to increase later this month as the job market shows signs of further decay.
The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the U.S. Department of Labor.
The impact will be felt in 29 states, and many of them plan to match the federal minimum when it goes through.
(Excerpt) Read more at finance.yahoo.com ...
Unemployment has increased for nine months straight, achieving a 26-year high of 9.5% in June, according to the Labor Department.
This will only force struggling businesses to make further job cuts.
Absolutely correct, this also is the first tangible proof of INFLATION ... here we go!
I suspect that most leftists never took microeconomics in college. Too much math, too rigorous. Better to select an elective course which promises to excite the emotions rather one that will exercise and strengthen the pea brain.
Don’t worry, Obama will save all those poor victims of the evil capitalists. He has wonderful unemployment benefits and is going to make some dirt moving jobs.
Union contracts will force “captive companies” to raise all wages based on how much the minimum wage goes up by.
But, raising the minimum wage is SOP (standard operating procedure) for the Dems, because they *care* about the "little guy."
Chuckle. One of the Econ profs at Hillsdale College tells the story of how he was involved in presenting (or threatening to introduce) legislation to require raising the minimum wage to something like $100.00 per hour. "Why not?," he inquired with an impish grin.
Why don’t they make it $50 per hour - then everybody will be rich!
“Rubbing salt into the wound” is how I would describe this increase during a recession.
Another "Jobs bill". Great timing.
Does that really happen? I often wondered about that, since those with non-minimum wage positions see less of an increase by comparison, even when the evaluations are above average.
The businesses that don't close.
The federal government is robbing Peter to pay Paul.
Increase unemployment another point or two.
If anyone doubts that these communists are INTENDING to destroy this country, you need to get your head out of your arse.
Most lower wage people are the ones that benefit form Barry’s policies. They will also take the brunt of job reductions in this minimum wage hike. They need to feel the pain or they will never understand how this wealth transfer affects everyone.
.......This will only force struggling businesses to make further job cuts. .....
The minimum wage increase is a necessary precursor to the coming inflation. A rising tide raises all boats. As the prices rise as a result of too much money chasing too few goods, the wage levels all around must rise.
The minimum wage was constant or near constant for a long time simply because there was no inflation. There was no need for wage rises to keep up with prices. That is different now.
We are in for an inflation that will last the length of time necessary to void the deficit. The deficit will be erased by inflation..... that is the only way
When enough jobs are erased by the current recession, the Mexican invasion will be reversed and if the cities haven’t been burned by riotous urban malcontents, the once undesirable jobs will be taken by real Americans who had better jobs in the good times.
While a very large percentage (I don’t know the number) of UAW workers are presently on paid vacation, they will be getting a raise for doing such a good job.
Did you really think the Democrats in congress are looking out for the person earning minimum wage? If they really cared, they would make it possible for these workers to follow a career path out of poverty.
Every time the min wage increases:
Your savings account value decreases.
The cost for everything increases.
If you’re yearly salaried, your paycheck value decreases
If you are paid hourly and it’s over min., the company will not increase your pay accordingly so again, you lose
More businesses will fail especially during hard times like these
The federal government is robbing the children and grandchildren of Peter & Paul to pay Peter & Paul.
They memorized a one line poem as their only exposure to economics. "From each according to his ability; to each, according to his need."
That's all the economics they know. Anyone who talks about numbers and math in economics just isn't willing to do his fair share.
Good point! I stand corrected :)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.