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Higher Minimum Wage Coming Soon
CNN Money via Yahoo Finance ^ | July 8, 2009 | Aaron Smith

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 ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bhodol; business; dol; economy; jobs; minimumwage
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But the next increase is set to occur as the job market is reeling under high unemployment and ongoing payroll cuts.

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.

1 posted on 07/10/2009 4:33:28 AM PDT by edpc
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To: edpc

Absolutely correct, this also is the first tangible proof of INFLATION ... here we go!


2 posted on 07/10/2009 4:40:00 AM PDT by DHC-2 (my flags: http://www.jdlinn.com/liberty.html)
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To: edpc

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.


3 posted on 07/10/2009 4:41:16 AM PDT by Colonel Kangaroo
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To: edpc

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.


4 posted on 07/10/2009 4:41:36 AM PDT by Rodebrecht (What are you and who do you want?)
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To: edpc

Union contracts will force “captive companies” to raise all wages based on how much the minimum wage goes up by.


5 posted on 07/10/2009 4:43:28 AM PDT by Dixie Yooper (Ephesians 6:11)
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To: edpc
This will only force struggling businesses to make further job cuts.

Yep.

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.

6 posted on 07/10/2009 4:44:16 AM PDT by MaggieCarta (We're all Detroiters now.)
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To: edpc

Why don’t they make it $50 per hour - then everybody will be rich!


7 posted on 07/10/2009 4:44:38 AM PDT by frithguild (Can I drill your head now?)
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To: edpc

“Rubbing salt into the wound” is how I would describe this increase during a recession.


8 posted on 07/10/2009 4:45:41 AM PDT by Erik Latranyi (Too many conservatives urge retreat when the war of politics doesn't go their way.)
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To: edpc
Higher Minimum Wage Coming Soon

Another "Jobs bill". Great timing.

9 posted on 07/10/2009 4:46:44 AM PDT by steelyourfaith ("The problem with socialism is that you eventually run out of other people's money" - Lady Thatcher)
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To: Dixie Yooper

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.


10 posted on 07/10/2009 4:47:10 AM PDT by edpc (01010111 01010100 01000110 00111111)
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To: edpc
This will only force struggling businesses to make further job cuts.

The businesses that don't close.

The federal government is robbing Peter to pay Paul.

11 posted on 07/10/2009 4:48:40 AM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: edpc
Great.

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.

12 posted on 07/10/2009 4:49:34 AM PDT by Ghost of Philip Marlowe (It's soft tyranny, folks. It's smiley-face fascism.)
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To: edpc

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.


13 posted on 07/10/2009 4:49:37 AM PDT by caver (Obama's first goals: allow more killing of innocents and allow the killers of innocents to go free.)
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To: mewzilla
From 2006...

Mythology of the Minimum Wage

14 posted on 07/10/2009 4:51:50 AM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: edpc

.......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.


15 posted on 07/10/2009 4:52:33 AM PDT by bert (K.E. N.P. +12 . The boy's war in Detriot has already cost more then the war in Iraq.)
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To: edpc

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.


16 posted on 07/10/2009 4:55:56 AM PDT by Dixie Yooper (Ephesians 6:11)
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To: edpc

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


17 posted on 07/10/2009 4:56:11 AM PDT by bgill (The evidence simply does not support the official position of the Obama administration)
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To: mewzilla

The federal government is robbing the children and grandchildren of Peter & Paul to pay Peter & Paul.


18 posted on 07/10/2009 4:56:43 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: Colonel Kangaroo
I suspect that most leftists never took microeconomics in college.

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.

19 posted on 07/10/2009 4:59:11 AM PDT by Hardastarboard (I long for the days when advertisers didn't constantly ask about the health of my genital organs.)
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To: An.American.Expatriate
The federal government is robbing the children and grandchildren of Peter & Paul to pay Peter & Paul.

Good point! I stand corrected :)

Sorry, kiddos.

20 posted on 07/10/2009 5:01:01 AM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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