Or $0, depending.
Posted on 05/24/2015 8:57:52 PM PDT by 2ndDivisionVet
The Los Angeles City Council this week voted to raise the minimum wage to $15 an hour. But the effective cost for employers likely will spike to nearly $20, at least for full-time workers.
Once all the nonwage costs are added, including payroll taxes, paid sick leave and the big one — ObamaCare's employer mandate — minimum compensation for a full-time worker could rise as high as $19.28 an hour by 2020, an IBD analysis finds. That would amount to a jump of $10.67, or 124%, since June 2014.
Seemingly absent from the minimum-wage debate has been the reality that at $15 an hour, many workers will no longer qualify for Medicaid. Even single parents with two children who worked 40 hours a week would earn more than Medicaid's cutoff (if inflation stays at 2%).
In effect, the L.A. City Council is asking employers to lift their low-wage workers to the middle class and give them health insurance.
Here's how L.A. employers will see their cost of a full-time minimum-wage worker rise by $10.67 an hour from June 2014 to 2020.
Wages And Taxes: Including the $1-an-hour increase last July, wages and payroll taxes will rise $7.54 an hour.
Sick Leave: Three days of paid sick leave that take effect in June will add 19 cents to the hourly wage.
ObamaCare mandate: Employers with at least 50 full-time equivalent workers could face an ObamaCare penalty equivalent to $2.94 an hour in wages for each full-time employee who receives a subsidy to buy health coverage via the state exchange....
(Excerpt) Read more at news.investors.com ...
LA will have to go full on socialist in order to smooth out the bumps in its impending and accelerated collapse.
With all those workers dreaming about having the jobs that the robots displaced them from. Some companies will automate. Others will vacate. LA will become a hi tech third world swamp.
Obama really did a fine job of “fixing” our country didn’t he? I’ve never seen this country go to hell in a handbasket like it has under this president.
-——so everything else will go up-——
That is the point. To save Obamacare, there must be general wage inflation to pay for the increased cost of insurance that doesn’t allow you to keep your doctor.
The second benefit is that the general wage and salary increase will induce all prices to rise thus requiring another wage increase and more price rises.
All that price inflation will result in the devaluation of the US $ and the reduction of the real value. Thus, the inflation reduces the national debt.
Lacking the political strength in the national government, the democrats are attempting to force the issue in their city strongholds. They have no other choice.
The failure is going to be tremendous and devastating.
How many will lose their rent subsidies?
http://www.wsj.com/articles/SB10001424127887324048904578318541000422454
DING-DING-DING-DING-DING-DING
Not ‘just’ union contract wages, but still.
‘Dog in the fight’ doesn’t quite make it...
But it sure makes a lot of libs ‘feel’ good. /s
0bamacare will FUNCTION, even if Barry has to shake every last nickle out of an Employers pocket
In Seattle, where they also have (or will soon have) a $15 minimum wage, one of the seafood joints simply told their customers to no longer tip.
The owners are NOT DUMB. They realize that the even the left-wingers in Seattle will not eat out (and believe it or not, they do once in a while) anymore as they start seeing the bottom-line number.
“In N Out pays $10.50 an hour to start. But you are expected to work hard the whole time you are at work.”
Anyone that’s ever been to an In-N-Out sees one thing TOTALLY DIFFERENT from other fast food joints - it looks like an ant colony there - no one stands around.
“In Seattle, where they also have (or will soon have) a $15 minimum wage, one of the seafood joints simply told their customers to no longer tip”
Effectively the help just took a pay cut without tips no longer on the table. Thank you local politician whom you probably voted for.
Or $0, depending.
The worst part is that even thirty an hour would not equal, in realistically inflation adjusted terms, the amount I was earning when I was in my early twenties and WITHOUT a college degree. I used to pay for a fast food lunch with two quarters. I drove a new Mustang that cost three grand and gasoline was a tenth of what it is now. I had employer paid health insurance that would cover just about anything that could have happened with 100% coverage in the hospital and it cost me less than four dollars a week for my part of the premium. I was making a hundred and ten a week and doing just fine.
Left active duty in the USN the 28th of May ‘65. The Mustang was a ‘67 that I bought at the end of ‘66. All I had to do to get a job that paid enough to live on was show up for an interview. Just walk in the door of a manufacturing plant and they would not let me leave until they made me an offer or at least told me when to come back for a final interview. I am exaggerating a little but not by much. In those days if you had a Benjamin in your pocket you could go on a vacation, now I can’t get out of the grocery store without spending more than that. I remember when you would have needed a pickup truck with side planks to haul a hundred dollars worth of groceries, now an old man can carry a hundred dollars worth, sometimes with one hand. If my wife and I eat out the sales tax is more than the meal used to cost in those days. I’m glad we own our home with no mortgage because rent on any kind of dwelling now for one month is more than it would have been for one year in the sixties. Our electricity bill for one day is as much or more than what a bill for one month was back in the sixties. Yeah, we use more power now but not THAT much more.
I guess we’re getting old. I can remember when only doctors and lawyers lived in houses costing $30,000. I am so old I have a shirt in my closet made in the United States.
Yeah, I can remember reading an article when I was already a young adult about the high cost of getting started in farming. It was lamenting that a person just trying to get started in farming needed $30,000. in capital! You could spend more than that on an equipment shed now and you woud need to spend that much again to have a good USED pickup truck to park under it. Farming is only for multimillionaires now.
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