Posted on 07/17/2008 6:59:28 AM PDT by dmh191
Soon after Speaker of the House Nancy Pelosi assumed office, she claimed one of her first victories. At last, low income wage earners were rescued with the passage of an amended Fair Labor Standards Act (or the Fair Pay Act of 2007). Instead of making, at minimum, $5.15 an hour, earners across the nation had to be paid at least $5.85 an hour. Soon to come, however, on July 24, 2008, American wage earners will have to earn no less than $6.55 per hour of labor (and again, on July 24, 2009, the minimum will be raised to $7.25 an hour).
In arguing for passage of the bill, one that many democrats were keen to see succeed, Speaker Pelosi proudly told a crowded National Press Club that “We have begun to make America’s families more economically secure, by raising the minimum wage . . . ”
(Excerpt) Read more at commentarymagazine.com ...
Economically stunted idiots....both large and small business owners will hire ‘less’ of these workers coupled with higher prices of goods will create less jobs and perhaps discourage less entrepreneurs to start businesses. Minimum wage is only for starter jobs not career vocations. The fools in D.C. are steering this nation into the dungeons!
The removal of 12 million illegal aliesn would do more to raise wages for working americans than any minimum wage laws. It would also reduce our government spending on health care, schools, police, prisons, etc. I guess that is why they don’t want to do it.
Liberals told us cutting taxes would cause revenue to go down, they said way down. We said cutting taxes would result in increased revenue. Whose forecast proved more accurate?
Liberals told us a surge in troop strength in Iraq would lead to more violence and unrest, probably even a civil war. Conservatives said a surge, properly done, would result in less violence and less chance for civil war. Whose forecast proved closer to accurate?
Liberals told us putting missiles in Europe would lead to an escalating cold war. Conservatives said it would help end the USSR as we knew it. Guess who was right?
Liberals told us that taking the WOT to the enemy, when and where we found them, would mean more attacks on US interests at home and abroad. Conservatives said taking it to them would lessen their appetite for messing with us. Do I need to ask the question again?
I could go on, but I think the point is pretty well made by now.
Lesson to be learned: Ask a liberal what to do, then do exactly the opposite.
The minimum wage robs Peter to pay Paul.
Liberals use every chance they get to set prices of private monetary transactions, an avowed goal of communism.
You are soooo wrong. Look at all the billionaires there are in Zimbabwe! /s
And it secures Paul's vote.
This guy was prescient...
The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville
Sigh.
re: Look at all the billionaires there are in Zimbabwe! /s
I think Zimbabwe is south of the equator. Everything is backwards down there.
Inflation is a monetary phenomenon.
Though I agree that minimum wages, as an interference in the free market, are to be avoided, when the minimum is below the prevailing wage, they do no harm. In the case of the Federal legislation cited here, the Federal minimum is, in almost every state, below the state minimum. Hence the raise in the Federal minimum to a level below the state minimum would have zero economic effect.
If you want to look at your causes for the present inflation, you can look two places. One is the worsening business environment causing a drop in investment in the US, and a coincident drop in dollar demand. Investors see the Bush tax cuts expiring, as well as tough environmental laws and an anti-business court system and head towards greener fields overseas.
The second major factor is Federal Reserve and Treasury policy which, instead of mopping up the excess dollars caused by investor flight, has exacerbated the situation by further debasing the dollar to the point that gold is around $1000/ oz. from an average of about $350 where it had been for years. Investors seek real returns, not illusionary ones that come from being paid back with weaker money.
You are oh so right on every item! Actually, I should have pointed out my reference to inflation was tied to an earlier post where I said you could really shut down a liberal by saying simply the minimum wage was hiked and now we have inflation. I did not mean to say that inflation was tied, literally, to the hike. Sorry if I wasn’t clear.
Even so, your points are well taken and I thank you for taking the time to provide them. Especially your take on gold.
I am quite concerned these days about our Uncle Sam. I fear he’s not getting the best of care.
The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.
Alexis de Tocqueville
++++++++++++++++++++++++++++++++
Great quote
Refresh my memory. Did this minimum wage increase become law as a result of an overridden presidential veto?
Thank you for your kind words. I'm worried too. I have decided to try to post economic common sense in every forum I can. Unfortunately, while conservatives and small-government Republicans tend to be on the right side of most economic issues, I find that many of them don't understand the economics much better than the average Democrat. In order to influence those in the middle, we need to be able to explain what the problem is and why it is causing an economic decline and what needs to be done to right the ship. Otherwise the debate is dominated by those who blame greedy speculators instead of clueless legislators.
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