Ted Kennedy, Minimun Wage

[Elmer]

Originally Posted by FrankRizzoXD40

Can someone please tell me how raising the minimum wage will help the economy?

When you raise the minimum wage, businesses will increase their prices. That alone will nullify any wage increase. Wages go up, prices go up, the cost of living goes up! What is wrong with letting the market determine wages? What is wrong with people earning a higher wage as they work longer? Inflation also raises wages and prices over time.

Anyone know how many people in this country are actually working for the minimum wage? Answer: about 3% The average wage in this country just broke $17/hr in the last couple of months. How is raising the minimum wage going to help?

Raising the minimum wage is just a "feel good" measure that, in reality, actually does nothing. All it does for the democrats is buy votes, which is probably their real strategy behind it.

Frank

+1000

[Son of Norway]

Minimum wage should be adjusted quarterly to the CPI.

[gsh341]

Originally Posted by Mark S.

Does increasing the minimum wage raise the cost of production as much as handing out millions of dollars in severance pay to CEO's who manage to lose money for their shareholders?

Interesting way to look at it.

But what about the small companies? My brothers and I all own businesses. My business is still a one man shop, but my brothers both employ about 10 people full time. The work they do isn't demanding intellectually or physically and no experience or education is needed. basically they are jobs for high school/college age kids. (Cashier at a C-store and shop hands.) I know the kids would like more money, but if minimum wage goes up then my brothers will have to cut employees and will have difficulty filling all the shifts.

I know that raising the minimum wage sounds nice, but look at the numbers.

Current minimum wage = $5.15/hr
40 hrs = $206
2 weeks = $412
1 year = $10,712

Proposed minimum wage = $7.25/hr
40 hrs = $290 (+ $84)
2 weeks = $580 (+ $168 )
1 year = $15,080 (+ $4,368 )

It still sounds insignificant until you add multiple employees.

For 10 employees:
40 hrs = $840 increase
2 weeks = $1,680 increase
1 year = $43,680 increase

Or, to put it in perspective, 4 employees will have to lose their jobs just to pay the rest unless the employer raises prices or sells significantly more product. Just counting my brother's businesses they will have to lay off 8 people who will be forced to compete for jobs with all the other recently unemployed. That also cuts $85,696 from the local economy just counting the 8 employees laid off at my brother's businesses. All because some kid wants to make a little more money.

Does it still sound like a good deal?

[ks1911]

Originally Posted by gsh341

Or, to put it in perspective, 4 employees will have to lose their jobs just to pay the rest unless the employer raises prices or sells significantly more product. Just counting my brother's businesses they will have to lay off 8 people who will be forced to compete for jobs with all the other recently unemployed. That also cuts $85,696 from the local economy just counting the 8 employees laid off at my brother's businesses. All because some kid wants to make a little more money.

Does it still sound like a good deal?

Naw, don't worry about it. They will increase taxes on the people still working to cover the increased cost of paying the unemployed to stay at home therefore the local economy will be roughly the same. Then when businesses have problems finding enough people to work (vs. sitting at home getting paid) they will come out with a government program offering incentives for hiring those previously "unemployed"....of course this also will require a tax increase to fund it.

[xd40xd]

well put.. keep the numbers where they are.. no reason to raise MIN Wage it will only change the dollar menu to the 3 dollar menu

[dualcert]

Originally Posted by cjive134

What does this have to do with the minimum wage?

Ted Kennedy is a POS and cannot be taken even at 1/32 of his "word"
That being said, how do you think it would pertain? As was pointed out by FrankRizzo and gsh341, it's an ill conceived attempt at a "feel good" program, and if good 'ol Ted Kennedy is supporting it you can bet it isn't worth a sh**!

[bd]

As usual there are a lot of opinions stated as fact on this topic.

Such as....

When you raise the minimum wage, businesses will increase their prices. That alone will nullify any wage increase. Wages go up, prices go up, the cost of living goes up!

but we've come to expect that.

Here are some facts.

4.3 million: Number of Americans who have fallen into poverty since President Bush took office

$5.15: Federal minimum wage

26%: How much the inflation-adjusted value of the minimum wage has eroded since 1979

0: Number of times minimum wage has increased since 1997

7: Number of times Congress has increased its own pay since 1997

$0: How much more a year people earning minimum wage earn today compared to 1997

$28,500: How much more a year members of Congress make today compared to 1997

$10,700: Amount a person making minimum wage will earn in a year

$5,000: Amount below the poverty level working 40 hours a week, 52 weeks a year at minimum wage will leave a family of three

7,300,000: Number of workers who would benefit from an increase in the minimum wage

72%: Percentage of adult workers who would benefit from an increase in the minimum wage

1,800,000: Number of parents with kids under the age of 18 who would benefit from an increase in the minimum wage

11 million: Number of jobs added to the economy in the four years after the last minimum wage hike

$8.70: Amount minimum wage would have to be today to have the same purchasing power it had in 1968

2.5 years: Amount of health care for two children which could be bought by raising the minimum wage from $5.15 to $7.25

86%: Percentage of Americans who support raising the federal minimum wage




bd

[Alaskapopo]

Originally Posted by jkswiss

http://bobgeiger.blogspot.com/2007/0...-it-about.html

Every word rings true to me. Can anyone explain to me why the Republicans are so dead set against a minimum wage hike?

Was it that minimum wage was so high ten years ago that it's still too much for poorer folks? I guess another ten years at $5.15 would be about right?

People rag on Kennedy but I developed a lot of respect for him after seeing that speech of his. I hope that the Republican's are a dying breed. I know many, many of my classmates are Democrats. I wonder how things will be in another generation or so. Ten years. Wow. How many pay raises has Congress had in that time?

Republicans by nature are greedy bastards. Raising the minimum wage means money out of their pockets and into the working mans. I have to laugh when companies complain that they will have to pass on the costs to the consumer. Like it would freaking kill them to eat 2 bucks an hour and pay a living wage. This is one area where you can call me a liberal all you want. The republicans are bad for people who work for a living. Unless your a big buisness with lots of money for donations, they want nothing to do with you.
Pat

[Alaskapopo]

Originally Posted by bd

As usual there are a lot of opinions stated as fact on this topic.

Such as....



but we've come to expect that.

Here are some facts.

4.3 million: Number of Americans who have fallen into poverty since President Bush took office

$5.15: Federal minimum wage

26%: How much the inflation-adjusted value of the minimum wage has eroded since 1979

0: Number of times minimum wage has increased since 1997

7: Number of times Congress has increased its own pay since 1997

$0: How much more a year people earning minimum wage earn today compared to 1997

$28,500: How much more a year members of Congress make today compared to 1997

$10,700: Amount a person making minimum wage will earn in a year

$5,000: Amount below the poverty level working 40 hours a week, 52 weeks a year at minimum wage will leave a family of three

7,300,000: Number of workers who would benefit from an increase in the minimum wage

72%: Percentage of adult workers who would benefit from an increase in the minimum wage

1,800,000: Number of parents with kids under the age of 18 who would benefit from an increase in the minimum wage

11 million: Number of jobs added to the economy in the four years after the last minimum wage hike

$8.70: Amount minimum wage would have to be today to have the same purchasing power it had in 1968

2.5 years: Amount of health care for two children which could be bought by raising the minimum wage from $5.15 to $7.25

86%: Percentage of Americans who support raising the federal minimum wage




bd

Good post and some on here think that things are just peachy under Bush. LOL
Pat

[bd]

http://www.fiscalpolicy.org/FPISmallBusinessMinWage.pdf


http://www.epi.org/content.cfm/pm118


http://mediamatters.org/items/200701100004

http://www.americanprogress.org/issu...1/minwage.html

http://thinkprogress.org/2006/07/24/ohio-wage/

http://www.jobwatch.org/


and from here.....
http://www.epi.org/content.cfm/bp178

.....Since the last federal minimum wage increase in 1997, state minimum wage increases have provided an important boost to the incomes of low-wage workers and their families. These states have provided a testing ground for the exaggerated claims of harm made by minimum wage opponents. If the minimum wage had substantial negative effects on the economy or the well-being of low-wage workers, then it would have been observed in these states. The reality is that the states with higher minimum wages have not seen ill effects. This has been shown both in rigorous econometric studies and in assessments of broad economic indicators. These findings confirm what has been seen in a variety of other economic analyses of the minimum wage.

While the findings of economists on the minimum wage are certainly not unanimous, the weight of opinion has clearly been moving toward a belief that the minimum wage improves the lives of low-wage workers without adverse consequences. Even, however, if the negative findings of some researchers were to be accurate, minimum wage workers as a whole would be better off, as the temporary losses of the few would be far more than offset by the wage gains of the many. The positive effects of the minimum wage are difficult to dispute. The minimum wage sets a floor for the value of work and lifts the living standards of low-wage workers.

Here's my resources and more facts.


Now let's hear more about what you think it will do to the price of your cheeseburgers....?

bd