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I tried to explain this to some of my friends before it was passed, it's really simple economics. The economy corrects to the inflated wages, and the correction is not fun for anyone.
"Distributed by McClatchy-Tribune News Service
Published on Monday, February 12, 2007 by CommonDreams.org
Minimum Wage Raise Is Good for Business
by Holly Sklar
The minimum wage is headed for a raise -- back to the 1950s. That's right, even after rising from $5.15 now to $7.25 in 2009, the federal minimum wage will still be lower than it was in 1956, when it was $7.41 in today's dollars.
The minimum wage was enacted in 1938 through the Fair Labor Standards Act, designed to eliminate "labor conditions detrimental to the maintenance of the minimum standard of living necessary for health, efficiency and general well-being of workers."
Business lobbyists who'd abolish the minimum wage if they could have held it hostage for 10 years -- the longest period ever without a raise. Now they want to collect a ransom of tax breaks to let it go.
www.businessforafairminimumwage.org...
Summary of Research on the Minimum Wage
* The minimum wage reduces employment.
Currie and Fallick (1993), Gallasch (1975), Gardner (1981), Peterson (1957), Peterson and Stewart (1969).
* The minimum wage reduces employment more among teenagers than adults.
Adie (1973); Brown, Gilroy and Kohen (1981a, 1981b); Fleisher (1981); Hammermesh (1982); Meyer and Wise (1981, 1983a); Minimum Wage Study Commission (1981); Neumark and Wascher (1992); Ragan (1977); Vandenbrink (1987); Welch (1974, 1978); Welch and Cunningham (1978).
* The minimum wage reduces employment most among black teenage males.
Al-Salam, Quester, and Welch (1981), Iden (1980), Mincer (1976), Moore (1971), Ragan (1977), Williams (1977a, 1977b).
* The minimum wage helped South African whites at the expense of blacks.
Bauer (1959).
* The minimum wage hurts blacks generally.
Behrman, Sickles and Taubman (1983); Linneman (1982).
* The minimum wage hurts the unskilled.
Krumm (1981).
* The minimum wage hurts low wage workers.
Brozen (1962), Cox and Oaxaca (1986), Gordon (1981).
* The minimum wage hurts low wage workers particularly during cyclical downturns.
Kosters and Welch (1972), Welch (1974).
* The minimum wage increases job turnover.
Hall (1982).
* The minimum wage reduces average earnings of young workers.
Meyer and Wise (1983b).
* The minimum wage drives workers into uncovered jobs, thus lowering wages in those sectors.
Brozen (1962), Tauchen (1981), Welch (1974).
* The minimum wage reduces employment in low-wage industries, such as retailing.
Cotterman (1981), Douty (1960), Fleisher (1981), Hammermesh (1981), Peterson (1981).
* The minimum wage hurts small businesses generally.
Kaun (1965).
* The minimum wage causes employers to cut back on training.
Hashimoto (1981, 1982), Leighton and Mincer (1981), Ragan (1981).
* The minimum wage has long-term effects on skills and lifetime earnings.
Brozen (1969), Feldstein (1973).
* The minimum wage leads employers to cut back on fringe benefits.
McKenzie (1980), Wessels (1980).
* The minimum wage encourages employers to install labor-saving devices.
Trapani and Moroney (1981).
* The minimum wage hurts low-wage regions, such as the South and rural areas.
Colberg (1960, 1981), Krumm (1981).
* The minimum wage increases the number of people on welfare.
Brandon (1995), Leffler (1978).
* The minimum wage hurts the poor generally.
Stigler (1946).
* The minimum wage does little to reduce poverty.
Bonilla (1992), Brown (1988), Johnson and Browning (1983), Kohen and Gilroy (1981), Parsons (1980), Smith and Vavrichek (1987).
www.house.gov...
Originally posted by CAConrad0825
Let's take a look at a living wage country: Germany. 17% unemployment nearing the rates of unemployment during the US great depression...not messy logic, but horrific big government fact.
Originally posted by CAConrad0825
I'll have the thread closed until real ATS members show up.
Originally posted by grover
If you can't stand the heat get out of the kitchen...
the article I posted was full of material to repute your assertions and to say that you were using messy logic is not an attack it was the truth and I pointed out quite clearly what was wrong with your assertions there as well.
To say that you will have the thread shut down smacks of the "I'm taking my marbles and going home" spoiled sport.
Originally posted by CAConrad0825
How many american's live on minimum wage? Those who live on minimum wage either have it as supplemental income or they are doing by choice, either as a college or high school student. I am a waiter and technically get minimum wage, however this does not include my tips, which most are cash and untraceable by the IRS. This is something that is absent from statistics that support the increase.
By forcing a company to raise wages you also increase the price of the goods sold. The marginal cost to hire another worker is raised so you cannot employ as many workers and you also increase overhead. Those who feel this is "greed", work two days as a manager or in the accounting department and then tell me whats greed.
Also, I do live on minimum wage technically, and life isn't that bad because i #1 choose to, and #2 make enough money on the side to cover what expenses I do have. Decrease consumption will increase savings even on a min wage household income.