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New bill pushing for $10 minimum wage; how will this affect economy?

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posted on Jun, 8 2012 @ 09:58 AM
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reply to post by mytheroy
 


So once you have opened your own business and have run it successfully for many years,
then come talk to me.

Right now, my employees are treated well. I have also taken reduction in my own families income for the benefit of my business and employees.




posted on Jun, 8 2012 @ 10:04 AM
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reply to post by oneness86
 


All i see is owners doing jack %&*^ making enough money for new cars and constant vacations while paying their workers minimum wage.

Go to any buisness and see what its owner does... most likely their fingers are blistered from shopping and counting money.

Children who got a loan from a bank.. grinding their workers into the ground so they can stay home and play with their toys.



posted on Jun, 8 2012 @ 10:18 AM
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reply to post by Wertdagf
 


Wow, you really have a warped sense of reality,

as it applies to running a small business.



posted on Jun, 8 2012 @ 10:20 AM
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What I still don't understand and probably never will is why does Australia have a minimum wage of $15/hr. They just raised it to that, before it was $14. The US is such an innovator in that we keep the minimum wage to1968 levels. It baffles me, meanwhile congressmen and women make an absurd amount of money along with company CEO's.



posted on Jun, 8 2012 @ 10:24 AM
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I can honestly say that all that will do is hurt the people that have worked and studied to get a job that pays over that. Because they WILL NOT raise my wage to meet that new standard. however food and all other items will go up to compensate what they will have to pay the new wage rate. I still have not caught up form the last raise which did nothing but make the cost of a happy meal go up $2. meanwhile, those of us who did work our was up to say $15 and hours just got bumped down to the equivalant of $12 and hour while not helping the poor minimum wage guy AT ALL. This is common practice for politicians becasue the average uninformed citizen will just see more money coming his way and his checks will look bigger while he continues to live in poverty. Pretty soon we will be like Africa where it cost $5000 for a coke and people are bringing in stacks of money in a bag to pay for their items.



posted on Jun, 8 2012 @ 10:24 AM
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reply to post by Wertdagf
 


My last boss was like this 100% Told me when I first started out that I'd get health insurance and make $15/hr once I became full time, I was full time from day one. I worked there for 11 months and never got health insurance, nor the $15/hr. My highest rate of pay got to 10. It was laughable. Meanwhile he wouldn't even bother to show up to work because he was too hungover from the night before. The guy was utterly insane. He was the typical Italian who wanted everything for himself but wanted to do nothing to get it, that's what we're for.



posted on Jun, 8 2012 @ 10:41 AM
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Here is the other elephant in the room. If corporations that pay minimum wages are forced to spend more on pay, what is to stop them from sending yet again, more jobs overseas?

I am self-employed. I run a business from my home, and I can tell you that ANY time the cost of doing business goes up, I have to adjust something else in my budget. Unless my sales go up, it will bring down my profit. I have to seriously consider raising prices, because that way I can at least keep my profits where they were. I don't want to raise my prices, it makes me less able to compete in my market. Now, all the materials I buy will go up in price to compensate for the additional amount they will have to pay in wages too. I can't just raise prices to reflect the extra spending in wages, I also have to raise prices to reflect in increase in raw materials that I will have to pay, and if I had employess, my payroll tax will go up because that is calculated on gross wages. The percentage does not go up just in relation to the wage increase, it ends up being more than the wage increase. You might think that my sales would increase due to the public having more money in their pocket, but again, they are just spending that extra$ on things they already buy, so, do they really have more buying power? No. Minimum wage sets prices, and can't go back once the increase is made. It appears to me, it fixes the prices at a certain level they can't go back. Do you decrease your spending when prices go up, even if you get a small raise?

I don't have employees, but I do have to buy raw materials, gas, electricity, etc. These will go up in relation to increased wages. I can't afford to raise my prices right now, my business is still new, and I don't have a longstanding reputation yet. I will take a hit. How many new business owners are in this position? Who is the real winner here? The people who go from making $7 to $10 an hour, have more money in their pocket, but watch the money disappear when everything they buy goes up in relation to the extra $ they earn? Not them. The Government, who like the poster before me said, gets more money in taxes from their interest-free loans (taxes)? Or the current administration who is campaigning heavily this year and is pandering to people who make minimum wage. Looks pretty clear who the winners are, and it is not you and me, the small business owner.



posted on Jun, 8 2012 @ 11:07 AM
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Originally posted by Submarines
reply to post by Wertdagf
 


Wow, you really have a warped sense of reality,

as it applies to running a small business.


Buisnesses go out of buisness routinely because they cant cope with rising costs, be it energy, overhead and yes, salary and you know what, those who closed shop in the 1980s are not missed today, the economy kept expanding regardless, even when the losers had to go.

I really dont see your problem. If you are a small buisness owner and it turns out an increase in minimum wage does not hurt your buisness too much, you will adapt.

If however it does hurt your business and you prefer to be employed, you can take advantage of the new minimum wage laws. It does not work that way if the cost for energy or raw materials increase.

Small business owners cant loose :p and big business owners, I don't think they will notice an impact beyond being able to be hoarding somewhat less in cash.
edit on 8-6-2012 by Cassius666 because: (no reason given)



posted on Jun, 8 2012 @ 11:11 AM
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Is demonolgy to even present a bill that does nothing to equlaize everyone into a system of abundance. 10 dollar does not support a family. I wouldnt work for anything that didn't.



posted on Jun, 8 2012 @ 11:14 AM
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Who exactly makes minimum wage?



posted on Jun, 8 2012 @ 11:17 AM
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Originally posted by oneness86
A new bill in Congress "Catching Up To 1968 Act of 2012″, which advocates for an increase in the national minimum wage from $7.25 to $10.00/ hr

www.talkradionews.com...

The bill is being pushed by Jesse Jackson Jr, Rep. John Conyers, Jr. (D-MI), Rep. Dennis Kucinich (D-OH), Robert Wiseman of the consumer advocacy group Public Citizen, and activist Ralph Nader.




“I don’t think a conservative Republican worker at Walmart making $7.75 an hour will say that their ideology prevents them from supporting a $10.00 minimum wage,” said Nader.


Im currently making less than this new increase, and i just dont think this is a good idea for the economy. It seems like the prices of all goods are just going to increase because of this. Any thoughts?


Dont think of this as a hike in minimum wage. Think of this as a raise for Union workers in an election year. Most of the time it sounds nice to raise minimum wage but in reality not many people really make minimum wage any more. Most entry level fast food jobs are actually above minimum wage. But Unions typically raise their wages when minimum wage is raised therefore this is nothing more than a vote getting tactic. Why do you think Unions are always for the Democratic candidate? Its not because they are liberals, it is because they dont want to bite the hand that feeds them.



posted on Jun, 8 2012 @ 11:19 AM
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Take a look at who is pushing this and why. It has NOTHING to do with the average worker and everything to do with the UNION worker. Numerous labor contracts are tied to the minimum wage. If the minimum wage increases so does the wages of those covered by those contracts. The recall election in Wisconsin has the unions running scared right now. They will do everything that they can to keep their dues money rolling in.



posted on Jun, 8 2012 @ 11:20 AM
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reply to post by Unity_99
 


Minimum wage isn't meant to support a family. It is an entry level wage for people little or no marketable skills.

People who believe minimum wage should be enough to support a family should take a good look in the mirror and accept the fact they will always be low income earners with a mindset like that.



posted on Jun, 8 2012 @ 11:25 AM
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This wont work. The only thing that will ever work is some sort of mandatory worker/corporation profit sharing that comes off the top before any investor or CEO gets a dime. IN other words actual work will have to be paid more than investing or fat catting at the top. I am not talking about Small single person owned buisness I am talking about putting a cap on how much company profits can be drained by investors and CEO types over the pay of the work force in companies traded on the market. Less for Rich investors and more for people actually clocking 8 hours of work per day.



posted on Jun, 8 2012 @ 01:02 PM
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reply to post by FreeFromTheHerd
 


Wrong actually minimum wage was originally set to be the median wage required to maintain the minimum standard of living working one job. When it was set typical rent for a minimum wage employee was 30% of their salary. The problem with it was not tying it to inflation, so as those top wage earners were getting wage increases the bottom did not keep up. By not requiring the bottom to raise with inflation it made it to where the top management salary could become highly distorted from those down the ladder. By tying it to inflation it would have actually worked as a mechanism to slow it down. And many states that have recently raised their minimum wage above the Federal minimum have adopted tying it to the rate of inflation for this reason.



posted on Jun, 8 2012 @ 01:16 PM
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reply to post by KeliOnyx
 


Mind pointing out which clause of the Constitution gives the federal government the power to dictate any wage?

Markets should be the force setting wages, not government.

Minimum wage earners are in fact low to no skill people who lack the skills to demand a higher wage in a competitive market. The absurdity of a burger flipper or drive through worker making $10 an hour simply because of politicians pandering to the low income earners in order to garner their vote is laughable


.



posted on Jun, 8 2012 @ 01:39 PM
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An increase in minimum wage is actually solely inflationary, won't have any impact on the economy at all other than to push prices of everything up as business have to cover the costs of the extra $2.75 an hour for their employees.

This reprensents a 37% increase in the basic minimum wage, you can bet prices will go up the same to accommodate.



posted on Jun, 8 2012 @ 01:53 PM
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Originally posted by FreeFromTheHerd
reply to post by KeliOnyx
 


Mind pointing out which clause of the Constitution gives the federal government the power to dictate any wage?

Markets should be the force setting wages, not government.

Minimum wage earners are in fact low to no skill people who lack the skills to demand a higher wage in a competitive market. The absurdity of a burger flipper or drive through worker making $10 an hour simply because of politicians pandering to the low income earners in order to garner their vote is laughable


.


While they may be low skilled McDonalds and such woudn't exist without burger flippers. They are a neccesary part of our economy. If everyone were to get college educated a certian portion of them would still end up as burger flippers. As such they need to earn a livable wage. As for any inflation that would cause, so what! We should be paying prices needed in order to pay people a living wage. Otherwise we are the exploiters.



posted on Jun, 8 2012 @ 02:40 PM
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What inflation people? Are you insane?


About time the mw goes up to $10 although to be frank it should be about $20 an hour.

The prime rate which commercial banks borrow from have been at rock bottom rates for a decade but this terminally ill economy has outsourced and automated everything to asia, especially china and india.

If you have to blame someone blame the root cause. Just lots of senseless whinning. Has been getting older and older and boring and boring. Small and medium business has been getting screwed from lack of available currency because all the investors have dumped america. Bye, bye america.......the titantic is leaving new york harbor for beijing.

Trickle up and up, till the poor die from work exhaustion, homelessness and disease! Reagan got his moronic theory ass backwards!



posted on Jun, 8 2012 @ 03:18 PM
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Two things always makes me scratch my head with this "They will just raise prices to compensate" argument.

Maybe this time someone can explain them to me?
1) I went shopping today. Lots of products did cost less than "Everything you own and ever will earn" If companies can just set prices wherever they want, with no consequence, why do they demand less?

2) If a producer can just raise the price, why can't I do the same and just demand a higher wage, to compensate?





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