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Minimum Wage Hike: More Money or Fewer Jobs?


US Politics & Gov't  (tags: Government, USA, Wages, Jobs, employment, Minimum Wage, economy )

Dee
- 1983 days ago - money.cnn.com
On Friday the federal minimum wage jumps to $7.25 an hour from $6.55. Economists differ as to whether that will hurt or help low-income workers.



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Comments

Dee C. (23)
Friday July 24, 2009, 5:12 am
"NEW YORK (CNNMoney.com) -- On Friday, the federal minimum wage rises for the third year in a row, sparking the perennial argument among economists: Will it help workers at the bottom of the ladder, or will it kill their jobs?

The U.S. minimum wage goes to $7.25 an hour, from $6.55, according to the U.S. Department of Labor. Most states have their own minimum wage, and employers are required to pay whichever is higher. That means minimum wage workers will get a raise in 29 states. In the remaining 21 states and Washington, D.C., they'll see no change."

Read more at site..
 

. (0)
Friday July 24, 2009, 8:07 pm
Gee Whizzzzzz... this benefits little and puts others at an disadvantage... so whats the point if the other half cannot fdind jobs, because others are being paid more.... Perhaps they will land up having to do the work of two....
 

. (0)
Friday July 24, 2009, 9:22 pm
We can have higher wages and greater employment,if we democratize ,redistribute and start to reverse the vastly unfair slicing of the pie that has become seen almost as natural.How can a failed ceo be worth a multitude of successful doctors?
Society needs those who are performing many of the low paid jobs-it needs to get rid of the offensively overpaid cheif exec /ceo vampires who suck from society..and nationalise those assets that are propped up by OUR public money.
 

Carrie H. (135)
Saturday July 25, 2009, 6:42 am
To me this is sad..... Small business are the fasting growing jobs in America! so what they are really saying is slave labor jobs are the fastest growing in america! As a small business owner only 2 people work for me that is my self and my teen son, if the small business is to small to paye a real wage then well they need to stick to hiring family.
 

Simon Wood (207)
Saturday July 25, 2009, 6:54 am
The working class produces all wealth, by their labor. They create more than enough wealth for everyone to have a decent standard of living - but the capitalist class (major shareholders of corporations), who own and control the econom in capitalism, legally steal much of that wealth, and then a huge amount is used by capitalist governments (e.g. governments of Republicans and Democrats in the USA) on their militaries, to bail out inefficient banks and other corporations, and to subsidize industries which would otherwise be uncompetitive, such as the U.S. farming industry.

If we distribute that wealth (which, I remind you, is created by the working class), then we can provide jobs for ALL PEOPLE, and every worker can have a decent wage, and we can afford to give a living income to everyone who cannot work.

We can achieve this by DEMOCRATIZING THE ECONOMY. I am talking about all people have a democratic say on all industries and the wealth produced (instread of a few megarich shareholders controlling corporations, as happens in capitalism). And I am talking about all industries being democratically managed by their workers (in regular democratic assemblies of all workers in each workplace, as in the hundreds of worker-controlled cooperatives in Argentina). This is true socialism - unlike the false undemocratic so-called "socialist" systems of the USSR and China under Mao, etc. - those systems were controlled by a small powerful elite, much the same as capitalism.

Let's share out all wealth and power amongst all people!!!

Power to the people!!!
 

Mark G. (36)
Saturday July 25, 2009, 8:21 am
Simon who are these working class people who produce all the wealth or these capitalists CEO’s who don’t? I paid my way through engineering school, and then worked my way up to exec vice-pres of a public company after 18 years of 60+ hours of work per week. Then I became pres of a division of a large public company. Of course I then worked 70 to 80 hours a week. Traveled over 40 weeks a year away from my family and often worked 20 or more straight days including weekends without a day off. Yes I worked my way up to a good 6 figure salary. So was I a fat CEO or a working class person?
Left there to start my own business. Employ 24 people. Had some good years. Never worked less than 60 hours a week. When business began to falter in 2006, avoided laying anybody off by cutting my salary every year. This year my partner and I went 4 months with NO salary, but never missed a payroll. In debt up to my neck like most business owners. Finally in June we began to be able to take what amounted to less than $8.00 an hour as salary again. Which was less than EVERYONE of our employees except 1, a mentally-handicapped person who we gave a job years ago as a favor to her family so she can get out of her home for a few hours. Even though she really is not able to do anything. So am I a fat CEO or working class now?
Why do I do this? For the same reason most business owners do. To make a lot of money doing what I love doing. Like most business owners I daily risk EVERYTHING I own. This minimum wage increase will only affect one of our employees – the handicapped lady. Since there is no money left at the end of a week, we will either cut our own meager pay, or our other employees who are much higher than minimum, or we will lay her off. We fat capitalist CEO’s are ruthless!
By the way you know very little about how actual business or the economy works. Go to the bank, risk everything you own, start a business, work night and day, and let us know in a few years how you are doing.
 

. (0)
Saturday July 25, 2009, 8:26 pm
Far more wealth and power is inherited Mark,than is made through people accumalating..I've worked 60-70 hours a week,and I will never be rich..many people around the world..the hardest working of all in places like China and India..or even dirt poor parts of America work very very very long hours..and will always be poor and exploited...so are they CEO'S or are they working class now?
 
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