US minimum wage to up 2 bux

[thaibu 0]

It is likely to pass, the US minimum wage will up 2 bux.

So what does that mean to a country that has two millionaires for every one minimum wage worker in America?

Heres the The top 10:

10) Well you'll see more 'start up dollar stores'

9) college tuition will up by 20% next year

8) $3.50 Big Macs

7) only 1 CNA on any given floor at a nursing home

6) More things with 'Made In China' at Target and Walmart

5) More China made cars with 1.4 liter engines on the roads

4) more than just Mexicans doing landscaping

3) more old people doing teenager jobs (like washing cars)

2) the paper boy delivering in a porsche

1) The jobless rate will go way down, but the average work week will be less that 20 hrs.

[Robor007 0]

If you're going to post your opinion of what you think would happen you should explain why. You post makes no sense...

[Elphie 0]

If you're going to post your opinion of what you think would happen you should explain why. You post makes no sense...

It's supposed to be funny. I like it...it's very likely that will happen. or something close to it.

[de_sjiem 0]

Since the current minimum wage is about 5.15 an hour i doubt any paper boy will be driving a porsche.. 2 bucks puts the minimum wage up to a whopping 7 bucks.. whoopee..

[Alex+R 0]

Look at Florida. Unemployment continued to decline after their minimum wage hike while prices increased a tiny amount and had no effect on business.

Imagine the effect it has on people who can pay for their kids to go to daycare so they can work though, for just one example...

[w¡n9Nµ7 §£@¥€r 123]

They need to peg the minimum wage to the CPI-U and match the increases year by year.

[thaibu 0]

A few more...

1) same person employed at 4 different shops at local mall

2) only one check-out lane at Aldi store (on check day)

3) B&FYOB bring and fill your own bag grocery stores

4) Comission only Best Buy workers

5) volunteer substitute teachers

[one...two...tree 2,762]

A few more...

1) same person employed at 4 different shops at local mall

2) only one check-out lane at Aldi store (on check day)

3) B&FYOB bring and fill your own bag grocery stores

4) Comission only Best Buy workers

5) volunteer substitute teachers

What's more amusing is that none of your predictions have even been true when the minimum wage was raised.

FYI - some interesting facts about minimum wage from around the world...

The first national minimum wage law was enacted by the government of New Zealand in 1896, followed by Australia in 1899 and United Kingdom in 1902. In the United States, statutory minimum wages were first introduced nationally in 1938, and in the United Kingdom in 1999. In the European Union, 18 out of 25 member states currently have national minimum wages. Many countries, such as Norway, Sweden, Finland, Denmark, Switzerland, Germany, Austria, Italy, and Cyprus have no minimum wage laws, but rely on employer groups and trade unions to set minimum earnings through collective bargaining.

The current federal minimum wage for full or part time employees aged over 21 in Australia is AU$13.47 (~US$10.50) per hour.

As of July 2006, the minimum wage in France is set at €8.27 (~US$10.80) per hour. In 2004, 15% of the working population received the minimum wage.

Ireland's minimum wage was introduced in 2000, and is currently €8.30 (~US$10.80) an hour.

The current minimum wage in the UK for adults aged 22 or older is £5.35 per hour (c.$10.00, compared with US$5.15 in the US).

In Japan minimum wage depends on the industry and the region. The lowest minimum wage for a region (Miyazaki) is ¥4,712 (~US$40) per day, and the highest minimum wage for a region (Tokyo, Kanagawa, Osaka) is ¥5465 (~US$46.30) per day.

A simple classical economic analysis of supply and demand implies that by mandating a price floor above the equilibrium wage, minimum wage laws should cause unemployment. This is because a greater number of workers are willing to work at the higher wage while a smaller numbers of jobs will be available at the higher wage. Companies can be more selective in who they employ thus the least skilled and unexperienced will typically get excluded.

However, there are many other variables that can complicate the issue such as monopsony in the labour market, whereby the individual employer has some market power in determining wages paid. Thus it is at least theoretically possible that the minimum wage may boost employment. Whilst single employer market power seems unlikely to exist in most labour markets if understood in terms of the traditional 'company town' exposition, information and mobility imperfections, together with the 'personal' element of the labour transaction give some degree of wage-setting power to the majority of firms.

Gotta love Wikipedia.

[mrc 0]

VERY few businesses were paying even close to minimum wage anyway. This should have little or no effect on anything. Kids at McDonalds were getting over 7 bucks an hour before this bump...this is almost a non-story.

[rebeccajo 14]

VERY few businesses were paying even close to minimum wage anyway. This should have little or no effect on anything. Kids at McDonalds were getting over 7 bucks an hour before this bump...this is almost a non-story.

Exactly. And not exactly.

As our economy has become more service-driven, the wage paid by larger companies - like McDonald's, Walmart, Borders, etc. - for 'entry level' positions has risen.

The minimum wage will be a crunch for smaller businesses. You can then argue as to whether or not that will really 'hurt' them depending on the business owner. There are small mom-and-pop businesses who struggle and there are others whose owners simply pay the minimum wage because it is there and they can easily find people who need those jobs.

I know of a small grocer/convenience store operation in my town run by an old established family. The clerks there make about 6 bucks an hour no matter how many years they've been a loyal employee. The store is the tip of a small local 'empire' of other operations owned by this family, none of whom lay in bed at night wondering how they will pay the light bill or if they will have gas money to get to work till next payday.

[thaibu 0]

When minimum wages are increased suddenly in US cities, then jobs that were paying a bit over minimum wage are then at minimum wage... In HS my first job at a hospital was $6hr 13yrs ago. Newly hired workers are paid $7.25hr an if I continued to work there now I would be paid maybe $8hr. That place never really takes into consideration inflation.

There may and probably will be a reduction in joblessness but the scraping by businesses that hire part-time help (like mom&pop restuarants, and thrift stores) will really suffer.

Home Depot workers will benefit if slum bag CEOs not get quarter-billion dollar going away presents.

[almaty 19]

long needed.....

[Caladan 19]

If you're going to post your opinion of what you think would happen you should explain why. You post makes no sense...

With the OP, it's probably a Nostradamus prophecy.

Economics 101 says that if you raise the wage floor, unemployment will go up. But there's a reason that Economics 101 is followed by more courses. Unemployment is affected by a lot of factors.

I pretty much agree with Gupt.

[Heracles 417]

Minimum wage definitely has to be increased here. I would also recommend increasing the sales tax or some other tax to slow down people buying from China and maxing out their CC buying junk rather than investing and saving..

Edited January 11, 2007 by Infidel

[ChristinaM 0]

Of course, most of the significant-sized corporations who whine about the increase in minimum wage could well afford it if they weren't paying disproportionate salaries to their officers. I'm all for earning what you're worth, but the minimum wage has to be livable for full time workers, and the difference between $30m and $35m a year is not going to force any CEO onto the bread line.