Among individuals with a Bachelor's degree and higher, April unemployment was 4.0%. Raising the cost of employing individuals with marginal skills is going to help this, how, exactly?
Posted on 05/04/2012 4:45:18 PM PDT by Oldeconomybuyer
(CNN) -- A basic premise of work in America is that your paycheck will inch up over time to reflect hard work, experience and rising living costs. But a lot of people aren't making any more this year than they did last year -- in fact, they're making less.
As April's jobs report from the Bureau of Labor Statistics shows, in nominal terms, wages are going nowhere fast.
When wage growth slows, its saps the whole recovery. How are we going to reboot an economy that relies on consumption when millions of us are falling behind?
Here's one way to start: Let's raise the wage floor.
Some argue that raising the minimum wage will hurt job growth, a tired old canard trotted out every time a minimum wage proposal surfaces. The facts are otherwise: The most rigorous research over the last 15 years, including studies across state lines with different minimum wages, has found that higher minimum wages do not result in job loss, even for minimum wage increases during weak economic periods.
The sooner we improve workers' wages, the sooner we'll see the economic recovery take off and our prolonged unemployment crisis fade. For all who'd like to take home more next year, here is a raise worth fighting for.
(Excerpt) Read more at cnn.com ...
What’s thanks minimum wage in CA?
Yep, I caught the mistake mere nanoseconds after it appeared in the thread. There's some immutable law of the universe at play wherein a botch is never, ever observed in the Preview pane. Only after hitting the Post button does the mistake become apparent.
In any event, great job Indiana! May others soon follow!
2007 is also when the economy began to take a turn for the worse.
IMO, these events were not mutually exclusive. So let's just add more costs to (mostly) small businesses, since it worked so well the last time! /s
What an ignoramous. No, raising the min wage will do nothing but cause an immediate financial crisis.
The comments section on that website is terrifying. The economic illiteracy is staggering.
The U.S., and the West, is done for. Break up the nation and let the blue states destroy themselves, and build big walls around the red states.
So if you raise minimum wage how will that help my husbands salary go up he makes more than minimum wage but has not had a raise in 4 years. Shut up Christine
This is as dumb as a store with too much milk on hand trying to get rid of it by raising the price. Even Lord Keynes wouldn't be that dumb.
As for the facts if we are looking at increases in the minimum wages during periods of economic growth, we would expect based on the conditions in the macro economy (a relative shortage of labor) that wages (including the minimum wage) would rise. That argument is a canard in and of itself.
Where do we get these brilliant souls from? Sure, raising the minimum waged has been of great help so far! How about the government get out of the “telling people what to do business”. That will help even more!!!!!!
...The last year in which the black unemployment rate was lower than the white unemployment rate was 1930. That was also the last year in which there was no federal minimum wage law.
The Davis-Bacon Act of 1931 was in part a result of a series of incidents in which non-union black construction labor enabled various contractors from the South to underbid Northern contractors who used white, unionized construction labor.
The Davis-Bacon Act required that "prevailing wages" be paid on government construction projects— "prevailing wages" almost always meaning in practice union wages. Since blacks were kept out of construction unions then, and for decades thereafter, many black construction workers lost their jobs.
So she is basically a stealth union hack.
Walter Williams was right...
Correctomundo. Another stitch in the unholy alliance between Democrats and Unions.
Among individuals with a Bachelor's degree and higher, April unemployment was 4.0%. Raising the cost of employing individuals with marginal skills is going to help this, how, exactly?
The reason wages are low is because there are so many illegals and phony green card/work permit holders.
The dirty secret is that many union contracts are This needs to be repeated !!
tied to the level of the minimum wage
That's correct. Minimum wage increases do not usually result in layoffs. They just reduce future hiring of minimum wage employees. The effect is the same.
I guess it depends on who’s lying statistics you want to believe in.
Statistics don’t lie, but liars use statistics.
Let me guess: Christine’s other job is economic advisor to Zero?
If you really want to lower the unemployment figures, STOP PAYING PEOPLE NOT TO WORK.
Pay Welfare to those physically unable due to age or infirmity and stop paying those who simply do not want to work.
My father had a customer once bring back a bag of dogfood to his store. The customer said the dog wouldn’t eat it. MY Dad said feed it to him every day and nothing else the dog will soon start eating it. That is the way with those who do not want to work. When they get hungry they will work.
ROFL!
is this an onion article or something!?!?
Because this can’t possibly be SERIOUS!
Freaking raising the minimum wage is partly what got us into this mess!
We need to CUT or completely eliminate the minimum wage if we want to get back to full employment!
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