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By 2017 $10.10 will be worth less than $8.70 today.
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Originally Posted by All American NYC
The biggest problem is that the minimum wage in real dollars has been falling for decades.
Wow, what an astute observation.
Too bad you don't understand why.
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Originally Posted by urbanlife78
That is awesome, hopefully more states will follow. I imagine Washington and Oregon will be the next states to do something like this.
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Originally Posted by Three Wolves In Snow
And the price of all of their goods, and their taxes will go up, just as it has every other time they raise the minimum wage...which leaves those on minimum wage exactly where they already were.
And then we lose even more jobs.
Yes, what a win.
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Originally Posted by urbanlife78
Then how do you explain when those things go up even though minimum wage didn't go up?
It's called Economics.....and she knows a helluva lot more than you...
How is a person supposed to raise a family on $10 an hour?
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Originally Posted by s1alker
You don't.
You relocate to one of the several hundred economies within the united States that has poverty level between $4,000 and $8,000 annually for a single person, instead of living in one of the coupled hundred economies where the annual poverty level for a single person is $20,000+ annually.
I'm guessing people need to learn the meaning of the word "average."
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Originally Posted by HeyJude514
Apparently, in the Three Wolves universe, prices for goods and taxes have remained completely static for the last five years, which was the last time the federal minimum wage was raised. (I think that universe is named Fantasyland.)
So, what if that was true?
Obviously you don't understand the purpose of Economics.
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Originally Posted by MTAtech
That has not been established to be true.
Yes, it has....the fact that you refuse to see does not alter reality.
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Originally Posted by MTAtech
This isn't the first time a state raised the minimum wage. On previous times prices either didn't rise or rose insignificantly. You said, "their taxes will go up." Whose taxes would go up, the worker? Not at those salaries.
Well, let's see.....that's working out really well in Ohio.....
Jul 18, 2013 - Ohio lost 12500 jobs in June. Only Tennessee shed more jobs. Ohio's second to last place finish comes a month after the state lead the nation ...
Dec 21, 2013 - Ohio lost more jobs than any other state last month and is on track this year to post its weakest job growth since the recession ended in 2009.
Aug 16, 2013 - Offshoring continues to impact Ohio with companies cutting at least 1800 jobs in the state since January, according to petitions for federal ...
buckeyeinstitute.org/.../ohio-private-sector-job-gro...The Buckeye Institute
Dec 31, 2013 - The November 2013 Ohio By the Numbers report (now available on the Buckeye Institute website) shows a rough month for the private sector ...
ohiodems.org/under-gov-kasich-ohio-plummets-t...Ohio Democratic Party
Dec 23, 2013 - Today's disastrous economic news closely follows reports that during November, Ohio lost 12,000 jobs – the worst job loss of any state in the ...
Oct 27, 2013 - First of three parts A stillness fills the air at Buckeye Silicon's headquarters. The machinery in the company's nearly empty South Toledo ...
That's rich......Democrats raise minimum wage, then Ohio starts bleeding jobs, and Democrats blame Republicans.
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Originally Posted by irish_bob
opposition to raising the minimum wage mainly stems from two camps
the fiscally illiterate and the pathologically mean spirited
Where's you evidence.....you got so many fallacies there, one doesn't even know where to begin shooting you down.
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Originally Posted by urbanlife78
I have a feeling this is a false statement and we won't see Connecticut become the state with the highest rate of job loss in the country.
A feeling? Um, Economics isn't based on "feelings."
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Originally Posted by MTAtech
If an employer needs workers to fill "X" demand, then the employer is going to hire workers to meet that demand, not turn away customers. That's basic economics.
No, it isn't.
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Originally Posted by MTAtech
Did you ever notice how conservatives claim that raising the MW will be inflationary but are silent as the inflationary result when CEOs, who earn as much as thousands of employees, get a huge increase in compensation?
I'm sure you're all broke up about the inflationary increase in the price of luxury yachts.
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Originally Posted by Ace_TX
is the cost of living in CT low high avg?
wth is $10 MINIMUM WAGE gonna do?
We have a winner.
A Critical Thinker has asked some important questions.
The answer to one of your questions is "nothing."
Prior to the increase, if you were single earning $26.75/hour and $53,490 annually in Stamford, Connecticut, then the restivus paid your tax-payer subsidized Section 8 Housing.
Amused...
I studied a whole lot of economics courses in college, and the simple fact is raising the minimum wage probably won't have much impact on inflation, ....
You can't say that with any certainty. Each of the 1,539 separately functioning economies within the united States has to be examined individually.
Note that economists are loathe to do that, and instead cherry-pick.
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Originally Posted by Egbert
Because as we all know there is no reasons independent of wages that cause inflation particularly in a localized area
Which is why you have to examine each of the 1,539 separately functioning economies independently.
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Originally Posted by Egbert
The fact is inflation will not happen because of a minimum wage increase.
Yes, it will happen.
Will it happen in every one of the 1,539 separately functioning economies? No.
But where it will happen is where it hurts most, and that is in small economies, especially those areas that have less than 20,000 people, and in the inner city.
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Originally Posted by Egbert
When the minimum wage goes up, folks ability to claim government benefits like food stamps and the eitc will go down because of higher incomes.
Um, gosh that's exactly what everyone said the last time the "federal" minimum wage was increased.
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Originally Posted by Egbert
Secondly the businesses that gain the most from minimum wage being low are big businesses. This is because their fixed costs of hiring and training new employees are relatively low to the size of their business. On the other hand small businesses often pay better because their fixed costs of hiring and training tend to be a large portion of their costs. Thus they like to retain employees and paying more then minimum wage is the way to do it as such any modest increase in the minimum wage over time won't really effect them except to put more money into the hands of their consumers.
That's all wrong.
An increase in minimum wage harms GPs, LLPs, LLCs and private corporations. Publicly traded corporations have deep pockets and can ride it out. The only thing that happens when minimum wages are raised is you corporatize America that much more.
It's funny how Liberals rail against corporations, and yet all of their policies are pro-corporation.
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Originally Posted by Egbert
The problem with your example is that you are assuming the government will more then double the minimum wage overnight and that is the way it will work. That is what we call a straw man. Even if the minimum wage goes to 10.10 or about 2/3 of what your example is it will likely be over a period of years potentially with small increases. If small businesses are even affected it wont be for years down the line.
Once more as I pointed out reliable unskilled labor actually tends to cost more then $7.25 which is why small businesses often pay a few dollars higher then the minimum wage
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Originally Posted by BigJon3475
The Fair Wage Act of 2007...
Really? Here are the dates...
For work performed prior to July 24, 2007, the federal minimum wage is $5.15 per hour.
For work performed from July 24, 2007 to July 23, 2008, the federal minimum wage is $5.85 per hour.
For work performed from July 24, 2008 to July 23, 2009, the federal minimum wage is $6.55 per hour.
For work performed on or after July 24, 2009, the federal minimum wage is $7.25 per hour.
if anyone aspires to make MINIMUM WAGE long term then they almost deserve to be broke
you can make MINIMUM WAGE $18/hr..and asuming that's a "good" wage, what incentive is there for a MINIMUM WAGE worker to try and improve their position better themselves if that $18 is "good"
if someone works at mcDonalds or wherever for like 10 years or more and they arent mgmt they just dont care
The COL in Connecticut is 131%.
One of the highest cost states along with having high taxes.
The population of CT is 3.9 million.
The CT Dept of Labor estimates 90,000 are working min wage.
Nationally 70% of min wage workers live in homes with household income of over $60K.
More than likely this higher min wage will go into the pockets of teenagers working as burger flippers while living at home.
What is wrong with a teenager having more money to spend? That is complete expendable income which is good for the economy. Also, what is the average age of those 90K minimum wage employees?
What is wrong with a teenager having more money to spend? That is complete expendable income which is good for the economy. Also, what is the average age of those 90K minimum wage employees?
I attached a link to back up my numbers.
Did you read it looking for your answer ?
I don't recall you saying any numbers, nor did I see my question answered on your link. No worries, I just thought you might have known the answer.
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