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The peak value of minimum wage in terms of today's dollars was in 1968 when it was $1.60 ($12.24 in today's dollars). Since then the buying power of minimum wage has been slowly eroded and has not been raised in going on 12 years. (Previous record was 10 years between 1997 and 2007). In 2009 (the last raise to $7.25) had a buying power of $8.94.
Meanwhile during that same period CEO to average worker pay (not minimum wage) has gone from 22 to 1 in 1968 and now sits at 320 to 1.
So while CEO to worker pay ratio has increased by 1355% the actual buying power of the minimum wage worker has decreased by almost 41% during that same period.
Small business owners will pay more to workers but workers will have more to spend in small businesses.
Small business' biggest problem is that the rules have been shifted from the 1980s to favor corporations over small businesses in the market place.
How many people made minimum wage in 1968 vs today? Only about 2% do now and half are younger than $25.
Find any economic issue Republicans fight for and it’s always in the interest of the economic elite.....for example, keeping minimum wages frozen in time. Probably explains why Red states for the most part are low wage states.
Jeff Bezos will be fine. Middle class business owners, not so much. This has as much to do with the elites as Joe Biden has to do with rational thinking.
Why does Joe Biden want to make it illegal for businesses to hire workers who earn less than $15/hr? It is because he hates low wage workers and wants to make life as difficult as possible for them? Does he want to force businesses that can't pay $15/hr to close their businesses? Is he just a moron and has no understanding of basic economics? What is his motivation for wanting to make it illegal for current minimum wage workers to trade their time for a paycheck???
Your logic is really skewed here ^. Where did you come up with it, Limbaugh, Hannity,...?
Jeff Bezos will be fine. Middle class business owners, not so much. This has as much to do with the elites as Joe Biden has to do with rational thinking.
Why not lower wages down to China levels? That would help small businesses!
Oh please. We know Republicans don’t care about small business, because they fully embraced Wal-Mart the biggest small business killer of all time....especially in rural towns.
Hey, I’m a small business owner and know several self employed people who struggled during the Obama years and did much better after Trump won in 2016, instead of having to lay off or hire freeze we were able to give out raises, give nice bonuses and hire more people and make a profit. I hate Walmart and only go there if I have to.
McDonalds will just put in electronic machines to take orders and many others to cut corners and many will lose jobs.
McDonalds has already been adding order taking kiosks as well as automating tasks. They have smartphone apps for orders too. Companies have been automating all along even with a federal min wage that hasn't increased in nearly 12 years.
Nor do Republicans care about the low wage worker who cannot support themselves or their family on poverty wages.
Lol! Our town is definitely democratic, we are the only ones who pay our employees above min wage, provide health insurance and give bonuses. There is another and the owners are republicans too.
Why not lower wages down to China levels? That would help small businesses!
would you work for $5.00?
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