There is a proposed bill in Senate that, if voted, could raise minimum wage in America up an additional $2.10. Do you think this could help America's Citizens? or likely drive other "utility" companies to raise their costs and billing to coincide?
2006-06-20 13:07:51 · 6 answers · asked by Anonymous in Social Science ➔ Economics
While a raise in minimum wage would initially seem like a step in the right direction, it would have a multi-faceted effect. First, prices would go up to cover then new costs. Then, workers would be laid off because small businesses could not afford the increased costs. Every consumer would pay a higher cost, and end up with less, no matter how they distribute this.
2006-06-20 13:36:53 · answer #1 · answered by abelind 2 · 2⤊ 1⤋
The people that actually work for minimum wage need the money. It's virtually impossible to make a living on the current minimum wage level. However, like you said, I don't know if the inflation coupling the wage increase will cancel the increased earnings.
2006-06-20 20:17:36 · answer #2 · answered by Huey 4 · 0⤊ 0⤋
Costs will go up,companies will move more plants overseas and the remaining jobs will be filled by even more illegals.
2006-06-20 20:13:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They have been trying to get it up to $7 for a couple years now, don't know if there is enough support to pass.
2006-06-20 20:13:12 · answer #4 · answered by had438 3 · 0⤊ 0⤋
We should make the minimum wage $250,000 per year. There would be no more poverty and everyone would be rich.
2006-06-20 20:17:18 · answer #5 · answered by Top 99% 3 · 0⤊ 0⤋
I hope not. My quarter pounder with cheese will go to $3.00!
2006-06-20 20:12:06 · answer #6 · answered by Dr. Bugly 4 · 0⤊ 0⤋