House GOP will vote on raising minimum wage all because of the oil price increase. The government will not find a better way to lower the price of oil, and the corporations are too greedy.
2006-07-28 16:27:44 · 13 answers · asked by Zu_t 2 in Politics & Government ➔ Government
The increase of minmum wage will drive up the price on everything because it will drive up the price of doing business and businesses just pass their costs on to consumers. If anything it will drive inflation up like it always does.
2006-07-28 22:52:33 · answer #1 · answered by .45 Peacemaker 7 · 2⤊ 0⤋
The thinking goes that raising the minimum wage would increase inflation. That said however the minimum wage (if adjusted for inflation and compared to the minimum wage in 1970) would be about ten dollars an hour. If compared proportionally to the increase since 1970 in executives pay ,the minimum wage would be 25 dollars an hour.I personally see corporations outsourcing our labor overseas while government gives the same corporations tax breaks when they import their own products back here. It is clearly a greed problem and shortsighted at best. As usual what seems to be a bargain ends up costing the average person more than they can see.
2006-07-28 23:38:29 · answer #2 · answered by M D 3 · 0⤊ 0⤋
It's to MATCH inflation, NOT to decrease it.
Many Democrats like to view tax issues like they're black & white. They are quick to point out a tax break for the rich, and quick to point out opposition to the minimum wage increase. The truth is, there's a lot of grey regarding both issues that you don't hear from the left, either because they're ignoring it or many are oblivious to it.
Since the first major tax cuts have taken effect after Bush came into office inheriting a recession, the economy has been on an upswing. This is exactly what Bush Sr. did. The only difference is that Bush Sr. wasn't in office long enough to see the benefits, and Clinton took all the credit.
People, tax cuts take years, sometimes 5 or more, to have any real impact. The Federal Reserve has raised the prime interest rate consistently over the last year or so. Unemployment is low. The economy is steam-rolling ahead again like it started too in 1995. I refuse to buy the bolony coming from the left that tax cuts are bad. There is no evidence to support it.
Back to the issue...
Estate taxes are a wicked loophole resulting in double taxation. It's in the interest of many middle-class Americans to have it reformed or lifted altogether. Farmers and small business owners are among the most impacted by it.
Republicans are coupling the two issues together in the House because they know it's the only way it will pass in the Senate. Dividing the issues into separate bills will result in neither of them passing, since both parties will pander to their base. It seems fair to me.
Anything else is pure conjecture...
2006-07-29 07:24:41 · answer #3 · answered by C Bass 3 · 0⤊ 0⤋
Neither is directly related. Increasing the minimum to $7.25 will have virtually no effect on the whole scheme of things, because most "minimum-wage" jobs are already paying $7.50 an hour. It just creates a floor that no one can go below.
And h*ll, if it will eliminate some telemarketers, all the better, they need to find a different job anyway ;)
2006-07-28 23:33:06 · answer #4 · answered by swede700 2 · 0⤊ 0⤋
Wow the GOP is supporting a minimum wage? I think you should check your facts as that dosnt make sense. In general the Republican party stands for having NO minimum wage. Usually they have to fight the dems to keep it the same.
2006-07-28 23:43:26 · answer #5 · answered by kyle3om 2 · 0⤊ 0⤋
There may be a small increase in prices in some segments of the economy, but the effect will be short lived as more people will be able to pay this price. Prices eventually fall or rise to the equilibrium of the marketplace.
2006-07-29 01:00:46 · answer #6 · answered by Angela B 4 · 0⤊ 0⤋
If minimum wage is increased then everything will cost more because all the companies that hire minimum waged workers will have to pay them more.
2006-07-28 23:31:38 · answer #7 · answered by Ulrika E 1 · 0⤊ 0⤋
I don't think it will.
I know a lot of americans will certainly benefit from the wage increase but in the long run our economy won't get better for it. In fact it'll probably make things worse by backfiring.
2006-08-01 14:55:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Of course not. It's not much of a factor--very few workers make the minimum wage--but if anything, it's inflationary.
2006-07-28 23:32:40 · answer #9 · answered by Speedy 3 · 0⤊ 0⤋
No- if the government were worried about inflation they would stop overspending and printing money to reduce inflation.
2014-07-12 12:41:20 · answer #10 · answered by ☦ICXCNIKA ☦ 7 · 0⤊ 0⤋