Actually, every minimum wage increase except for one in the early 1990s was followed within a year by a DROP in unemployment rates.
Here's why:
Increase in minimum wage means that some people lose their jobs because they get priced out of the market.
However - many others keep their jobs. Those who keep their jobs have more money to spend. That money tends to go towards things like durable goods and manufactured goods.
This increase in demand for durable and manufactured goods leads to an increase in hiring by companies that manufacture those goods. Those newly-hired people ALSO now have more money to spend, so THEY buy stuff, feeding the cycle. Eventually, the unemployment rate levels out again when the increase in money is balanced by the increase in workers.
EDIT: in response to the answer by Stupid.liberals: Actually, the minimum wage WAS meant to raise a family on. That was the whole point of it: so depression-era workers who worked hard could afford to feed their families.
2006-08-08 06:03:10
·
answer #1
·
answered by Brian L 7
·
2⤊
1⤋
No
.
When I began working at the age of 16, part time as a cashier in a local supermarket chain (A&P) they paid me .60 cents and hour. Within a year the union got us an increase of a dime I believe. At that point the company punished us, and cut our hours in half (for me it was 20 and reduced to 10).
After high school I worked at the telephone company...considered a GOOD job because there were NO jobs. It paid a mere $52.00 a week and I had to work split shifts, i.e., 10-1 and then 5-9 for about a year until I could move up in seniority. Raises were about $2.00 per year.
Also, only the well off kids went to college unlike today and looking back I don't know how we all did it. We thought we were lucky to just have any job, they were so hard to come by and you usually had to "know someone" to get one. Guys, well they went into the military and didn't wait to get drafted because it was their best shot at the time.
It was the end of the Eisenhower administration, the country was in a recession and the city I lived in looked like it never came out of the Depression. You have no idea how much things have improved. My parents were Depression kids and had a lot of stories about that and told me often,..
"I hope you never see the likes of THAT again." I believed them and always put away a portion of my wages no matter how small...it worked. I'm retired now and could live on what you call poverty level, because I chosed to learn how. It was a great teacher..
About the time I married I read a fine book by Kurt Gowdy. He was a well known, much loved sportscaster for the Boston Red Sox at that time.. I believe I got the book free from my local bank. I followed his "economic" advice and he was never wrong and he was one of the first to write about such stuff at that time. Long live his memory.
So, my advice is go after the all increases you can get, but bank it, don't spend it. There is no freedom in being broke.
2006-08-08 06:39:27
·
answer #2
·
answered by Anonymous
·
0⤊
0⤋
I'm against minimum wage altogether. Noone is going to work a job that they can't make a living on, therefore businesses would have to pay a descent living wage (without being forced to do so by the government). If someone can't make a living off of $5 an hour, then simply move on to another better paying job. It is economices 101, supply and demand. No employees willing to work for $5 or $6 an hour, then businesses have to raise wages or go out of business.
2006-08-08 06:08:05
·
answer #3
·
answered by Derek M 2
·
0⤊
0⤋
Raising the minimum wage won't help.
First of all, the poverty line in the U.S. is ridiculously high. You can be "impoverished" in the U.S., and still have a brand new play station.
Secondly, raising the minimum wage would cause the prices of goods to increase. Especially since most of the minimum wage jobs are in retail and fast food. Higher wages means higher costs, and that cost gets passed on to the consumer.
You're right that congress is overpaid, but that's a separate issue. Find out if your congressmen/women voted for the increase, and boycott them if they did. Just don't vote for them next time.
The best solution for decreasing poverty is to decrease the inexcusably high cost of higher education. The answer is not to raise minimum wage, but to help minimum wage workers get out of minimum wage jobs. You've got to improve yourself to improve your income, and the government CAN help with that!
2006-08-08 06:08:11
·
answer #4
·
answered by Privratnik 5
·
0⤊
0⤋
a million.you're taking the main menial of jobs and pay the guy a "minimum salary" it extremely is many times floor sweepers, investigate human beings,protection guards etc. 2. the agencies that pay this could charge sufficient for their centers or products to pay for this provider and nonetheless make a earnings. in the event that they are paying a contractor, then the cost is even larger. So in spite of they produce on the employer is going up. 3. whilst the cost of that product is going up, the shop has to enhance the cost to the shopper (which is composed of THE minimum salary worker) to conceal HIS value of paying a "minimum salary". 4. human beings pay greater for the product, so as that they ***** that they don't get sufficient on minimum salary to purchase the provider or product, so the government will enhance the minimum salary! 5. It starts back at extensive type a million. above, and IDIOTS think of that they are transforming into A enhance! the clarification that there is help for elevating minimum salary is using the fact maximum of th UNION contracts are tied to minimum salary as some style of indicator. The Union supplies funds to Democrats and different Socialist/Communists and in return the Democrats save elevating the minimum salary so the UNIONS will gets a commission greater. the human beings who get harm are the human beings who rather paintings for a residing.
2016-12-11 09:43:44
·
answer #5
·
answered by rothe 3
·
0⤊
0⤋
i am against it , with your 47 a day figure it would be 5.87 an hour . so even if they raised it to $7 an hour / which is very good wages for the job performed it would go up to $56 . i just don't think it would be worth the little extra to possibly damage the economy . minimum wage is not designed for financial support , only teenagers should be working these jobs
2006-08-08 06:09:39
·
answer #6
·
answered by Anonymous
·
0⤊
0⤋
im not against the increasment of Min wage. Cost of living goes up little by little, seams like everyday. But our pay checks stay the same. Min wage should be no less than 8 dollars an hour with cost of living and gas price's
2006-08-08 06:02:43
·
answer #7
·
answered by BOOTS! 6
·
0⤊
0⤋
yes, I am.
Minimum wage is for school kids just starting in the work place. It was never meant to be a liveable wage. Just a starting point.
My thought? If you want more money, you have to work for it! Get an education, make yourself worth more money! Education is easily free. If you try hard enough, of course. The problem with today's society is that no one seems to practice an ounce of self-responsibility. No one seems to want to make themselves worth more.
Don't screw up the economy even more by raising the minimum wage!
Minimum wage goes up, prices go up. common knowledge and economics 101 right there!
2006-08-08 06:05:18
·
answer #8
·
answered by zeropointe01 3
·
0⤊
0⤋
The minimum wage has not been raised since 1997. And who has been our President during that time? That is unbelievable. Probably because no one named Bush will ever have to work for minimum wage.
2006-08-08 06:15:09
·
answer #9
·
answered by Gorgeoustxwoman2013 7
·
0⤊
0⤋
The threat of people losing jobs has always been the Republican standby to prevent it from happening... but there has been no evidence to say that it would ever happen.
Increasing minimum wage is GOOD for the economy because it puts MORE money into people's hands to spend...
2006-08-08 06:03:00
·
answer #10
·
answered by Village Idiot 5
·
0⤊
0⤋