I see nothing good for the American economy in the next few years for average working people. Sure, bonuses on Wall Street are in the hundreds of thousands of dollars for stockbrokers, and some CEO's are still pulling down tens and sometime hundreds of millions of dollars in compensation, and yet the minimum wage hasn't been raised in over 9 years of Republican rule. Add outsourcing of jobs, the loss of 60% of the U.S. manufacturing base, and competition from illegal aliens, and you have an impossible situation.
2006-11-09 15:38:31 · 6 answers · asked by In Honor of Moja 4 in Business & Finance ➔ Personal Finance
The period 1997 to 2006 is the longest period of time in which the Federal minimum wage has NOT BEEN RAISED by the U.S. Congress. It is true that individual states of the Union can and do deviate from the Federal minimum wage. The following website will show you a map of 25 states (check me to see if I counted correctly) which DO follow the Federal minimum wage and others which do not:
http://www.dol.gov/esa/minwage/america.htm
2006-11-09 16:13:25 · update #1
you are correct - you should have 3 yrs of savings and if you are young and working invest in stocks and bonds (deversfy) but if you are older coming to retirement best to invest in guaranteed CD's then you know your money will be safe
2006-11-09 15:49:09 · answer #1 · answered by ekleinert 3 · 0⤊ 0⤋
Minimum wage is a scam. There should be no such thing. The laws of supply and demand would regulate the wages of the young, and the students and the under achievers. I'm guessing your idealistic and young. After you take a few courses in economics you will understand why raising the minimum wage will be a mistake. At present there are only 2% of workers earning min. wage. However raising it will adversly effect absolutely every one else. The last people it will help will be those earning the wage. It will actually reduce the buying power of the min wage earners. If you really wanted to help them you would reduce the min wage. I know that sounds crazy but in the long run that would work.
You are correct on the out sourceing and very much right on the illegal imigration problem.
You are correct in your concern for having a savings account that is fat enough to feed you for a year or two or three. The democrats have made it clear that they will raise taxes. AGain they don't understand basic economics. This will kill the economy. I have enough cash to last a little while I have my own garden and a bed room sized pantry full of food and large deep freezer full of food and meat. I have paid my bills ahead several months. I think I can hold out for just about 9 months. I'm still building up my inventory. Good luck to you on yours. I suspect you will need it.
2006-11-09 17:22:15 · answer #2 · answered by john d 3 · 0⤊ 1⤋
Yes
2006-11-09 15:40:05 · answer #3 · answered by Jen G 6 · 1⤊ 0⤋
Hate to tell you this, Van Winkle, but the minimum wage has been raised. And guess what, jobs were lost and prices went up to pay for it. So the democrats have won the majority. Remember the days of Clinton? Inflation was at its highest and the stock market at its lowest since the depression. Oh yes, and speaking of outsourcing, it was your buddy Clinton who named China most favored nation. Hmmm. And as to your question, our financial circumstances are none of your business.
2006-11-09 15:44:08 · answer #4 · answered by Emm 6 · 0⤊ 3⤋
Yes to both.
2006-11-09 15:40:45 · answer #5 · answered by Mariposa 7 · 1⤊ 0⤋
Trying to live within my means and no savings.
2006-11-09 15:47:42 · answer #6 · answered by jadedgirl149 2 · 1⤊ 0⤋