Does it take less money to live in 2006 ?
Some people must think so !
2006-11-26 03:14:43 · 15 answers · asked by Anonymous in Politics & Government ➔ Government
Hey everyone who says this person is quoting an incorrect figure, I'm sure if you thought about it, it's reasonable to assume the asker means the adjusted to 2006 dollars minimum wage in 1950 is $6.13. That means the 80 cent (or whatever it was) minimum wage in 1950 has the same purchasing power as $6.13 in 2006.
If you have to survive on minimum wage you have big problems. Most likely you didn't pay attention or do very well in school and you probably didn't graduate. Either your high school didn't offer or you didn't take advantage of vocational training. You may be a drug addict or an alcoholic. Anyone who needs to depend on minimum wage for longer than a year has little motivation. The government basically guarantees loans to low income persons for vocational school or college.
When I say you, I do not mean you I mean the person in question who is relying on minimum wage.
Really there shouldn't be a minimum wage, you should be paid according to your value to the company, we only have a minimum wage because there are a lot of companies who know that lower wage earners are a dime a dozen and they can take advantage of them because they need a job and they'll take anything even if it is less than min wage.
Before Ohio passed its law raising the wage to $6.85 and linking an annual increase to the Consumer Price Index I purposely looked for jobs that paid minimum wage. Guess what? I couldn't find any. At the motel I run we pay people minimum wage for their first two weeks (just to make sure we have someone who is going to last) then bump them to $6.50. Most of the other service industry businesses in this area pay similarly
2006-11-26 07:48:44 · answer #1 · answered by Joker 7 · 0⤊ 0⤋
One point at at a time: Raising mw will mean fewer jobs for teens and incent unscupulous employers to hire illegal immigrants. Employers who follow the law will be forced to raise prices. Employees are a commodity and subject to the laws of supply and demand. If the market is overloaded w/ folks willing to work for minimum wage, then mw will become the prevailing wage. If however, only 3% of available workers are willing to work for that, then employers either have to pay more, or go without. In a perfect market-driven world, workers and employers should be free to negotiate. However we don't live in that environment, and our government has decided to put a mw in place. The result is that some of our manufacturing jobs have gone to countries w/ no minimum wage, and horrible living conditions. Of course, we also provide medicaid and welfare here in the US, which effectively passes some of the cost of mw workers to the taxpayer. To re-do the US economy as a pure capitalist system would be mayhem.
2016-05-23 04:12:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do *you* live on minimum wage? Very few people do.... even McDonald's and Burger pay higher than the minimum wage. It's a bogus issue.... almost nobody works for minimum wage. It's an entry level wage that people just starting in the work force make, or collage students to get beer money, or a second job to get extra income in the short term.
2006-11-26 03:58:59 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Minimum wage doesn't get lower. Your figures are wrong.
Does everyone know that the big retailers who pay minimum wages want them to get raised?
The increase in minimum wage will wipe out many Moms & Pops who compete with the giants.
And the increase will be spent at the big retailers.
ANY INTERFERENCE BY GOVERNMENT HAS MANY EFFECTS. NOT JUST THE DESIRED ONE.
Anytime the Government helps someone-----it hurts someone else.
Democrats know that, but they also know the majority of people aren't informed enough to catch on.
2006-11-26 03:27:52 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Your figures are wrong so your idea that it takes less money to live in 2006 is also wrong ..... Sorry
In 1938 the Fair Labor Standard Act was passed creating a national
minimum wage of $0.25 per hour.
10/38 0.25
10/39 0.30
10/45 0.40
1/50 0.75
3/56 1.00
9/61 1.15
9/63 1.25
2/67 1.40
2/68 1.60
5/74 2.00
1/75 2.10
1/76 2.30
1/78 2.65
1/79 2.90
1/80 3.10
1/81 3.35
4/90 3.80
4/91 4.25
Source: Howard Wachtel, Labor and the Economy, 3rd Edition pp. 456-59.
2006-11-26 03:31:02 · answer #5 · answered by Akkita 6 · 1⤊ 1⤋
You are seeing a current value index rate. All this means is in todays economy, the minimum wage buys $1.00 less in what ever year the index was set. This is no big deal, minimum wage should only be a starting point and people should aim at improving their career rather than making it on minimum wage.
2006-11-26 03:19:00 · answer #6 · answered by Michael H 2 · 2⤊ 1⤋
Greetings!
The min wage in 1950 was 80 cents an hour
Good Luck
2006-11-26 03:16:51 · answer #7 · answered by Anonymous · 2⤊ 1⤋
In 1950 you could go to the movies for 10 cents.I think you got some bad info.
2006-11-26 11:33:24 · answer #8 · answered by Anonymous · 0⤊ 1⤋
In 1950 the min wage was 1.65. The minimum wage today for your information is 7.50$ in 42 states. 2 states have min. wages of 8.25$ and 6 states have min. wage under 7.16$ but more than 6.75$.
Get your facts straight.
2006-11-26 03:21:14 · answer #9 · answered by Jason M 3 · 2⤊ 2⤋
I dont know where your from but in CA in 1988 I made $3.25. Now min wage is $6.75. Small business owners fight every time there is the possibility of min wage increases because they say they cannot affor to pay people any more.
2006-11-26 03:17:46 · answer #10 · answered by JC 7 · 2⤊ 2⤋