Sunday, March 06, 2005

A loaf of Bread $1,166.67 With Minimum Wage at $7,259.00 an hour

Talk about zero sum gain.
Why not increase the minimum wage to $10.00 an hour or $20, $50 what difference does it make a loaf of bread will only follow. When you see people pushing wheelbarrows to the grocery store to by bread and butter, you would have to think inflation. And that is what raising the minimum wage accomplishes. Especially in a time when we have a falling dollar.
The people it hurt the most are those on fixed incomes and people trying to get entry level jobs.

I will be almost willing to bet that the Dem's think that raising minimum wage will some how increases revenue to the state coffers.

Minimum wage plans ready for Senate vote



WASHINGTON -- The Senate is gearing up for a vote on whether to raise the minimum wage for the first time in eight years as Democrats and Republicans offer competing proposals they want to add to bankruptcy legislation.
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Looking ahead to the expected votes Monday evening, the Democratic plan would increase the current $5.15 hourly minimum by more than $2. The GOP proposal couples a more modest raise with a change to the 40-hour work week.

The plan from Sen. Rick Santorum, R-Pa., also includes tax and regulatory breaks for small businesses. His amendment would lift the minimum wage by $1.10 over 18 months, in two steps of 55 cents.

The rival proposal from Sen. Edward Kennedy, D-Mass., would boost the wage to $7.25 in three increments over 26 months.


At 9:16 PM, Blogger Tony said...

Let's just say $7 per hour, 40 hours a week, that's $280 a week. Or roughly $1200 a month - before all the tax deductions. I think people making minimum wages are hardly causing any inflation.

What I think, both the democrats and republicans must do, is to lower the cost of doing business. We did a quick estimate on the benefit a few weeks ago, things like medical, tax, workers compensation, etc. That worked out to 55%. In other words, every $100 in wages the company pay the employee, the company needs to pay additional $55 on all kinds of stuff. Biggest cost? Medical benefit.

Just my 2 cents.


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