Minimum wage would increase to nearly $10 an hour through a bill that Majority Leader Robert Garagiola planned to introduce in the Senate on Monday. The bill, which had 15 co-sponsors by Monday afternoon, would incrementally increase minimum wage from its current $7.25 up to close to $10 by 2013, a 35% increase over three years. It also would boost pay for employees who earn tips from half to 70% of minimum wage, and would add overtime and inflation provisions for other employees.
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All this Minimum wage increase is aimed at placing the Country's debt burden on U.S. businesses. To congress, increased minimum wages means increased tax base. If you increase the minimum wage then our businesses have one of three choices:
ReplyDelete1. Layoff less valuable employees to cover the increased salary for the more valuable employees,
2. Outsource labor to foreign countries where they can pay employees less, or
3. Increase their employees' salaries to meet the new minimum wage requirements and take the burden themselves.
This will result in either higher unemployment rates, increased foreign outsourcing, increased business failure or increased cost of goods... if not all of the above! Here's and idea, MAKE PEOPLE EARN THEIR WAGES and make free markets reign!