A group of lawmakers led by Representative Jesse Jackson, Jr. have introduced legislation to raise the current minimum wage from $7.25 an hour to $10 an hour. The bill is named "The Catching Up to 1968 Act" since the minimum wage in 1968 would today be worth more than $10 an hour – three dollars more than where the minimum wage stands today.
Despite warning from Conservatives, several studies have shown that a boost in the minimum wage does not hamper job creation, but actually boosts the economy by increasing aggregate demand. In other words – when working people are earning higher wages, and have more money in their pockets – they spend more – thus increasing demand so businesses have to hire more people to make and deliver things.
Unfortunately – on the other side of the aisle – Republicans are actively trying to get rid of a minimum wage altogether – since they subscribe to an economic philosophy of giving the Romney-super rich everything and waiting for that money to trickle down on the rest of us. As thirty years of Reaganomics has taught us, though – trickle down economics only turns us into a nation of peons. Call your Member of Congress and tell them to raise the minimum wage.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Imgagine the consumer demand if they would raise the minimum wage to $20 an hour. Do I hear $25? Or maybe not.
ReplyDeleteAnytime you hear the name Jesse Jackson mentioned in a sentence with the economy - run away..
Business will do two things to meet this goal: raise prices and fire or not hire people. Basic economics.
ReplyDeleteYes, 9:29 - you are probably right. They won't take a dime away from their obscene profits. That's a very good reason not to argue for an increase in the minimum wage.
ReplyDeleteBut, but... Obammy says private sector jobs are doing fine.
ReplyDeleteExactly, why not $30. Small business killer, jobs killer. Aggregate demand does not increase when prices and costs are artificially increased at a pace that has nothing to with the market. What it does do is create short term uncertainty and long term, sustained increased costs. Most consumers suffer with high prices, a few get a higher paycheck....but for how long.
ReplyDeleteEconomics 101, read up. Try Thomas Sowell or even a simple Google search!
This comment has been removed by the author.
ReplyDeleteWhy not $30. If you want to publish some copied sentences on aggregate demand please have a better understanding of the concept. Increasing costs to business and consumers DOES NOT increase jobs or overstimulate the economy. What it does do is create short term uncertainty for business and consumers, then long term, artificial increased costs. This effect is the opposite of static or predictable prices that are needed to show and measure aggregate demand. Probably not the most eloquent but more accurate then studies most likely funded by George Soros.
ReplyDeleteJessie Jackson Jr. , stupid is , as stupid does.
ReplyDeleteDumb dumb idea that will only burden businesses. If I'm poor working minimum wage at $7, I'm still pretty bad off at only $10.
ReplyDelete"Despite warning from Conservatives, several studies have shown that a boost in the minimum wages does not hamper job creation..."
ReplyDeleteSo how come every time they raise the minimum wage, unemployment goes up?
These libtards are only trying to doe this because most union contracts have pay that is tied to the minimum wage. Raise the minimum wage and the unions get more money.
Of course the cost of everything goes up, so it takes more money to buy tha same goods and services.
Stupid is as stupid does.
7:16 - can you link to something supporting your position that "every time they raise the minimum wage, unemployment goes up"?
ReplyDelete858, NO! Don't you know if I can type it, then it MUST be true?
ReplyDeleteNo, the house democrats are looking out for unions. since so many union wages are tied to the minimum wage, when the minimum wage goes up the unions automatically get a raise. the house democrats are just trying to pay off their supporters.
ReplyDeleteInteresting statement 10:23, thanks for adding it.
ReplyDeleteI don't know how much raising the minimum raise will accomplish, but I think it's a shame when I walk into Food Lion and a cashier is using a SNAP card to buy her lunch. Perhaps if she was paid $10 an hour she could afford her lunch instead of the taxpayers?
As mentioned, Food Lion will ensure their profits don't suffer from the increase in wages.