Thursday, Jul 24, 2008
USA to raise minimum wage 24% in a year
Market Watch: Federal minimum wage rises 70 cents Thursday
An estimated 13 million workers, 10% of the work force, will receive an hourly wage increase when the minimum wage is raised next year, according to the Economic Policy Institute.
Posted by yoyo1 @ 09:11 AM (407 views) Add Comment
12 Comments
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1. debtfree said...
"You can't buy a loaf of bread and a gallon of gas on an hour of minimum wage. We need to be real about what it really takes for people to support themselves and their families."
Did you hear that Gordon Clueless Brown ?
Here in the UK, the minimum wage is £5.52, which means you can only buy a gallon of petrol and not even some bread !!
18-21 year olds are on £4.60 !!! which means they can't anything for an hours work, not even a packet of 20 fags !
No wonder youngsters are boozing in the park on cheap cider.
2. planning4acrash said...
Mainly bad news out of America, but, great news on Alex Jones show today on infowars, with Willie Nelson supporting impeachment, bought forward byDenis Kucinich putting forward over 50 articles of imeachment this friday to the congressional judiciary. Ron Paul was almost killed in a depressurised plane yesterday. Phew, heaps happening. The juggernought could be bought round. Hopefully the administration and shadow government can be sent running and we can get our country's and economy's back. Is there anybody in this country making a stand? Or will we just say, oh, more regulation, more minimum wage, more socialism?!
3. shipbuilder said...
What's wrong with minimum wage, p4ac? Perhaps you will be giving up your public sector job as a protest?
4. planning4acrash said...
The problem is simple. The solution is sound money and no inflation. Then, wages would rise by GDP and there would be so many jobs that we wouldn't know what to do with them. Raising the minimum wage but retaining fiat, inflationary money, the higher wages will be an excuse for further money printing, a solution to it, and will result in more inflation than it deals with, and the middle class get totally hit, as do the working class. When you understand this, you recognise that 9/10ths of socialism is an inflationary lie where the cat chases its tail until it falls over.
5. shipbuilder said...
I understand the attraction of sound money and no inflation, but i'm not sure what the relevance is - did poverty and the exploitation of labour only start when we ditched the gold standard, or am I missing something?
6. planning4acrash said...
Yes it did. I don't know the exact dates, but the amount you could buy for a dollar in 1800 or thereabouts, you could buy for about 60cents 1900. Conversely, since 1913, when they bought in the Feral Reserve, the dollar has been devalued by about 98%. 2cents now is worth about a dollar then. Wages have never kept up. You used to be able to buy a house with 1 salary. We all know here that the problem is not a shortage of housing, as parroted by the media.
Brits are more used to it, because we had the B(w)ank of England since about 1600. Just as the Feral Reserve heralded the Great Depression, so did the B(w)ank of England herald the South China Sea Bubble. There were two further depressions led by Britain since that, then we exported the role to the America's. The price of gold doubled during the great depression. The people of the world would have been twice as wealthy after it and would not have been reposessed if paid in gold backed currency, period.
7. shipbuilder said...
You just explained your original point again. How specifically does a sound currency stop exploitation of labour? What would stop company owners paying decreasing wages to increase their profits?
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