At Least Someone's Getting A Raise: Minimum Wage Rises To $7.25 - DFWstangs Forums
 
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post #1 of 21 (permalink) Old 07-26-2009, 11:34 AM Thread Starter
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At Least Someone's Getting A Raise: Minimum Wage Rises To $7.25

do you think it will hurt or help the recession

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post #2 of 21 (permalink) Old 07-26-2009, 11:36 AM Thread Starter
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http://consumerist.com/5322731/at-le...e-rises-to-725


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The law, which affects about 4.5 million workers among a labor force of 129 million, has prompted a debate over whether the mandate to boost wages will hurt or help the economy. Some labor analysts say it could put more financial strain on small businesses, forcing some to cut jobs. "The timing of this is not great in the middle of a recession," said John A. Challenger, chief executive of Challenger, Gray & Christmas, a Chicago-based outplacement firm. "Is it better to create more jobs at the lower rate or fewer jobs at the higher rate?"

Others, though, say the raise is badly needed to help low-wage earners, the majority of whom are adults, keep up with rising food, housing and fuel costs. They regard it as a stimulus that could help reduce the growing savings rate and increase consumer spending, which represents two-thirds of the gross domestic product.

The increase "could not have come at a better time," said Heidi Shierholz, an economist at the Economic Policy Institute. But even with it, she said, minimum-wage workers will be paid only $14,500 a year, well below the federal poverty line of $17,346 for a family consisting of an adult and two children.
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post #3 of 21 (permalink) Old 07-26-2009, 11:56 AM
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post #4 of 21 (permalink) Old 07-26-2009, 11:59 AM
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Minimum wage was never meant to be a living wage. It's there for you to get your foot in a door and get started, not to live on for 20 years. You want a raise? Get a better job.
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post #5 of 21 (permalink) Old 07-26-2009, 12:25 PM
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The whole concept of the minimum wage is wrong. The minimum wage sets a price floor and creates surplus. I don't see how this will help. Moving from the $4.25 level in 1995 to the $7.25 currently, works out to a CAGR of roughly 3.9% annual cost of living adjustment. I wonder how many non minimum wage earners have averaged a 3.9% cost of living adjustment over the past 14 years.
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post #6 of 21 (permalink) Old 07-26-2009, 01:22 PM
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This raises the price of everything, as businesses aren't going to take the hit, WE are. That said, at least that should give me a nice COLA for next year.
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post #7 of 21 (permalink) Old 07-26-2009, 01:38 PM
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Quote:
Originally Posted by scootro View Post
do you think it will hurt or help the recession
Definitely not. I used to wonder what the big deal was about minimum wage until this one. Our store has cut back everyone's hours (even those that did not get raises because they already made more than $7.25) and the two salary managers are working a lot of overtime and, since they're paid saraly, are not receiving OT pay. I've been at this store for 5 and a half years and even my hours were cut back to only 2 days this next week and 3 the week after. So now I'm a huge opponent of minimum wage lol.

Oh and we're upping the prices on everything in the next couple of weeks to try to compensate. We're not blowing hours like some of our other stores but we're just barely breaking even. That's proof in itself that minimum wage only results in price increases for businesses that pay employees minimum wage or close.

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post #8 of 21 (permalink) Old 07-26-2009, 01:43 PM
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I don't think anyone could survive on MW especially with a family. After taxes you could barely put food on the table with those wages.
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post #9 of 21 (permalink) Old 07-26-2009, 01:48 PM
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Originally Posted by Taylor View Post
Definitely not. I used to wonder what the big deal was about minimum wage until this one. Our store has cut back everyone's hours (even those that did not get raises because they already made more than $7.25) and the two salary managers are working a lot of overtime and, since they're paid saraly, are not receiving OT pay. I've been at this store for 5 and a half years and even my hours were cut back to only 2 days this next week and 3 the week after. So now I'm a huge opponent of minimum wage lol.

Oh and we're upping the prices on everything in the next couple of weeks to try to compensate. We're not blowing hours like some of our other stores but we're just barely breaking even. That's proof in itself that minimum wage only results in price increases for businesses that pay employees minimum wage or close.
If your store is doing all that because you have to pay some employees an extra $30 a week...that place was already in deep trouble. Or the owner is just using this an excuse to fuck his customers & employees.
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post #10 of 21 (permalink) Old 07-26-2009, 01:50 PM
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Originally Posted by White trash wagon View Post
If your store is doing all that because you have to pay some employees an extra $30 a week...that place was already in deep trouble. Or the owner is just using this an excuse to fuck his customers & employees.
I was just about to post this myself.

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post #11 of 21 (permalink) Old 07-26-2009, 03:27 PM
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Hurt.

Sales were down already, how is mandating paying more for a product (through peoples wages) going to increase sales?

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post #12 of 21 (permalink) Old 07-26-2009, 03:42 PM
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post #13 of 21 (permalink) Old 07-26-2009, 07:36 PM
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Originally Posted by White trash wagon View Post
If your store is doing all that because you have to pay some employees an extra $30 a week...that place was already in deep trouble. Or the owner is just using this an excuse to fuck his customers & employees.
It's a combination of both lol.

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post #14 of 21 (permalink) Old 07-26-2009, 08:38 PM
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most places already pay over min wage, i dont see how raising them is gonna effect much of anything. Maybe im wrong but do all fast food places hire at MW?

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post #15 of 21 (permalink) Old 07-26-2009, 08:42 PM
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What happens if you worked your way up to 7.25 and now that is minimum wage? your work just became entry wages. Do you think you're getting a raise?
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post #16 of 21 (permalink) Old 07-26-2009, 08:44 PM
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Originally Posted by forever_frost View Post
What happens if you worked your way up to 7.25 and now that is minimum wage? your work just became entry wages. Do you think you're getting a raise?
That would suck.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #17 of 21 (permalink) Old 07-26-2009, 09:10 PM
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Originally Posted by forever_frost View Post
What happens if you worked your way up to 7.25 and now that is minimum wage? your work just became entry wages. Do you think you're getting a raise?

Not only that. Look at the bigger picture.

No one I know got a raise this year, So minimum wages are closer to us than last year. And I spent my entire life getting as far away from that wage as I could. And now, through no fault of my own, I'm closer to it than I was last year. And on top of that, the amount that I do make, is worth less because of higher prices due to this minimum wage hike.

So no, it's not a good idea. If you want more money, do what I did. Improve yourself, find a better job. Do this consistently through out your life.

Besides, this is the feds doing this. How can it even be considered good?



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post #18 of 21 (permalink) Old 07-26-2009, 09:22 PM
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Yeah. My retirement check starts sucking when prices start jumping
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post #19 of 21 (permalink) Old 07-27-2009, 10:07 AM
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This will push unemployment over 10%.

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post #20 of 21 (permalink) Old 07-30-2009, 12:55 AM
 
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^agreed

raising the min wage will just be another helping cause to inflation
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post #21 of 21 (permalink) Old 07-30-2009, 02:04 AM
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Quote:
Originally Posted by forever_frost View Post
What happens if you worked your way up to 7.25 and now that is minimum wage? your work just became entry wages. Do you think you're getting a raise?
Your money gets devalued anyways due to the government just printing more of the shit. $7.25 now aint shit compared to what it was just a few years ago.

Its like my aunt who always says, took me blah blah years at American Airlines to hit $15 an hour when im talking about how $15 an hour really isnt shit.

People think a dollar today has the same value..WRONG. The dollar today is worth 13 cents of what its supposed to be....awesome huh?

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
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