Barack Obama: Raise the Federal Minumum Wage automatically with inflation

[rambone]

Barack Obama: Raise the Federal Minimum Wage automatically with inflation

Last night, President Obama called on Congress to raise the federal minimum wage from $7.25 up to $9.00 an hour, (a 20% hike!) and to automatically raise it to keep up with inflation.

Raising the "Minimum Wage" does nothing to help the lowest earners, since every single consumer good on the shelves will also go up in price. The same people will continue to find shortcomings in their occupational decisions.

The currency is also devalued for every jump in Minimum Wage, as every dollar will buy less goods after the hike.

The concept of a Minimum Wage is decidedly anti-capitalist. Price controls and wage controls are totally unfit to exist in a free market. Instituting it at a Federal level makes it unconstitutional as well. More jobs will be priced out of existence and the economy and the currency will suffer because of it.

Unfortunately for America, both the Republican and Democrat nominees held the exact same stance on centralized wage controls.
Mitt Romney: Raise the Federal Minimum Wage automatically with inflation

​

Obama proposes raising minimum wage, investing in infrastructure jobs | Reuters

“Even with the tax relief we’ve put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That’s wrong,” Mr. Obama said in his State of the Union address Tuesday night. “Let’s declare that in the wealthiest nation on earth, no one who works full time should have to live in poverty.”

Raising Minimum Wage Would Ease Income Gap but Carries Political Risks | NYTimes

 

[Double T]

So he wants to make my wages worth less. Makes sense to me.

 

[Liberty1911]

When you try to spread the wealth, all you end up spreading is poverty.

 

[UncleMike]

When you try to spread the wealth, all you end up spreading is poverty.

It appears to be working.

 

[ashby koss]

Falls in line with some of the "leaks" we've seen from DHS regarding the collapse of the dollar. Getting my tin foil hat.

 

[ATOMonkey]

Oh good upward pressure on costs is always a good way to make things better.

 

[ViperJock]

Wait! We have inflation?!?!! Where is the bernanke? Surely this must be a mistake?

 

[HoughMade]

The minimum wage only makes sense as a political ploy...and EVERYONE with an ounce of honesty know it.

So, who is going to hire 16 and 17 year olds for $9 an hour? No, we prevent them from having jobs, force them out of the job market and wonder why the streets of Chicago are painted red with their blood.

Instead, we fill "low wage" jobs with people who are trying support themselves and others who should aiming higher. Ever heard "everyone wants someone with experience, but no one is hiring, I'll do anything". Will you pay $9 to someone with no work history and no skills? For that money, wouldn't you want someone who already knows what they are doing?

...and let's INCREASE the incentive to hire illegal aliens.

In sum:

1- force American kids out of jobs and onto the street...idle hands.
2- prevent people from starting from nothing and working their way up the ladder
3- replace American workers with illegal aliens

Great plan.

 

[PistolBob]

Why not make the minimum wage like $25 an hour? Why not $30?

 

[thatgtrguy]

Everyone here understands that inflation happens. Right? Historically it hovers somewhere around 3%.

So if inflation happens and people's incomes don't rise; aren't they effectively becoming poorer over time?

 

[CSK22]

All I hear every day is how expensive the items in the store I work at are. This would just put the icing on the cake.

 

[cobber]

When you try to spread the wealth, all you end up spreading is poverty.

Wanted to rep you, but couldn't. Anybody help out?

 

[HoughMade]

Everyone here understands that inflation happens. Right? Historically it hovers somewhere around 3%.

So if inflation happens and people's incomes don't rise; aren't they effectively becoming poorer over time?

So the goal is have people stay in minimum wage jobs year after year?

There is a wage, below which unskilled, no-experience, legal workers would not do a job. There is a wage at which they would do a job. That wage is called the market price for labor. We have no idea where that is, but it's below $9, probably below the current $7.25.

I started working at a grocery store at age 15 for the then minimum wage of $3.35/hr. About 2 months in, I was raised to $3.55/hr. Why? Because of the government?

I have not worked for the minimum wage since then which is now over 25 years ago. No once did the government have to raise my wages. I raised my wages.

Inflation or no, the government SHOULD NOT BE IN THE BUSINESS OF SETTING WAGES!

It only eliminates jobs on the lowest end of the scale where more jobs and more opportunity to learn skills and get experience is needed.

 

[ATOMonkey]

Everyone here understands that inflation happens. Right? Historically it hovers somewhere around 3%.

So if inflation happens and people's incomes don't rise; aren't they effectively becoming poorer over time?

Yep, it's often called an invisible or unseen tax.

I think most of us, who understand economics would advocate for no minimum wage.

 

[rambone]

Same ****, different puppet

As some of you may remember, the Federal Minimum Wage was raised 3 times at the stroke of George W. Bush's pen, for a total hike of $2.10. That's an even larger hike than Obama is proposing.

H.R. 2206 - Signed May 25, 2007

Our Indiana Reps:
Aye D Visclosky, Peter IN 1st
Aye D Donnelly, Joe IN 2nd
Aye R Souder, Mark IN 3rd
Aye R Buyer, Steve IN 4th
Aye R Burton, Dan IN 5th
Aye R Pence, Mike IN 6th
No D Carson, Julia IN 7th
Aye D Ellsworth, Brad IN 8th
Aye D Hill, Baron IN 9th

Notable House Republican leaders:
Aye R Boehner, John OH 8th
Aye R Cantor, Eric VA 7th
Aye R Ryan, Paul WI 1st
Aye R McCarthy, Kevin CA 22nd
Aye R Roskam, Peter IL 6th
Aye R Hensarling, Jeb TX 5th
Aye R Carter, John TX 31st
Aye R Price, Tom GA 6th
Aye R Sessions, Pete TX 32nd

TITLE VIII--FAIR MINIMUM WAGE AND TAX RELIEF

Subtitle A--Fair Minimum Wage

SEC. 8101. SHORT TITLE.
This subtitle may be cited as the `Fair Minimum Wage Act of 2007'.SEC. 8102. MINIMUM WAGE.

• (a) IN GENERAL- Section 6(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) is amended to read as follows:
  • `(1) except as otherwise provided in this section, not less than--
    • `(A) $5.85 an hour, beginning on the 60th day after the date of enactment of the Fair Minimum Wage Act of 2007;
      `(B) $6.55 an hour, beginning 12 months after that 60th day; and
      `(C) $7.25 an hour, beginning 24 months after that 60th day;'.
  (b) EFFECTIVE DATE- The amendment made by subsection (a) shall take effect 60 days after the date of enactment of this Act.

Here's a history of the minimum wage rates. Federal Minimum Wage Rates, 1955-2012

 

[HoughMade]

Wait, wait, wait....are you saying that there is a time machine where we can go back and nominate someone else in 2000? 'Cause, otherwise, this "blame Bush" stuff is pretty played out.

 

[ATOMonkey]

Inflation is a government problem. Minimum wage is a government "solution"

Once again, instead of getting rid of inflation, they just add an additional problem, making things even WORSE than before.

Thanks government!

 

[thatgtrguy]

Wait, wait, wait....are you saying that there is a time machine where we can go back and nominate someone else in 2000? 'Cause, otherwise, this "blame Bush" stuff is pretty played out.

No one is blaming Bush. Just a reminder that raising the minimum wage isn't a democrat or republican trick. It's a political ploy that all politicians cave to.

 

[VN Vet]

Obama is only showing his ignorance. Raising costs adds to inflation. He has not yet figured that out.

 

[ATOMonkey]

Obama is only showing his ignorance. Raising costs adds to inflation. He has not yet figured that out.

welll... consumer price index and inflation do go hand in hand, but costs do not drive inflation.

A surplus of currency causes inflation.

However, a surplus of currency also lowers the cost of credit.