Quote:Raising the minimum wage, a stated goal of the Obama administration, likely would cost jobs and hurt low-income workers.

University of California San Diego economic researchers discovered that the federal minimum wage increase from $5.15 to $7.25 per hour between 2007 and 2009 actually cost the economy 1.4 million jobs, Breitbart News reports.

Even worse, the increase's negative effect landed squarely on the people it was designed to help — low-paid, unskilled workers, who found themselves blocked out of low-paid or internship positions that would give them a shot at gaining experience and achieving higher-paid jobs, the study notes.

"We find that binding minimum wage increases significantly reduced the likelihood that low-skilled workers rose to what we characterize as lower middle class earnings. This curtailment of transitions into lower middle class earnings began to emerge roughly one year following initial declines in low wage employment. Reductions in upward mobility thus appear to follow reductions in access to opportunities for accumulating work experience," the report states.

"While the wage distribution of low-skilled workers shifts as intended, the estimated effects on employment, income, and income growth are negative.

http://www.newsmax.com/Newsfront/minimum...z3Lcf8iHID

thanks, Bush! lol

(12-13-2014 03:32 PM)UofMemphis Wrote:  thanks, Bush! lol

President Bush advised that the bill should include tax cuts for small businesses that could be harmed by the wage increase, and on January 24, 2007, a cloture motion in the Senate failed as 43 Republican Senators (all but 5) rejected the bill without the tax cuts, opposing all 47 Democrats who were present for the vote. Once tax cuts were added to the bill, the Senate passed the amended bill 94-3 (3 Republicans opposed and 1 did not vote; 2 Democrats did not vote) on February 1, 2007.

http://en.m.wikipedia.org/wiki/Fair_Mini...ct_of_2007

Bush offset the hikes with tax cuts. Talking out if your ass is called farting.

Thanks, Bush! lol

(12-13-2014 03:47 PM)UofMemphis Wrote:  Thanks, Bush! lol

You voted for him, I didn't.

(12-13-2014 05:58 PM)Owl 69/70/75 Wrote:  

(12-13-2014 03:47 PM)UofMemphis Wrote:  Thanks, Bush! lol

You voted for him, I didn't.

Bush vs John 'hey, I faught in nam' Kerry? hell, I'd pick Bush again...

Most studies disagree with this...usually about 4:1.

Quote:Ten years ago, San Francisco raised its minimum wage from $6.75 to $8.50 an hour, a 26 percent increase. Since then, it has gone up at regular intervals to its current $10.74 an hour, the highest big-city starting wage in the country.

The city has slapped other mandates on businesses, including paid sick leave and a requirement to provide health-care coverage or pay into a pool for uninsured residents.

What have the effects been on employment?

Almost none, according to economists at the University of California, Berkeley, who have studied San Francisco, eight other cities that raised their minimum wages in the past decade, and 21 states with higher base pay than the federal minimum.

Businesses absorbed the costs through lower turnover, small price increases at restaurants, which have a high concentration of low-wage workers, and higher worker productivity, the researchers found.

The average increase among cities raising the minimum wage was 40 percent. The average step increase for a phased-in pay hike was 17 percent.

“Our data show that an increase up to $13 an hour has no measurable effect on employment,” said Michael Reich, a Berkeley economics professor with the Institute for Research on Labor and Employment.

Studies look at what happened when cities raised minimum wage

(12-15-2014 05:03 PM)Redwingtom Wrote:  Most studies disagree with this...usually about 4:1.

Quote:Ten years ago, San Francisco raised its minimum wage from $6.75 to $8.50 an hour, a 26 percent increase. Since then, it has gone up at regular intervals to its current $10.74 an hour, the highest big-city starting wage in the country.

The city has slapped other mandates on businesses, including paid sick leave and a requirement to provide health-care coverage or pay into a pool for uninsured residents.

What have the effects been on employment?

Almost none, according to economists at the University of California, Berkeley, who have studied San Francisco, eight other cities that raised their minimum wages in the past decade, and 21 states with higher base pay than the federal minimum.

Businesses absorbed the costs through lower turnover, small price increases at restaurants, which have a high concentration of low-wage workers, and higher worker productivity, the researchers found.

The average increase among cities raising the minimum wage was 40 percent. The average step increase for a phased-in pay hike was 17 percent.

“Our data show that an increase up to $13 an hour has no measurable effect on employment,” said Michael Reich, a Berkeley economics professor with the Institute for Research on Labor and Employment.

Studies look at what happened when cities raised minimum wage

From your link:

Quote:Potential price increases at restaurants was the biggest negative impact identified by the Berkeley researchers. The cost of eating out went up 2 to 3 percent when the minimum wage rose 25 percent. That means dining out in Seattle could go up as much as 7 percent if the city goes to $15 an hour.

Quote:A study by the Congressional Budget Office last month found that raising the federal minimum to $10.10 would boost the earnings of 16.5 million workers, but an estimated half million would lose their jobs.

And with Seattle contemplating a 61 percent jump, low-skilled employment could drop as much as 18 percent, Sabia said.

One critic of the minimum-wage hike said it could lead to increased automation at fast-food restaurants, such as touch-screen displays instead of cashiers taking orders, or robots capable of making 360 burgers in an hour.

“When talking about a $15 minimum wage, you’re going to a level that’s somewhat unprecedented,” said Michael Saltsman, research director for the Employment Policies Institute, which is partially funded by the restaurant industry.

“A 60 percent increase in labor costs doesn’t just wipe out profits at a typical restaurant, it wipes them out four times over,” he said.