Minimum wage is rising

The wait is finally over. Minimum wage workers, who have gone more than a decade without a raise, will see the first of a three-step minimum wage increase go into effect July 24. This first step will raise the minimum wage from $5.15 (where it has been frozen since 1997) to $5.85. The second step will raise the minimum wage to $6.55 on July 24, 2008; and the third step will raise the minimum wage to $7.25 on July 24, 2009.

 

Is that state or federal?

 

What I'd like to know is where that puts those of us who make above minimum wage already. We'll all be paid the same, and god dammit, I'm worth WAY more than some of these stupid kids are. It hasn't affected anyone where I work yet because we all start at $6, but it really irritates me that the rest of the people will be waiting even longer to make what they're worth. It's all good that they're raising it and everything, I just wish that they'd raise the rest of us as well.

 

Bring that up to your boss.

cause minimum wage increases = increased prices and all that jazz.

 

This isn't too much of a big deal.

The politicians just figured that there will be a slight inflation, and that raising the minimum wage won't really change much.

As Carl said... raising the minimum wage means that the price of everything else raises... otherwise it would create unemployment with companies not being able to afford as many employees without raising their prices.

 

this is federal min. wage

most states have a min. wage, i believe only 5 dont' have state min wagei, forget which states don't though

so like me in MA, this increase doesn't effect me at all, unless i have a federal job making min. wage. MA state right now is $7.50, and will be $8, on the first day of 2008. but i make above that anyways, so...no effect at all.

and this is a nice gem: "The Massachusetts minimum wage rate automatically increases to 10 cents above the rate set in the Fair Labor Standards Act if the Federal minimum wage equals or becomes higher than the State minimum."

http://www.dol.gov/esa/minwage/america.htm

 

Not really it is a state thing. The only places that still pay min. wage any more are food service and some retail. Most places in AZ pay more than min wage already.

 

http://www.epinet.org/content.cfm/issueguides_minwage_minwagefaq

thats a nice faq

 

i'd also love to see evidence of price increase of goods due to min. wage increase

 

Well, this increase in minimum wage probably won't increase prices because it's so minor and will only affect few states.

Otherwise... it's just obvious... more money floating around lowers the value of the money.

 

i'm not arguing either way. just looking to see real studies done on it, instead of theory based.

i'm looking myself, but its hard since i dont' have access to the journals and such my school does at the library. i could probably find some abstracts, but dont' think i'd get access to the full study.

 

this looks interesting...just found it

http://www.epionline.org/study_detail.cfm?sid=100

 

I do not have the patience to read a full socioeconomic study.

Imagine... all the damn... numbers!

Read the book "Nickel and Dimed" by Barbara [size=-1]Ehrenreich[/size] though, it has a rather good insight into minimum wage in gringolandia.

 

well, i'm figuring i should attempt to get back into that type of thinking again...since i do have to take some advanced economic classes when i get back to school...rather get jump start now, instead of doign it when classes start, eh...haha

i'll check the book out though

 

"hey claim that the market for low-skilled labor isn’t competitive and employers have the power to set wages. As a result, an increase in the minimum wage will not necessarily lead to employment loss."


That's fucken ridiculous.

You cannot imagine the competition around the whole manual labour industry... it's insane. Plus, the minimum wage jobs are becoming more and more competative with the increasing immigrants and teens filling up the positions.

The only thing that keeps them from being extremely competative is the high rate of minimum wage job expansion.

They do conclude that an increase in minimum wage in a perfect market will decrease employment by 2.5-3.5% which is substential enough... thousands upon thousands unemployed.

 

I must admit that economics are interesting... but at the same time, everything else is interesting.

I've been spending the last couple of days helping my boss figure out how to get the best deal on his refinancing for his house.

The book is good. It's non-fiction... an author tries to live on minimum wage for around a year and describes various jobs. I think that she didn't really go at it all the way, and the jobs she took seem like hell to middle class people... but are honestly not that bad at all..... it's still an interesting read and has some fascinating statistics in it. It said that a person needs to get at least 11$ per hour in order to truly survive in this modern world... and the book is kinda dated.

 

yea, its quite interesting...but like you said, everything else is interesting too. but i find i need a more hands on approach to learning, instead of just theory and textbook crap...so 1 of the plenty of reasons i'm looking for schools to transfer to. haha

back on track - it is interesting though, lots and lots of ways to get invovled in economics in some way.

and yea, i read a little bit about the book...def. looks interesting. gonna check if the library has it.

 

Yes, I'm starting to think that I need a hands-on approach meself... otherwise I get awfully bored. School isn't teaching me anything new as it is, but a more interactive approach would at least keep me a tad interested.

I'm taking Biology and Physics this semester, both of which will have labs... the labs are completely idiotic, but that might as well add an element of fun.

I will also be able to get into an argument about frog dissection with the biology teacher. Fun!

 

Minimum wage goes up, and with it so does inflation and taxes.

 

minimum wage here jumped from 5.15 to 6.85 at the turn of the year. i work at a pizza place-the drivers make exactly the same amount, but they now have to claim their tips so they are taxed a little more. instore workers got a good raise, so now we just schedule managers instead, who don't make that much over minimum wage anyway. we haven't had to raise prices yet.



so yeah, tip your delivery driver, because he now relies on that to even reach minimum wage