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America Needs a Raise: The Case for a Higher Minimum Wage
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[quote:Anonymous Coward 12680882:MV8yMTA2NjcwXzM1NTA3MTY3XzNBQjE3NEY1] Here a reading assignment for you pinko liberal fuckheads: [i]Higher minimum wages generate a tradeoff between higher wages for the employed and higher rates of unemployment. When minimum wages increase, many workers who earn less than the new higher minimum wage lose their jobs. Firms often decide that they can get by with fewer workers instead of paying higher wages. As one might expect, David Neumark of the University of California's Irvine campus and William Wascher of the Federal Reserve Board survey recent research on minimum wages and find that the least-skilled workers are hurt the most by minimum wages. Minimum wages are particularly damaging for the future prospects of young workers as they typically earn the low wages that are impacted by the change in the minimum wage law.[/i] http://www.newsday.com/opinion/oped/gorry-raising-minimum-wage-is-sure-bet-to-create-more-jobless-young-americans-1.4049944 [/quote]
Original Message
An economy that relies overwhelmingly on consumer spending can't afford to watch vast numbers of hard working citizens experience ever diminishing purchasing power.
Almost four million Americans earn wages at or below the federal minimum wage of $7.25 an hour, or nearly $15,000 a year if they work full-time. That is approximately $8,000 shy of the poverty threshold for a family of four. And given that more than half of workers earning the minimum wage or less are 25 or older, it is clear that many of these workers are trying to support a family on these extremely low pay. Contrary to widely held perceptions, most minimum-wage jobs are not held by young people who get better jobs as they age. Raising the minimum wage by just 85 cents a year for three years, plus indexing it to inflation, would directly lead to higher wages for an estimated 20 million working Americans, with another 10 million likely receiving raises as employers' pay scales adjust. And more than one quarter of the nation's children would see a parent's earnings increase.
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link to www.theatlantic.com
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