I heard an interview today saying that even with increased costs those families would still come out ahead. I haven't searched for any supporting info though.

 

Who was being interviewed? If it was a politician, I would not put much faith in it. If it was someone with an economic background who can objectively analyze data, I would interested to hear his/her views just for my own education.

The fact that he states he never made a dime would lead me to believe that he was probably going to close the business soon anyways.

 

A friend of college is a supplier to builders. For the past several few years he was pretty much paying himself nothing living off saving he built up from the good days. As those savings were being depleted, closing the business and getting a job doing something else crossed him mind several times. Had something happened that would have increased his labor, I would guess that would have driven him over the edge.

Are these statements I heard about minimum wage true? 1. Only 1 1/2% of the working force make minimum wage. 2. Well over half these individuals are still living at home with their parents. Most are still in high school or college. 3. A % of these workers are just looking to supplement the family income and are satisfied with what they earn, although I sure they would take more. 4. Many of those earning minimum wage have few skills to earn more money, they are earning what they skills are worth.

 

If true, then these efforts to raise the minimum wage are just for political points. For those companies that are raising wages to get better workers or to retain trained workers, that is what the capitalistic system is all about.

Wait a minute. You closed a business becauase some one MIGHT raise the minimum wage? Yeah, that makes sense.

 

In case you are not aware, it is going up! And business owners and investors have to make long term decisions everyday looking FORWARD, not backward. And this is no small issue for me, and it was not the only straw on the camel's back of course, but there is NOTHING any government entity has done for my business since I acquired it 7 years ago but:

 

raised minimum wage 20% already once before

restructured New Circle road so I lost 1/2 my traffic flow

increased unemployment contributions (double FUT) due to state fund deficit

increased reporting requirements for the dept. of labor

raised minimum wage again in a competitive environment.

 

Those are the facts, and the business, nor I personally could absorb the constantly increasing costs in a contracting market. So does that make sense to you?:idunno:

 

BTW, very few people working there actually were at minimum wage level...most had earned their way to higher levels by showing up to work, trying hard and learning new skills.

Edited February 20, 201412 yr by doomer

Any time you're talking a hike in the wages there's mixed bag of results. CBO says a lot of people will lose jobs by 2016. They also say 900k families will be out of poverty and 16.5M low-wage workers will have more money.

 

CBO said it was also possible that no jobs would be lost and that the estimate of 500k was imprecise.

 

It's not just a boon to low-income/poverty folks. People who have 2 to 3 times the poverty level in income will also benefit.

 

Costs of some products could go up. OR people with low-wage jobs will be replaced by automation.

 

Let's say it is 500k people who lose their jobs by 2016. Is 900k families being lifted out of poverty a net win for the country?

 

You communicate them as if those numbers are determinable and real. Do you honestly ask that question and contextually link it to raising the minimum wage?

I take it most people are either undecided or non-confrontational and/or don't want to sound socially against those earning minimum wage in our country. Since I am none of the above, I will state my opinion which is against increasing minimum wage. If an employer needs to lower turnover or recruit more skilled employees as in the example, the employer will make that justification...of course there is a cost to turnover, and will adjust their wage accordingly. That bar will just be raised by the amount of the minimum wage increase.

 

I believe there are a better ways for people to improve their standard of living, and these are the ways we can best support...training, education, and support for children. Raising the minimum wage is just another entitlement at the end of the day, more money without increased productivity without increased price is a burden to business. Of course putting all the burden to our social ills on business is a hit in Washington.

Rep. Jim Wayne, D-Louisville, said experts with the American Economic Association have come to the same conclusion.

 

“If your business plan is so weak that a 95-cents-an-hour increase in the wages of your employee will bankrupt you, my God, go back to business school,” he said. “There’s something wrong with your business plan and your business acumen.”

 

This attitude underscores the pathetically callous attitude of the Dems. towards business. And it demonstrates why during their control the rich get richer the poor get poorer and those in the middle are squeezed down. This country was built on people who take risks and reach up to try to get to the next level. It may be a highly leveraged business; it may be investing all one's savings, but it is most likely a smaller business that was started with the dream of getting bigger. This guy has no concept of this and frankly doesn't give a flying Walenda.

Are these statements I heard about minimum wage true? 1. Only 1 1/2% of the working force make minimum wage. 2. Well over half these individuals are still living at home with their parents. Most are still in high school or college. 3. A % of these workers are just looking to supplement the family income and are satisfied with what they earn, although I sure they would take more. 4. Many of those earning minimum wage have few skills to earn more money, they are earning what they skills are worth.

 

If true, then these efforts to raise the minimum wage are just for political points. For those companies that are raising wages to get better workers or to retain trained workers, that is what the capitalistic system is all about.

Your numbers don't look right. Check out:

 

Minimum wage workers account for 4.7 percent of hourly paid workers in 2012 : The Editor’s Desk : U.S. Bureau of Labor Statistics

Rep. Jim Wayne, D-Louisville, said experts with the American Economic Association have come to the same conclusion.

 

“If your business plan is so weak that a 95-cents-an-hour increase in the wages of your employee will bankrupt you, my God, go back to business school,” he said. “There’s something wrong with your business plan and your business acumen.”

 

This attitude underscores the pathetically callous attitude of the Dems. towards business. And it demonstrates why during their control the rich get richer the poor get poorer and those in the middle are squeezed down. This country was built on people who take risks and reach up to try to get to the next level. It may be a highly leveraged business; it may be investing all one's savings, but it is most likely a smaller business that was started with the dream of getting bigger. This guy has no concept of this and frankly doesn't give a flying Walenda.

 

I am guessing the Jim Wayne has never owned a business.

 

I don't think many businesses will close, I think it will just put a freeze on hiring. KY Kingdom is trying to open again. Most of its labor is min wage. Should min wage go up, my guess is they will raise their prices a bit which would result in fewer patrons and therefor need fewer employees. I think this would be the most common way min wage will decrease jobs. Companies completely going out of business would not be the norm.

I am guessing the Jim Wayne has never owned a business.

 

You'd be wrong about that... but I'll be darned if I can figure out what exactly it is the Wayne Corporation does.

The Gap announced today they will raise their minimum to $9 and then $10 in order to attract and retain better employees. Their win is that better employees make the experience better for the consumer which is a win for the company.

 

Companies with high turnover have costs, too.

 

Wal-Mart is also looking at raising their minimum wage voluntarily. It seems like I heard about another large company that also was raising their minimum wage.

You'd be wrong about that... but I'll be darned if I can figure out what exactly it is the Wayne Corporation does.

 

Political consulting maybe? It seems like several go that direction. Quite lucrative once you get in office I am told.

Understand the people I worry about, if the min wage increases to $10.10 an hour, are those who are making $15.00 to $20.00 an hour now.

 

They will not see a increase in their wages!

They will see an increase in their work load as their employers lay off workers.

They will see a decrease in their disposable income as prices increase.

They will see a decrease in customer service when they go shopping, as companies go to more self service lines.

They will see a increase in taxes as their local government cost of operating will only increase to take care of those out of work!

You'd be wrong about that... but I'll be darned if I can figure out what exactly it is the Wayne Corporation does.

I think it has something to do with social services or psychological care.

Is it true that minimum wage laws apply only to employers who engage in interstate commerce?