What else is new?

I want to talk about an issue. The US Government voted not to raise the minimum wage, which for the last 9 years has been $5.75 per hour. So if you are working 40 hours a week, you are making $200 large ones. They DID, however, vote themselves a pay increase, but they didn’t vote to increace the minimum wage. I believe they were going to raise it to $7.25, so if you were working 40 hours a week, you would be making $280 large ones. Or may be $300 large, I don’t know. I just want to say - GOOD! I'm glad they didn’t do it. Because, you know, the lower strata of American society have had a free ride for too long. And if you were to give them $7.25 per hour, you know it would just go 'in their nose and out their hose'. You know what I'm talking about, don’t you? You don’t want to give them walking around money. So kudos to American government for literally taking a giant shit on poorest people in the country. Cause they deserve it!

FOR THOSE WHO DONT UNDERSTAND ECONOMICS:

Increase in Minimum Wage = Increase Cost of Production = Increase in Price of Good = Zero Increase in Purchasing Power

Increasing the minimum wage affects long term contract producers. Those who are required by contract to produce a good at a pre-determined price. But this effect only happens if the long term contract producers can not predict the increase in minimum wage. Aside from that effect minimum wage is a change in numbers not a change in situation.

The fact that the gap between rich and poor in this country is widening and that the rich tend to hoard their wealth rather than invest it into communities is why we have things like social security, welfare, and federally mandated minimum wages. We could do a lot better by the majority if we eliminated payroll taxes and instituted a national sales tax. This is a fair tax and the wealthy can't dodge it.

Cost of living has increased. Ergo, wages need to increase to match that. No full-time job should pay a wage that sets a reasonably-sized household at the poverty level; anyone who is contributing an honest day's work to society should be getting a quality standard of living in return. The only other solution is to completely eliminate inflation. But thats communism.

http://jim.com/econ/chap19p1.html