Friday, April 8, 2016
A continuous hot topic is the raising of the minimum wage. While this sounds good on paper most overlook the accompanying economic reaction that follows such action.
It is inflationary at best. The increased cost for the employer is reflected in the cost of the service or the product. Thus there is a rise in the cost of living which often is proportionally greater than the wage gain.
The real gauge of what one receives in pay must be judged by what the dollar will buy. Who is better off; the worker who received 50 cents/hour in the 30s when gas cost 17 cents a gallon or the one today with a $7.50/hour wage and pays over $2.00 for gas Other; the $500.00 car in the 30s against the $30000.00 of today?
This discussion was a result of this Rasmussen Reports of Friday, April 08, 2016
New York and California recently passed bills that will gradually raise the state minimum wage to $15 an hour, and several other states are considering similar legislation. Most Americans want their state’s hourly minimum wage to be above the federal level of $7.25, but they aren’t quite willing to go as high as $15.
A new Rasmussen Reports national telephone survey finds that just 20% of American Adults want the minimum hourly wage in their state to stay at $7.25. Seventy-four percent (74%) want it to be higher, but that includes only 12% who prefer the $15 level. Three percent (3%) think their state's minimum wage should be even higher than that.
Twenty-three percent (23%) are comfortable with $9.50 an hour, while 24% would make the minimum hourly wage $10.50. Twelve percent (12%) want the minimum wage to be $12.50. The survey of 1,000 American Adults was conducted on April 3-4, 2016 by Rasmussen Reports.