Barack Obama: Raise the Federal Minimum Wage automatically with inflation
Last night, President Obama called on Congress to raise the federal minimum wage from $7.25 up to $9.00 an hour, (a 20% hike!) and to automatically raise it to keep up with inflation.
Raising the "Minimum Wage" does nothing to help the lowest earners, since every single consumer good on the shelves will also go up in price. The same people will continue to find shortcomings in their occupational decisions.
The currency is also devalued for every jump in Minimum Wage, as every dollar will buy less goods after the hike.
The concept of a Minimum Wage is decidedly anti-capitalist. Price controls and wage controls are totally unfit to exist in a free market. Instituting it at a Federal level makes it unconstitutional as well. More jobs will be priced out of existence and the economy and the currency will suffer because of it.
Unfortunately for America, both the Republican and Democrat nominees held the exact same stance on centralized wage controls.
Mitt Romney: Raise the Federal Minimum Wage automatically with inflation
Obama proposes raising minimum wage, investing in infrastructure jobs | Reuters
Last night, President Obama called on Congress to raise the federal minimum wage from $7.25 up to $9.00 an hour, (a 20% hike!) and to automatically raise it to keep up with inflation.
Raising the "Minimum Wage" does nothing to help the lowest earners, since every single consumer good on the shelves will also go up in price. The same people will continue to find shortcomings in their occupational decisions.
The currency is also devalued for every jump in Minimum Wage, as every dollar will buy less goods after the hike.
The concept of a Minimum Wage is decidedly anti-capitalist. Price controls and wage controls are totally unfit to exist in a free market. Instituting it at a Federal level makes it unconstitutional as well. More jobs will be priced out of existence and the economy and the currency will suffer because of it.
Unfortunately for America, both the Republican and Democrat nominees held the exact same stance on centralized wage controls.
Mitt Romney: Raise the Federal Minimum Wage automatically with inflation
Obama proposes raising minimum wage, investing in infrastructure jobs | Reuters
Raising Minimum Wage Would Ease Income Gap but Carries Political Risks | NYTimes“Even with the tax relief we’ve put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That’s wrong,” Mr. Obama said in his State of the Union address Tuesday night. “Let’s declare that in the wealthiest nation on earth, no one who works full time should have to live in poverty.”
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