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I think they should raise it to $1,000,000 an hour.
We'll all be rich!
Why would it be more likely a person getting above minimum wage would get a raise if the minimum wage were raised to what they were getting now?
Given the higher labor costs a company would have to account for, it's more likely they wouldn't get a raise at all.
In 2013, after-tax corporate profits as a share of the economy tied with their highest level on record (in 1965), while labor compensation as a share of the economy hit its lowest point since 1948. Wage growth since 1979 has not kept pace with productivity growth, resulting in falling or flat wages for most workers and big gains for corporate coffers, shareholders, executives and others at the top of the income ladder.
Since the minimum wage is usually the entry level, the established employees wages go up from there. Wages are a smaller and smaller % of company expenses and given the record profits in many companies, I doubt that raises will be all that painful.
http://www.nytimes.com/2014/09/01/opinion/wages-and-salaries-still-lag-as-corporate-profits-surge.html?_r=0
What about companies who are not experiencing record profits? What if they are maintaining or dwindling?
Since the minimum wage is usually the entry level, the established employees wages go up from there. Wages are a smaller and smaller % of company expenses and given the record profits in many companies, I doubt that raises will be all that painful.
http://www.nytimes.com/2014/09/01/opinion/wages-and-salaries-still-lag-as-corporate-profits-surge.html?_r=0
What about them? If a company cannot afford to pay it's workers, it won't last long no matter what the wages. Since when is the health of failing companies the only concern? Perhaps you want more bailouts?
Companies can not simply raise prices because they want to. The incidence of the cost will be partially borne by the market and partially borne by the employer. On the flip side, putting pay in the hands of workers means putting more money out into the economy as low income workers spend nearly 100% of her income, thus it will translate to more sales of products.
You each could use a course in economics. Prices are set by the market; not by the supplier of the product. The ability of a player in the market to change prices is governed by a concept known as price elasticity. To the degree the commodity / product is high inelastic, such as oil, the companies can pass costs along and not bear as much of the cost themselves. To the extent the commodity / product is highly elastic, then they have little latitude to off-load costs in the form of price increases and eat more of the cost themselves. Much of the travel industry, particularly airlines, have a high degree of price elasticity.
Price elasticity of demand - Wikipedia, the free encyclopedia
Price Elasticity of Demand
Now granted, in inefficient markets with oligopolistic participants, there is generally less price elasticity than in a free market.... but, generally less does not mean that companies can dictate prices.
Companies already set prices to maximize revenue based upon what the market will bear. If companies could simply dictate the price, they would naturally just charge more. But, they can't, so they don't.
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All I needed to see in your first link was this phrase; "Research conducted by the Heritage Foundation in 2003 found..." The Heritage Foundation is so ideologically biased that the only people that take it seriously are conservatives and the TP. I'll pass.
Now, on the second think, under "About us" and "Advocacy" I found this: " Our mission is to defend the right of small business owners to run their businesses without undue government interference...." More right wing propaganda."
Please find sources like mine that are not associated with political ideology.
Thank you for your opinion. However, I don't see how a change makes other wage increases automatic. I see lots lots of memes about record profits, etc., but who cares about that? Why would other wages go up? Why wouldn't it just end up being parity across the board?
For the same reason that some get more than the minimum now, to keep them from losing employees with valuable experience.
`and your sources are better? lmaoA fundamental promise of America is that work will be a ladder to economic opportunity and an anchor of economic security for working families. But that promise has unraveled over the past three decades. Globalization has combined with domestic policy choices to yield an economy that creates too many low-wage jobs and not nearly enough good ones. Lax enforcement of workers' rights, increased subcontracting and misclassification of employees as independent contractors, and failed immigration policies have heightened insecurity for all workers. Inequality has grown to historic levels, the middle class is imperiled, and many fear our best days are behind us.
The National Employment Law Project (NELP) responds by working to restore the promise of economic opportunity in the 21st century economy. In partnership with national, state and local allies, we promote policies and programs that create good jobs, strengthen upward mobility, enforce hard-won worker rights, and help unemployed workers regain their economic footing through improved benefits and services.Read more about NELP's recent work in our 2013 Annual Report. NELP works from the ground up to build change. Our model is to develop and test new policies at the state and local level, then scale them up to spur change at the national level. We partner with strong advocacy networks, grounded in the full range of stakeholders - grassroots groups and national organizations, worker centers and unions, policymakers and think tanks. With our staff of lawyers, policy experts and researchers, we provide the following: In-depth legal and policy analysis, developing innovative strategies to create good jobs, improve working conditions and bolster economic security;Rigorous empirical research, documenting key trends in the economy and spelling out effective solutions;Expert legal advice and technical assistance, helping advocates craft viable policies in light of legal restrictions;Strategic leadership in coalitions, bringing together diverse constituencies to pursue common goals;Communications, public education and messaging, shining a spotlight on the struggles of today's working families and helping to increase understanding of key economic problems and viable policy solutions; andCapacity building through dissemination of policy and research reports, hosting conferences, and student trainingNELP has offices around the country and programs that touch the lives of workers across the economic spectrum. We welcome your inquiries and participation.National Employment Law Projectts a union loving leftist organization.....not exactly unbiased in it's opinions
if you change the COST of labor, they will change their prices
they have to.....there is no other place for it to come out of
do you own or manage a business?
i would assume not....i would assume you are in government, or education in some format
most businesses that employ minimum wage workers are small companies
little drug stores, car washes, food joints
low margins high failure rate businesses......
the owner is entitled to a return on his/her investment
increasing his/her labor cost has to come from somewhere
Your impressions of how things work does not equate to how things actually work. Again, I suggest you take an economics course.
Instead of taking gratuitous pot shots, why don't you bother proving your point.... if you can.
if you change the COST of labor, they will change their prices
they have to.....there is no other place for it to come out of
do you own or manage a business?
i would assume not....i would assume you are in government, or education in some format
most businesses that employ minimum wage workers are small companies
little drug stores, car washes, food joints
low margins high failure rate businesses......
the owner is entitled to a return on his/her investment
increasing his/her labor cost has to come from somewhere
http://www.dol.gov/minwage/mythbuster.htmMyth: Small business owners can't afford to pay their workers more, and therefore don't support an increase in the minimum wage.
Not true: A June 2014 survey found that more than 3 out of 5 small business owners support increasing the minimum wage to $10.10. Small business owners believe that a higher minimum wage would benefit business in important ways: 58% say raising the minimum wage would increase consumer purchasing power. 56% say raising the minimum wage would help the economy. In addition, 53% agree that with a higher minimum wage, businesses would benefit from lower employee turnover, increased productivity and customer satisfaction.
The majority (66 percent) of low-wage workers are not employed by small businesses, but rather by
large corporations with over 100 employees;
The 50 largest employers of low-wage workers have largely recovered from the recession and most are
in strong financial positions: 92 percent were profitable last year; 78 percent have been profitable for
the last three years; 75 percent have higher revenues now than before the recession; 73 percent have
higher cash holdings; and 63 percent have higher operating margins (a measure of profitability).
Top executive compensation averaged $9.4 million last year at these firms, and they have returned
$174.8 billion to shareholders in dividends or share buybacks over the past five years.
what you are saying is--- you didn't read the article.
the issue is can states prohibit their cities from setting MW higher than state establishes.
but boy, you had your copy-pasta non-germane troll response ready. kudos. i guess.
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Thank you for posting things from my link. I'm not sure why you posted then because I already read the under the "about us" tab. However, you left out the part where the NELP has teamed up with the "Raise The Minimum Wage" organization. Their goals are honorable and laudable.
You seem to be making a fuss over "leftist unions", neither group mentioned ANYTHING about unions. I'm darn curious as to where the leftist unions come into play or is this just another example of seeing things that aren't there?
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Your impressions of how things work does not equate to how things actually work. Again, I suggest you take an economics course.
I do own and manage a business. Apparently you do not, or you would understand that while you may try to pass cost increases along, it isn't that simple. The market caps your price. You have to work within what the market will bear. You will be able to pass some, but rarely, if ever, can you pass all cost increases along...
Then why do most small business's support raising the MW to $10.10? It is not small business that is paying the lobbyists to fight te increase either.
http://www.dol.gov/minwage/mythbuster.htm
You are also wrong about the number of low wage workers employeed by large corporations. It's 66% of them.
http://nelp.3cdn.net/e555b2e361f8f734f4_sim6btdzo.pdf
i manage a 110 million dollar company.....with 145 employees
you may like taking it up the arse, but most of us that manage/own businesses do it for money
we may love what we do, but we wouldnt do it if we werent getting paid
if my labor rates increase, i will pass it along in one way or another
either through reduced benefits to workers, less workers, or price increases to customers
but my bottom line isnt changing because some idiot in washington decides that he wants to give away my money
my profit, and the owners isnt changing because of some legislation passed by numbskulls who couldnt run a business if their life depended on it
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