Economists and at least one president have for years stated that raising the minimum wage was not a way to help the poor out of poverty.
The Federal Reserve Chairman Ben Bernanke on 2/15/06 during his first semi annual report to Congress stated. "I think it (a higher minimum wage) does lower employment," Bernanke told lawmakers. "However, I note that the literature is very controversial on this subject. "One might consider alternative ways of helping working-class Americans -- for example, the earned income tax credit which delivers money to working families without necessarily affecting the employment."
“Raising the minimum wage is the wrong way to raise the incomes of low-wage earners." President Clinton, as quoted in Michael Kramer, "Minimum Wage, Minimum Sense," Time, Feb. 6, 1995. Still does not explain why he raised it anyway, oh yeah, that’s right were talking about Billy boy.
Does the old saying “a rising tide lifts all boats” come to mind, and with NAFTA who in this country (the manufacturers) is going to continue paying the increased wages and sell cheaply priced goods; while having the understanding that the rest of the world especially China, can do it for so much less. Again thanks to NAFTA, these increases are going to create a “wage bubble” and then POP! We will reach a point where there will be very few jobs mainly because the cost of doing business in the US is too expensive. Are we going to become a nation of consumers and not producers; oh wait, we will not be able to afford anything because we have priced our selves out of our jobs! Now that you are out of a job, you need a place to stay, food to eat and help for your family. Guess what, the government will step in and in the name of compassion will help you meet your needs (say hello to a socialist society) and punish those eeevvviiiillll corporations for firing you. But back to our aphorism, all boats will be lifted, and I do mean all boats this includes, the USS cost of living and the USS price of goods. What business is going to just eat the cost of increasing wages and not pass that cost on to you, the consumer in the price of the goods? If they do just eat it, then they will eventually go out of business or they will start “downsizing” workers. Forget about getting a job especially if you are not skilled and say goodbye to entry level work. Again NAFTA will offer a way out of the increased minimum wages by shifting production to poorer countries where labor is really, really cheap.
Excerpted from Barack Hussein Obama book Keeping Americas Promise! Ensuring Living Wages and Improving Working Conditions Raise the Minimum Wage: Even though the minimum wage will rise to $7.25 an hour by 2009, the minimum wage’s real purchasing power will still be below what it was in 1968. Obama will further raise the minimum wage to $9.50 an hour by 2011, index it to inflation and increase the Earned Income Tax Credit to make sure that full-time workers can earn a living wage that allows them to raise their families and pay for basic needs such as food, transportation, and housing – things so many people take for granted.
This guy and others like him (both republicans and democrats or just REPUBLICRATS) are going to create a third world atmosphere and economic condition if we do not stand up and say NO (unless McCaine completely destroys the rest of the 1st amendment.)
You know we could spread this misery evenly for other countries and just annex all of Mexico and Latin America, just a thought.
Now to those of you who are just salivating to run me down as some one who does not care about the “working poor” (there is an oxymoron) and I am some kind of heartless wealthy man, well I am not. In the same vain I would say that you care even less for the “working poor” because you would let politicians destroy our working base and send more jobs out of the country. You are a bunch of heartless hacks take that!
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