Full disclosure: I am opposed to any government mandates that destroy the free market concept of folks being paid for the value they add to private industry.
1. This case in point:
'FDR talked Congress into creating Social Security in 1935 and imposing the nation’s first comprehensive minimum-wage law in 1938. While to this day he gets a great deal of credit for these two measures from the general public, many economists have a different perspective. The minimum-wage law prices many of the inexperienced, the young, the unskilled, and the disadvantaged out of the labor market.... the minimum-wage provisions passed as part of another act in 1933 threw an estimated 500,000 blacks out of work.'
http://fee.org/media/12185/great-myths-print-final.pdf
Just read this, about England's minimum wage law....and it seems an intelligent comprimise
2." Tory chancellor of the exchequer George Osborne surprised all recently by grabbing an issue from the Left and calling for Britain to adopt a national living wage (NLW).
3..... the NLW looks like a classic left-wing policy. It raises the minimum wage from £6.70 ($9.72) an hour to £7.20 ($10.44). Given the U.K.’s low rate of inflation, this 7.5 percent jump constitutes an impressive increase in real wages. The NLW will gradually rise an additional 25 percent, to £9.00 ($13.05) an hour by 2020. The objective, Osborne says, is to boost the minimum wage to 60 percent of Britain’s median wage, making it the highest relative minimum in the world.
4. ....the wage hikes will have the usual ill effects on employment. Already, British employers have taken steps to ease the strain on their respective bottom lines, variously cutting back on worker perquisites, overtime, and Sunday pay. British employers will doubtless seek further relief by shedding workers whose productivity falls short of the new higher wage, either by scaling back their businesses or by replacing workers with labor-saving equipment.
This sort of shift has already occurred in the United States, where states and cities have suddenly imposed new, higher minimum wages. In Britain, the nonpartisan Office of Budget Responsibility estimates that in its initial phase alone, the NLW will cut at least 60,000 jobs out of a workforce of about 30 million.
But watch this!
5. "...included an important nuance. Until now, the nation’s minimum wage applied only to workers over 21—a recognition that a high minimum wage can block job prospects for younger workers. Government publications have repeatedly pointed out that more than half of young workers earn the minimum, while only about 5 percent of the overall workforce does.
6. Building on this recognition, the new law applies the higher minimum wage to workers 24 or older. A lower minimum will prevail for those between the ages of 21 and 24, and still lower minimums for younger workers. All wages will rise from last year’s levels, but the youth minimums will increase along a shallower slope than the NLW."
More Than a Minimum
Makes a bit more sense.....
...so, of course, Liberals will oppose it.
1. This case in point:
'FDR talked Congress into creating Social Security in 1935 and imposing the nation’s first comprehensive minimum-wage law in 1938. While to this day he gets a great deal of credit for these two measures from the general public, many economists have a different perspective. The minimum-wage law prices many of the inexperienced, the young, the unskilled, and the disadvantaged out of the labor market.... the minimum-wage provisions passed as part of another act in 1933 threw an estimated 500,000 blacks out of work.'
http://fee.org/media/12185/great-myths-print-final.pdf
Just read this, about England's minimum wage law....and it seems an intelligent comprimise
2." Tory chancellor of the exchequer George Osborne surprised all recently by grabbing an issue from the Left and calling for Britain to adopt a national living wage (NLW).
3..... the NLW looks like a classic left-wing policy. It raises the minimum wage from £6.70 ($9.72) an hour to £7.20 ($10.44). Given the U.K.’s low rate of inflation, this 7.5 percent jump constitutes an impressive increase in real wages. The NLW will gradually rise an additional 25 percent, to £9.00 ($13.05) an hour by 2020. The objective, Osborne says, is to boost the minimum wage to 60 percent of Britain’s median wage, making it the highest relative minimum in the world.
4. ....the wage hikes will have the usual ill effects on employment. Already, British employers have taken steps to ease the strain on their respective bottom lines, variously cutting back on worker perquisites, overtime, and Sunday pay. British employers will doubtless seek further relief by shedding workers whose productivity falls short of the new higher wage, either by scaling back their businesses or by replacing workers with labor-saving equipment.
This sort of shift has already occurred in the United States, where states and cities have suddenly imposed new, higher minimum wages. In Britain, the nonpartisan Office of Budget Responsibility estimates that in its initial phase alone, the NLW will cut at least 60,000 jobs out of a workforce of about 30 million.
But watch this!
5. "...included an important nuance. Until now, the nation’s minimum wage applied only to workers over 21—a recognition that a high minimum wage can block job prospects for younger workers. Government publications have repeatedly pointed out that more than half of young workers earn the minimum, while only about 5 percent of the overall workforce does.
6. Building on this recognition, the new law applies the higher minimum wage to workers 24 or older. A lower minimum will prevail for those between the ages of 21 and 24, and still lower minimums for younger workers. All wages will rise from last year’s levels, but the youth minimums will increase along a shallower slope than the NLW."
More Than a Minimum
Makes a bit more sense.....
...so, of course, Liberals will oppose it.
