Headlines Minimum wage increased from $5.15 (January of 2007) to $7.25 effective July 24th.
Economic News
What does minimum increase mean economically?
We all want our children, grandchildren, nieces and nephews to earn good incomes. However, what does that really mean? It means they will have a harder time entering the job force, keeping a full time or even part time job.
What the government, or the so called experts, don't quite get is that's just the beginning of the cost of employees....there is also FICA, Unemployment, Sick Days, Medicare, Healthcare, Vacations, Bonuses, etc.
The Economic effect of this increase?
* Lay offs of current workers worsening the Unemployment rate
* Much more of a challenge for University students with a part time job attending college with limited skills
* Even more challenging for College graduates entering the workplace with limited experience and skills
* Those who create the jobs are challenged beyond belief as it is. This increase will do nothing but hurt the backbone of our country, Small Business Owners
* Government believes small businesses can just absorb this additional cost. Nothing could be farther from the truth...it is passed on to the consumer with higher prices for everything, or some would say another form of taxation
Higher costs, less spending, higher unemployment, slower growth for small businesses , discouraging entrepreneurs and slowing our economic recovery.
1 comment:
It's unfortunate that who you refer to -- as never owning a business, or meeting a payroll -- that's our PRESIDENT!!
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