Monday, August 04, 2008
Nothing to add to this. Just read it.
Why Isn’t Anyone Linking The Rise In Unemployment To The Rise In Minimum Wage? - Say Anything: "Why Isn’t Anyone Linking The Rise In Unemployment To The Rise In Minimum Wage?
By Rob on August 4, 2008 at 06:20 am
Why in the world isn’t anyone connecting the increase in the jobless rate last month to the increase in the minimum wage? At the beginning of the last month the minimum wage went up by 70 cents. When employers are forced to pay people more than they are worth .. they get kicked to the curb. Trust me, I know. I was fired once because the minimum wage went up and I was the last person hired.
Good point, and we can actually go back further than just this year. Many states have minimum wages set higher than the federal minimum wage, so the hike in the federal minimum has had a different impact depending on what the state was at already. But here in North Dakota we went from $5.25/hour in 2007 to $6.55/hour now in July. That’s a hike of $1.30/hour in a little over a year.
Anyone who has ever had to budget for payroll knows that is a significant increase in expense. For a 40 hour/week employee it’s roughly $208/month in additional payroll. If you spread that out over four or five em"