If you owned a small business, you would cherish good workers and reward them according to their value to your company. If your employers earned minimum wage, today they are receiving an 11% increase in gross pay. Will that make a difference to your bottom line?
This is the third increase in as many years. This "pill" may be difficult for some businesses. Will it hurt the economy?
One economics professor believes that the Friday increase couldn't be happening at a worse time. The U.S. economy lost nearly 3.4 million jobs in the first half of 2009, which is more than the 3.1 million lost in all of 2008.
Some states have minimum wages greater than the federal $7.25 per hour.
One analysis shows that the 13 states with the highest minimum wage experienced higher unemployment levels than the other 37 states. The unemployment rates were higher by an average of between 1.75% and 2% in those 13 states during the three-month period ending in May.
Will the increase actually cost our economy?
'til later
Bargain Barb
- Bargain Barb
- Naperville, Illinois
- Greetings! I have years, no decades, of financial experiences to share. I have a passion for education. I am a control freak in that I need to know where my $ goes. I continually ask myself do we need that, what risks are we taking with that investment, how/when can we get at our $, and just how much does Uncle Sam demand of our every earned $. Stay tuned to my life choices now and my references to life choices/experiences from my past.
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