Olaf wrote Anyone want to take a bet on how many people will be losing their jobs because the companies will not want to pay the people $10.10 and hour?

sadly, i believe that us Americans will be replaced with technology in the minimum wage industries such as fast food.

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Stupid companies can't afford this.
Obama needs to over think things more

I think it should be raised it will help people put!

It will only cause more people to lose there jobs, But if the company goes along with it it would surly be an awesome payment to be making every hour

Raising the minimum wage would do nothing to this economy except bring it down even more. The major thing it would do, would be a Social Class Swap. The lower class people(mainly ages 16-25) now making 7.25$ an hour will all of sudden become middle class people bringing down the middle class right now to the lower class. Also, if companies start paying their burger flippers (Burger King, Mcdonalds, Wendys) 10.00$ an hour, will that make the burger taste better? no.


EDIT:

Pool wrote

You have to think though, Minimum wage is there to help with the cost of living.. Most people can't live off 7.25 an hour.. That's barely enough to pay for bills.. 2 paydays at 7.25 an hour and say you work 30 hours each week.. You make 435 dollars not including tax.. Include state tax you make around 375-385 for one paycheck. So that's like 750 dollars a month to pay bills, buy groceries and gas costs.

Minimum wage needs to be raised because the cost of living is higher, especially here in Tennessee.

You don't get it, Say you are making 7.25$ an hour right now. You need to buy milk for cereal and it is 4.50$. Well with the minimum wage increase you get, let say 10.15$ the price of milk will go up to 7.50$ so you are paying the same amount! The American dollar will lose its value if the Federal minimum wage is increased.

Xbox_One wrote Raising the minimum wage would do nothing to this economy except bring it down even more. The major thing it would do, would be a Social Class Swap. The lower class people(mainly ages 16-25) now making 7.25$ an hour will all of sudden become middle class people bringing down the middle class right now to the lower class. Also, if companies start paying their burger flippers (Burger King, Mcdonalds, Wendys) 10.00$ an hour, will that make the burger taste better? no.


EDIT:

Pool wrote

You have to think though, Minimum wage is there to help with the cost of living.. Most people can't live off 7.25 an hour.. That's barely enough to pay for bills.. 2 paydays at 7.25 an hour and say you work 30 hours each week.. You make 435 dollars not including tax.. Include state tax you make around 375-385 for one paycheck. So that's like 750 dollars a month to pay bills, buy groceries and gas costs.

Minimum wage needs to be raised because the cost of living is higher, especially here in Tennessee.

You don't get it, Say you are making 7.25$ an hour right now. You need to buy milk for cereal and it is 4.50$. Well with the minimum wage increase you get, let say 10.15$ the price of milk will go up to 7.50$ so you are paying the same amount! The American dollar will lose its value if the Federal minimum wage is increased.

Lol, a $3 raise in wage wouldn't = a $3 raise in product price.

1997 minimum wage was $5.10 I believe. $2 less than it is now. By your logic, milk then should be $2 less than it is now.

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If you can find a $5.22 gallon of milk in the U.S. I'd like to see it.

They really need to do this it would help alot for many people.

Only thing this will achieve is raise the cost of living.

This may cause the price of groceries to increase also as people are getting more money.
This may also cause many loss of jobs which would do more harm than good..
It's easy to say that people should get more money and their quality of life may increase but along with that comes downfalls

This thread has taught me;

13-15 year old kids are now financial analysts that suddenly know more about what would happen if they raise the minimum wage better than someone with an actual degree in economics.