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  1. #1
    Senior Member JohnDoe2's Avatar
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    Minimum wage, part 1: 1968 level equates to $16 today

    Minimum wage, part 1: 1968 level equates to $16 today


    • Guest Perspective | Albert G. Besser


    • May 31, 2018 Updated 5 hrs ago

    The governor’s veto of legislation raising the minimum raise to $15 — not tomorrow, but in 2024 — is dismaying.

    In the first place, the present value of $15 in six years is anywhere from $11.85 (at 4 percent interest) to $13.32 (using 2 percent). In other words, by the time 2024 comes around, that $15 will be worth little more than the present $10.50 minimum wage. So, what’s the big deal!


    Sadly, the U.S. has one of the lowest minimum wages in the free world.

    Adjusted for inflation, the prevailing minimum wages in this country are level with what they were in 1956.

    “Had 1968 minimum wages grown at the same rate as the cost of living, it would be $16 today,” according to a study by Siena College and Rivera, “Is a $15 Minimum Wage Good for Small Business?”


    That is one reason Vermont is not alone in the drive to increase the minimum wage. As of Jan. 1, increases went into effect in Arizona, California, Colorado, Hawaii, Maine, Michigan, New York, Rhode Island and Washington.

    Anyone Googling “$15 minimum wage” will find a variety of studies purporting to evaluate the effect of raising the minimum wage. Most concede that they are “preliminary” or “subject to change.”


    Take for example the experience in Seattle, which mandated a $15 wage for businesses that provide no health benefits and employ over 500 people, as of Jan. 1. One study by the University of California, Berkeley reviewed the effect of Seattle’s increased minimum standards between 2009 and 2016 on full-service and fast-food restaurant employees. U. Cal. found significant wage increases, no evident decrease in employment, and concluded that the increased wage was a “success.”


    On the other hand, the University of Washington, relying on different data, had a much more negative analysis. It found “thousands” of jobs lost and a reduction in hours worked by those who kept their jobs. Critics challenged the study because of what seemed to be numerous errors in the methodology and data used.


    The bottom line is that there have been no significant business flights from Seattle because of minimum wage standards, and its local economy continues to thrive.


    California increased the statewide minimum from $6.75 in 2006 to $10.50 in 2017 and $15 by 2020.

    One team of economists at the University of California-Los Angeles estimated that the bump up to $10.50 by 2017 raised the earnings of restaurant employees by 20 percent but reduced employment by 10 percent. On the other hand, U.C. Berkeley compared cities like Chicago, Los Angeles, Oakland, San Francisco, San Jose and Seattle, which raised the minimum wage, to economically similar nearby counties. “We find significantly positive effects on wages and small effects on employment, consistent with many previous studies.”


    All these studies agree that they are not conclusive and admonish that “there is work to be done,” “it’s a work in progress” and subject to considerable revision.


    As to Vermont, I have seen no empirical or even anecdotal evidence to support the doomsday predictions that $15 (in 2024) will drive Vermont businesses into extinction. The present $10.50 rate is higher than the neighboring New Hampshire $7.25, yet I know of no mass flight by Vermont enterprises to N.H. to take advantage of that rate, and I have not heard of any Vermont business whose failure has been laid at the minimum wage doorstep — only apocalyptic predictions.


    Nor has there been any evidence that prices to the Vermont consumer have risen because of our minimum wage. Vermont businesses suffer more from the paucity of skilled employees.

    There is much to be said in support of the legislation.

    Anecdotal evidence suggests that better paid employees are far less likely to quit suddenly; they are happier and more productive, consequently reducing costly frequent turnover and the retraining of new workers.


    More permanent employment lessens taxpayer outlays for various assistance programs.

    A sustainable income leaves more money for consumer spending, a driving force for the economy.


    Finally, don’t we have a moral responsibility to mandate a wage decent enough to maintain a barely minimal standard of living? It was this social conscience that generations ago inspired workers’ compensation, child labor and most recently Medicare legislation. Vermont paved the way for civil unions; we should be the leader here.


    Increasing the minimum wage to $11-plus in today’s dollars is not the imaginary, horrible thing opponents prophesize.

    https://www.stowetoday.com/news_and_...2b87446b8.html

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    Senior Member JohnDoe2's Avatar
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    United States of America/Minimum wage

    7.25 USD per hour


    California
    11.00 USD


    Florida
    8.25 USD



    Texas
    7.25 USD

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    Senior Member Judy's Avatar
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    They need to adjust the minimum wage with inflation, annually, the same as they do with SS COLA.
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    Senior Member JohnDoe2's Avatar
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    The federal minimum wage of $7.25 an hour.

    Jan. 1 , 2018

    Congress hasn't voted to raise the minimum wage in more than a decade.

    In Missouri, for example, the minimum wage will rise from $7.70 an hour to $7.85 an hour in 2018, a slight uptick said to account for inflation.
    Here's where workers will see their pay rise in the new year, and how much they'll begin to make.
    Alaska: $9.84 an hour
    Albuquerque, New Mexico: $8.95 an hour
    Arizona: $10.50 an hour
    Bernalillo County, New Mexico: $8.85 an hour
    California: $11 an hour for businesses with 26 or more employees; $10.50 an hour for businesses with 25 or fewer employees
    Colorado: $10.20 an hour
    Cupertino, California: $13.50 an hour
    El Cerrito, California: $13.60 an hour
    Flagstaff, Arizona: $11 an hour
    Florida: $8.25 an hour
    Hawaii: $10.10 an hour
    Los Altos, California: $13.50 an hour
    Maine: $10 an hour
    Michigan: $9.25 an hour
    Milpitas, California: $12 an hour
    Minneapolis, Minnesota: $10 an hour for businesses with more than 100 employees
    Minnesota: $9.65 an hour for businesses with annual gross revenue of $500,000 or more; $7.87 an hour for businesses with annual gross revenue of less than $500,000
    Missouri: $7.85 an hour
    Montana: $8.30 an hour
    Mountain View, California: $15 an hour
    New Jersey: $8.60 an hour
    New York: $13 an hour for standard New York City businesses with 11 for more employees; $12 an hour for standard New York City businesses with 10 or fewer employees; $11 an hour for standard workers in Long Island and Westchester; $10.40 for standard workers in the rest of New York state; $13.50 for fast food workers in New York City; $11.75 for fast food workers in the rest of the state
    Oakland, California: $13.23 an hour
    Ohio: $8.30 an hour
    Palo Alto, California: $13.50 an hour
    Rhode Island: $10.10 an hour
    Richmond, California: $13.41 an hour
    San Jose, California: $13.50 an hour
    San Mateo, California: $13.50 an hour for standard businesses; $12 an hour for nonprofits
    Santa Clara, California: $13 an hour
    SeaTac, Washington: $15.64 an hour for hospitality and transportation employees
    Seattle, Washington: $15.45 an hour for businesses with 501 or more employees that don't offer medical benefits; $15 an hour for businesses with 501 or more employees that do offer medical benefits; $14 an hour for businesses with 500 or fewer employees that don't offer medical benefits; $11.50 an hour for businesses with 500 or fewer employees that do offer medical benefits
    South Dakota: $8.85 an hour
    Sunnyvale, California: $15 an hour
    Tacoma, Washington: $12 an hour
    Vermont: $10.50 an hour
    Washington state: $11.50 an hour


    CNNMoney (New York)First published December 29, 2017: 6:29 AM ET

    http://money.cnn.com/2017/12/29/news...ses/index.html
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  5. #5
    Senior Member JohnDoe2's Avatar
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    North Carolina/Minimum wage


    7.25 USD per hour



    California
    11.00 USD



    Florida
    8.25 USD



    Virginia
    7.25 USD

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    Senior Member JohnDoe2's Avatar
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    Judy likes this.
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