Tuesday, March 29, 2016

Raising The Minimum Wage For Dummies #MinimumWage

News
California agreed to raise its minimum wage to $15 an hour by 2022. The nation's largest economy supports a national campaign to offer a higher standard of living for all workers. While this campaign buys votes, it's hardly a game charger for US workers and families. Economic reality, a zero sum game unless the economy (economic pie) grows in size, means benefits of higher wages for some comes at the expense of others that get fired.



Raising The Minimum Wage For Dummies:


Headline: California's $15/hour wage could help workers, cost jobs

SACRAMENTO, Calif. (AP) — A political deal to raise California's minimum wage to a nation-leading $15 an hour could help some workers cope with the state's crushing cost of living but also deprive other low-wage earners of jobs altogether, economists said Monday as Gov. Jerry Brown and other leaders touted what would be a landmark agreement.

California's economy is larger than that of most countries, with a wide diversity of earners. While newly minted millionaires gentrify neighborhoods in the San Francisco Bay Area, some Central Valley field hands lack access to clean water. A jump from the current $10 an hour spread over six years would affect millions.

Rafael Gutierrez, a 53-year-old farmworker, said the increase would let him treat his family to weekend dinners out and a short vacation to Disneyland from his home in Fresno County.


more

----------------------------------

Market-driven money flow, trend, and intermarket analysis is provided by an Insights key.