Tuesday, February 03, 2015

Minimum wage? What about middle wage?

Don't be fooled by sob stories about minimum wage.  It's a tiny percentage of American workers—4.3% of hourly wage earners and 2.9% of all workers.  The whines and finger wagging at the teleprompter keep us distracted from the fact that Obama demonizes business, capitalism and wealth, and that means the middle class wages are flat. The economy is stagnant. It is the middle class not getting a raise. By talking about minimums he doesn't have to address your business or investments squashed by oppressive taxes and regulations. 78% of minimum wage earners are white and 63% are female.  The average family income of a minimum wage earner is $53,113 and they are more likely to have some college than the average American worker. Why?  They are not the primary earner of the family!

“Perhaps surprisingly, not very many people earn minimum wage, and they make up a smaller share of the workforce than they used to. According to the Bureau of Labor Statistics, last year 1.532 million hourly workers earned the federal minimum of $7.25 an hour; nearly 1.8 million more earned less than that because they fell under one of several exemptions (tipped employees, full-time students, certain disabled workers and others), for a total of 3.3 million hourly workers at or below the federal minimum.”


“The primary value of minimum-wage jobs is that they are learning jobs. They teach inexperienced employees basic employment skills that make them more productive and enable them to earn raises or move to better jobs.”

“The proposed minimum wage increase of $10.10 an hour would bring the minimum cost of hiring a full-time worker—including the Obamacare penalties—to $12.71 an hour.”


Minimum wage “often holds back many of the workers its proponents want to help. Higher minimum wages both reduce overall employment and encourage relatively affluent workers to enter the labor force. Minimum wage increases often lead to employers replacing disadvantaged adults who need a job with suburban teenagers who do not.” 


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