Friday, August 17, 2007
$7.25 > $5.15
in case you haven’t noticed, congress in all its wisdom increased the minimum wage from $5.15 to $7.25 over the next two years. the first increase raised the current minimum wage rate to $5.85. george miller, democrat – calif, and the bill’s author, gushed about those who will “benefit” from higher wages - "Today we finally release them from being frozen in time, stuck at that wage level when their gas prices are higher, their education prices are higher, when their medical costs are higher." it amazes me that he (and the others who passed this asinine increase) doesn't really get how economics works. who does he think is going to fund the increase? certainly the employers are not going to take a hit at the profit margin. instead, prices of goods and services will increase. here are two examples from my personal life. many sundays after church, my lovely and beautiful wife, my daughter, and i frequent ci ci’s pizza. we go so often that i know what to write the check for before we get there. two adult buffets and two drinks prior to congressional meddling ran about $12.00. the week after congressional jackassery, the cost increased to just over $13.00. in the second example, my daughter’s day care bill before was roughly $400.00 a month. now, it runs $460.00. democrats claim the minimum-wage increase will lift the income of 13 million workers . so – if such shifts in goods and services across the board affect my life-style, i can’t help but doubt how much the minimum wage increase will actually help those 13 million workers who will also face rising prices of goods and services.