Minimum wage raises to $5.85
Posted on July 24th, 2007 by bile Categories and Tags: Uncategorized, cents, District of Columbia, Economic Policy Institute, minimum wage, nanny state, politics, regulation, USA, your moneyThe first minimum wage increase in 10 years takes effect Tuesday, to $5.85 from $5.15 an hour, with two more steps over the next two years taking base pay for millions of workers to $7.25.
The Fair Minimum Wage Act of 2007 raises the wage in the 18 states that haven’t already boosted their minimum wage. The District of Columbia has also raised its minimum wage.
About 13 million workers, or 10 percent of the nation’s work force, will benefit from an increase in the minimum wage, the labor-backed Economic Policy Institute said. Of those 13 million, 5.6 million would be directly affected, while 7.4 million low-wage workers will see the spillover effect on their wages.
“You may be able to get someone to work for 10 cents an hour, but we’ve decided as a society that that’s not a desirable situation.” Says you. That ’someone’ is a competent human able to decide their own worth for a particular job. If they choose to work for less then they can survive on that is their decision. They will quickly learn it’s not reasonable to be paid that amount and will either find more work or demand more money. Either way things will balance out. The market works when you leave it alone.
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