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Business/Finance See other Business/Finance Articles Title: Connecticut becomes first state to pass $10.10 minimum wage MILFORD, Connecticut (Reuters) - Connecticut Governor Dannel Malloy on Thursday signed into law a measure that will phase in the highest minimum wage of any U.S. state, in line with a push by Democrats nationwide to raise the entry-level wage. The bill, which was approved by state legislators a day earlier, will raise the state's minimum hourly rate to $10.10, a figure that matches what U.S. President Barack Obama has asked Congress to consider imposing nationally. Malloy signed the legislation on Thursday evening in the same New Britain diner where he appeared earlier this month with Obama and three other New England governors: Deval Patrick of Massachusetts, Peter Shumlin of Vermont and Lincoln Chafee of Rhode Island. All are Democrats who have pushed to raise the minimum wage in their states. New Britain, located in the center of the state, has been hard hit by the economic downtown with the household median income at about $35,000, compared with the statewide median of $66,000. "This is just a step in moving people in the right direction," Malloy said in signing the bill. "We will be lifting people out of poverty in the state of Connecticut. Increasing the minimum wage is not just good for workers, it's also good for business," he added. Connecticut's Speaker of the House Brendan Sharkey, also a Democrat, said: "Raising the minimum wage helps people who need it most, is good for the economy and is the right thing to do." State House Republican spokesman Patrick O'Neil said his party opposed the measure because it does not believe the bill will help create jobs in a state with an unemployment rate of 7.2 percent, above the national average. "This is just politics in an election year and isn't going to lift anyone out of poverty," O'Neil said. "In Bridgeport, the state's largest city, there is a 50 percent unemployment rate among teens ages 16-19. If they can't get a job at $8.70 an hour, what will it be like when the rate goes up?" he said. "This is just going to cause employers who create jobs in the state to hire even fewer people." Obama's call for a higher national minimum wage has failed to win the backing of the Republican-controlled U.S. House of Representatives. The Congressional Budget Office said in a report released last month that raising the minimum wage to $10.10 an hour nationally would reduce total employment by some 500,000 workers. Connecticut's minimum wage currently stands at $8.70 per hour, and the bill will be phased in to $10.10 over three years. The current highest state minimum wage in the United States is Washington's $9.32, above the $7.25 federal minimum. Malloy is up for re-election this year and state Republicans have called the measure a politically influenced move. (Editing by Scott Malone, Gunna Dickson, Dan Whitcomb and Lisa Shumaker Poster Comment: http://news.yahoo.com/connecticut-becomes-first-state-pass-10-10-minimum-012034670--business.html?soc_src=copy Average Joe So we raise a component of a product and think that the people will have more purchasing power? The cost of products will go up and thus purchasing power will be more or less the same as it is now. What is the main benefit here? Oh, that's right! The government now gets more tax revenue on the higher income. No net gain for anyone else. Remember, businesses goals are to make money to stay afloat or they close or they pass that cost on to the consumer. Unlike the government who likes to run in the red and just print more money or tax more versus less spending.+9-2 [Stephanie] You CANNOT "lift people out of poverty" by paying them a little more for unskilled labor--PERIOD. The way to lift people out of poverty is to EDUCATE them properly, starting FIRST with ADULTS on welfare. These people know it... the UN has said education is the only remedy for poverty. If anything, paying people more for unskilled labor is likely to take some of that edge off that would force folks to better themselves. And look at Bill deBlasio in NYC.... taxing successful people to pay for PRESCHOOL, then shutting down charters that poor families depend on to get quality education for their older kids! Then NO ONE challenges the welfare laws that put people in unskilled "volunteer" jobs rather than school/training. I don't believe these politicians give a DAMN about poverty, or else they'd take actual steps that would HELP.+16-2 Aliceandcat I have a feeling that those jobs that were outsourced are not in a hurry to come back anytime soon. McDonalds may have to increase the prices of their burgers. They will pass the increase of labor cost to the consumers. The winner is the government because they will be getting more money from the people through taxes. Instead of collecting $2.80 dollars from $9.32, they will be collecting $3.03 dollars from $10.10 dollars assuming the tax rate is 30%. Just saying.+5-2 [Marcus J] Comrade Chairman Obama has once again taken a page straight out of the Communist Manifesto , How long will it be before the Unemployment rate goes up in Connecticut ?? What most Liberals don`t understand is that Government can Tax ,Legislate ,Regulate and Litigate , But in essence Government creates nothing , The Government is a Parasite ,It will Tax You ,Steal from You and Regulate You , Eventually when Government becomes too large and bloated and ownes everything and controls everything and everyone ,I believe they call that Communism+8-2 Marcus J Basic Economics and Logic has proven when Government Legislates and Regulates the outcome is never good , I feel sorry for People in Connecticut , The State of Connecticut is also leading the way in openly Violating The Civil Rights of their Citizens , When a State passes a Law that directly violates the Bill of Rights then the Law Abbiding Citizens of that State have a duty to refuse to comply with an Unconstitutional Law , New York has been taken over by Liberals and Communists ,But I don`t feel sorry for most of the People in New York after all they did it to themselves+11-2 [Dave] You are a liar. Basic economics and common sense have proven no such thing. Just how stupid are you. DOUCHE.+1-3 [Marcus J] Dave , I believe that Liberalism has been reclassified as a Mental Disorder , No longer a Character Flaw , The Irony of a Liberal Idiot calling someone else a Liar , I find this interesting , I have been told again and again that Liberals are far too Dim and Dull to Divide it , It would seem by your comment that they where correct-1 [David] Here's an old saying for ya' In theory, practice should be the same as theory. In practice, however, it rarely is.+1 [Marcus J] David , Here`s an old saying for ya` ,Actually a relatively new one , Liberalism - Parasites and Moochers Electing Thieves and Looters to Steal from Workers and Producers , OK now I have to decide which one or two of my 23 employee`s are the lazi`est and the most worthless ,Since they are forcing me to pay these Lazy Liberal Dirtbags more I have no choice but to fire at least two of them , Besides all the Taxes are already killing my buisness , Thank You very much Comrade Chairman Obama and The Communist Party formerely known as The Democrats+1 [Honest Anarchist] Dave, a basic theory of economics is that when the price of something goes up people purchase less of it. Governments recognize this when they tax things to lower consumption (i.e., sin taxes on alcohol, tobacco, etc; raising the cost of gasoline to promote conservation). How come this theory has no validity in your eyes—or democrats’ eyes—when it is applied to increasing the price of labor? And because minimum wage increases don’t always lead to a net loss of jobs does not mean that potential jobs were not lost (not created in the first place). That is why minimum wage laws tend to be passed when economies are improving: their job-killing/new-job-preventing effects can be hidden. +1 Tatarewicz: " New York has been taken over by Liberals and Communists ." Could that be because NY has so many Jews? Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Tatarewicz (#0)
There is no need for any person that sells their labor to have any protection at all. It is not necessary for working class people to have money, they spend it on food, housing and other frivolous luxuries.
There is no need for any person that sells their labor to have any protection at all. It is not necessary for working class people to have money, they spend it on food, housing and other frivolous luxuries. Well stated. Meanwhile, local, state and federal taxing agencies will increase taxes on those who receive this generous windfall, and every profiteer from insurance to cigarette companies will raise prices to garner their share of the pot o' gold. Wage-price spiral will be evident very soon, especially since banksters will demand more from all who provide goods and services to workers. (Banksters are jealous and they won't allow others to stockpile wealth while banks eek by on the same meager profits.) When The TransAlaska Pipeline workers were being paid extremely high wages to work in the extreme environment the cost of everything rose to obscene levels. Picture paying $100 for a steak dinner and $20 for a pack of Camels and you get the idea.
Man comes to life with greed, envy and disdain for others built in. A few acquire a love for fellow humans, not many.
People working 40hours/week x 52 weeks, will be lifted down to $21,008/year. Such a deal... “The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
I know all the economic arguments about the effects of the minimum wage. I also know that theory is not reality. I also know the mean average IQ is 100, which means half the people in this county have IQs of 100 or less. They cannot be "educated" and lifted out of poverty. McDonalds and Wal-Mart are two of the biggest welfare whores in the U.S. Who is she go define "unskilled labor"? I consider politicians as such. "Have Brain, Will Travel
Those of us at the bottom always look up, those above ALWAYS enjoy looking down for whatever reason. But, quick, give me one name of just one person that extorts minimum wage, THAT HAS STARTED A WAR????? We may be Rands miserable lice with no right to life, but we aint ever started no war. Four years of my life went to hell so that the middle and upper class could stay home.
WAL-MART buys dead peasant insurance policies on their employees then pays families in crises nothing from those policies. It makes munny for Big Insurance, Inc. and WAL-MART, while those who campaign for our support will never, EVER touch on the subject of corporate abuse of employees. IQ ain't the problem. Lack of organization against the exploiter class is. They want to be respected for "job creation" when the truth is they cannot operate all of their capital equipment and rolling stock themselves. But, whenever workers rise up they find themselves facing govt machineguns. Those who keep employees in shanties and forced to exist on poverty wages should be ostracized and separated from the abuse of power and 90% of their unearned capital.
Anyone experience or heard someone else complain about having less take-home pay after getting a raise?
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