Re: Will Biden raise the federal minimum wage from 7.25 USD per hour to 15 USD?
https://www.cnbc.com/2021/01/14/biden-calls-to-raise-the-federal-minimum-wage-to-15-per-hour.html
Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries?
Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.
Politicians for the most part do not understand or do not want to understand the economy, on the surface this may seem like a good move to help those that earn less, but you know what is it really going to happen? Businesses are going to either fire half of their staff and those that keep their jobs now need to work twice as hard, the second option is they could reduce the hours of their staff so they can pay less, or finally automate most processes and replace most of their employees as technology becomes cheaper than them, there is no way to force businesses to pay more if they do not want it and this measure could be counterproductive and produce even more unemployment in a moment where jobs are more scarce than ever.Quote
The federal minimum wage is poised to get its first update in more than a decade.
President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.
The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.
“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”
President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.
The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.
“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”
Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries?
Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.