Yesterday, it was fast-food workers explaining that a 100% minimum wage rise “would do just fine” and today it is Wal-Mart employees pressing for a 50% rise. As McClatchy reports, Wal-Mart employees plan to disrupt operations at 1,500 of the company’s stores on Black Friday. “Wal-Mart raked in $15.7 billion in profits last year alone, but apparently they don’t feel any need to share that wealth with their millions of workers,” rages one union campaign organizer as they hope the protests will also put pressure on Congress to increase the minimum wage. The reality of raising the minimum wage remains lost on most who never stop to think of where the ‘money’ comes from. But the protest lines and “unprecedented” disruption is unlikely to encourage Wal-Mart executives to soften their stance.
Here’s Harry Reid’s clarifications…
We must #RaiseTheWage to strengthen middle class families, boost economic activity, and help lift the working poor from poverty.
— Senator Harry Reid (@SenatorReid) November 20, 2013
And the magical job creation he envisions…
Increasing the minimum wage will boost economy activity and help create jobs. #RaiseTheWage pic.twitter.com/yaJcJGL43y
— Senator Harry Reid (@SenatorReid) November 20, 2013
So why not raise it to $20 or $30 per hour? Think of the jobs that would ‘create’?
And for those that are still unsure of why doubling the minimum wage is not the great idea some politicians suggest… here is four-and-a-half minutes of painful truth…
As professor Antony Davies explains that this view of the minimum wage overlooks an important detail:
The minimum wage does not force employers to pay a particular wage to every worker; it forces employers to pay a particular wage to every worker they choose to keep.
While the minimum wage may be well-intentioned public policy, it often huts the very workers most in need of our help.
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/U6Duy5w0IPQ/story01.htm Tyler Durden