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The only guaranteed outcome is the price goes up or quality goes down, which both basically equate to a "loss of purchasing power" for the consumer.
This is a good example of why the US dollar has lost 99% of its purchasing power since the federal reserve was enacted in 1913.
The data is correct. a broken link doesn't make facts untrue.
So why did they pick $10? Why not $11? Why not $12?
Tell me why minimum wage shouldn't be $1,000 an hour then if raising the minimum wage is so great?
I can post this in many different formats from many different sources
I can't even begin to address all the economic bullshit that has been thrown around in this thread. Let's get a few things out of the way first:
1. This particular EO concerns federal workers, as stated numerous times throughout this thread and in the title itself. It's effect on the greater economy will be next to zero.
2. Obama isn't even close when it comes to number of EOs in his presidency. I'm sick of people getting their panties in a twist about this "dictator" snatching for power around every corner. http://www.presidency.ucsb.edu/data/orders.php
Still with me? Good, let's get to the meat of the actual issue at hand, which is raising the federal minimum wage. Economists agree almost unanimously that raising the minimum wage will have net benefits that far outweigh the costs (see question 2, http://www.igmchicago.org/igm-economfic-experts-panel/poll-results?SurveyID=SV_br0IEq5a9E77NMV). Organizations like The Heritage Foundation and Americans for Prosperity love bangin' Econ 101, "it's supply and demand! If the price goes up, supply must go down! Unemployment! Gahh!" Well, if they hadn't fallen asleep before their professor finished, they might understand that simple neo-classical models, such as supply and demand, really only work in a vacuum. They only work because perfect competition drives profit to zero, when in real life there are many barriers to entry and massive profits are maintained by well-established oligarchies in industries like oil and insurance. Opponents of minimum wage increases either live in theoretical fantasy lands or are perfectly happy keeping the wool over low earning employees' eyes to appease their corporate masters. As long as profits exist, there is room to increase the wage of America's lowest earners.
A couple additional points. For those of you arguing that minimum wage jobs are only meant to be stepping stones to better opportunities, wake the fuck up. Yeah, it would be lovely if that was the case, but there are thousands of workers that DO have to work those jobs and are unable to move up due to lack of access to education, lack of better jobs, overwhelming family burdens, etc. Hardly any of us, myself included, knows how difficult it is to break the cycle of poverty. Secondly, us taxpayers subsidize the shitty pay and benefits provided by companies like McDonald's and Walmart to the tune of billions of dollars (http://www.bloomberg.com/news/2013-11-13/how-mcdonald-s-and-wal-mart-became-welfare-queens.html), while the Walton's have more wealth than a large portion of the US combined.
http://www.thedailyshow.com/watch/tue-january-28-2014/wage-against-the-machine
TL:DR - Profits exist, there is room to pay bottom earners more, stop corporate welfare.
inb4 you're a commie
Again, why not make it $1,000 if raising the minimum wage is a good thing?
yeah bros, everyone should make a living wage regardless of the profit they create for a company. Bro when a company cant produce a competitively priced product because they pay their workers too much, the government should just subsidize the company and bail them out bro. And if the government runs out of money from subsidizing everything just sell all our future earnings to china bro.
Bros we should make the minimum wage $1,000 per hour. Why just pick an arbitrary number like $10.10. You can't eat steak everyday and drive a lamborghini on $10.10 an hour bro, everybody deserves to drive a lamborghini bro.
