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July 7, 2009
Another job killer on the way: Minimum wage hike
Just in time for the recession and over 9% unemployment, Aaron Smith of CNN Money.com reminds us
The federal minimum wage is set to increase later this month as the job market shows signs of further decay. The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the U.S. Department of Labor.
While some argue that the higher minimum will discourage employers in the hard hit restaurant and retail areas from adding more workers others claim that an increase in income will raise the salaries of those on the lower end of the wage scale sufficiently that they will no longer have to supplement it with government hand outs such as free school lunches. But these arguments about the benefits/disadvantages of the minimum wage have been going on since its inception with no real definitive answers so they will undoubtedly continue after the next bump.