The number of teenagers in the workforce has collapsed over recent decades, increasing the minimum wage will only make things worse. The below chart shows the labor participation rate in the U.S. for those between the ages of 16 and 19.
Wall Street’s 2013 Bonuses Were More Than All Workers Earned Making the Federal Minimum
The $26.7 billion Wall Streeters pocketed in bonuses would cover the cost of more than doubling the paychecks for all of the 1,085,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour.
And boosting their pay in that way would give our economy much more bang for the buck. That’s because low-wage workers tend to spend nearly every dollar they make to meet their basic needs. The wealthy can afford to squirrel away a much greater share of their earnings.
When low-wage workers spend their money at the grocery store or on utility bills, this cash ripples through the economy. According to my new report, every extra dollar going into the pockets of low-wage workers adds about $1.21 to the national economy. Every extra dollar a high-income American makes, by contrast, only adds about 39 cents to the gross domestic product (GDP).
And these pennies add up.
If the $26.7 billion Wall Streeters pulled in on their bonuses last year had instead gone to minimum wage workers, our economy would be expected to grow by about $32.3 billion — more than triple the $10.4 billion boost expected from the Wall Street bonuses.
Raising the minimum wage has never been about helping the working poor. It has always been a "gimme" to the unions, who want to make it as expensive as possible to hire nonunion workers. Forget that private sector union membership is at an all time low. The unions still hold an enormous amount of political power, especially with this administration.
all those poor people are ruining the economy but this ain't?
USEC Bankruptcy Prism for Government-Corporate Monstrosity
Interestingly, the bankruptcy will have no effect on Uncle Sam's plans to fund USEC's new production facility in Ohio. The Energy Department is paying the lion's share of the new facility's cost, currently pegged at $241.3 million.
On April 26, 1996 Bill Clinton signed into law the USEC Privatization Act.
A walk back in time shows President Bill Clinton appointing a 44 year old Connecticut based investment banker as President of USEC. This is from USEC's first 10-K report as a public company:
It's interesting to see the huge commitment Uncle Sam has made to USEC. How many businesses can get a monstrous nondebt, nonequity capital injection that essentially funds the company's future? This is but one face of the Government-Corporate Monstrosity, Eisenhower's Military-Industrial Complex on trillions in federal steroids. It has both a Blue (Clinton) and Red (Bush) face.
Wall Street’s 2013 Bonuses Were More Than All Workers Earned Making the Federal Minimum
ReplyDeleteThe $26.7 billion Wall Streeters pocketed in bonuses would cover the cost of more than doubling the paychecks for all of the 1,085,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour.
And boosting their pay in that way would give our economy much more bang for the buck. That’s because low-wage workers tend to spend nearly every dollar they make to meet their basic needs. The wealthy can afford to squirrel away a much greater share of their earnings.
When low-wage workers spend their money at the grocery store or on utility bills, this cash ripples through the economy. According to my new report, every extra dollar going into the pockets of low-wage workers adds about $1.21 to the national economy. Every extra dollar a high-income American makes, by contrast, only adds about 39 cents to the gross domestic product (GDP).
And these pennies add up.
If the $26.7 billion Wall Streeters pulled in on their bonuses last year had instead gone to minimum wage workers, our economy would be expected to grow by about $32.3 billion — more than triple the $10.4 billion boost expected from the Wall Street bonuses.
http://billmoyers.com/2014/03/12/wall-streets-2013-bonuses-were-more-than-all-workers-earned-making-the-federal-minimum/
yeah, i know they earned it (lol)..zirp, qe verified with level 3 mark to fantasy.....and gold trades in a free market.
Raising the minimum wage has never been about helping the working poor. It has always been a "gimme" to the unions, who want to make it as expensive as possible to hire nonunion workers. Forget that private sector union membership is at an all time low. The unions still hold an enormous amount of political power, especially with this administration.
ReplyDeleteall those poor people are ruining the economy but this ain't?
ReplyDeleteUSEC Bankruptcy Prism for Government-Corporate Monstrosity
Interestingly, the bankruptcy will have no effect on Uncle Sam's plans to fund USEC's new production facility in Ohio. The Energy Department is paying the lion's share of the new facility's cost, currently pegged at $241.3 million.
On April 26, 1996 Bill Clinton signed into law the USEC Privatization Act.
A walk back in time shows President Bill Clinton appointing a 44 year old Connecticut based investment banker as President of USEC. This is from USEC's first 10-K report as a public company:
It's interesting to see the huge commitment Uncle Sam has made to USEC. How many businesses can get a monstrous nondebt, nonequity capital injection that essentially funds the company's future? This is but one face of the Government-Corporate Monstrosity, Eisenhower's Military-Industrial Complex on trillions in federal steroids. It has both a Blue (Clinton) and Red (Bush) face.
http://peureport.blogspot.com/2014/03/usec-bankruptcy-prism-for-government.html