Biden's 15 $ minium wage: A minimum wage of 15/hr is 30 grand/year/ If this passes 1 of 2 things will happen. 1-many companies will fail and many will lose jobs. 2- many fewer...

boberic Loc: Quiet Corner, Connecticut. Ex long Islander

A minimum wage of 15/hr is 30 grand/year/ If this passes 1 of 2 things will happen. 1-many companies will fail and many will lose jobs. 2- many fewer "starter" jobs will occur. Kiss the starter jobs goodbye. No summer jobs for kids. More "robotic" fast food restaurants. A total economy "reboot". I can see 10/hr but no more

thom w Loc: San Jose, CA

boberic wrote:

A minimum wage of 15/hr is 30 grand/year/ If this passes 1 of 2 things will happen. 1-many companies will fail and many will lose jobs. 2- many fewer "starter" jobs will occur. Kiss the starter jobs goodbye. No summer jobs for kids. More "robotic" fast food restaurants. A total economy "reboot". I can see 10/hr but no more

I have trouble making ends meet on $120,000 a year. My dad made less than $20,000 and owned a new car, a 4 bedroom home, and raised 5 children. Welcome to the 21st century.

pendennis

Most of these folks have no clue that the contract costs are driven by ROI. That number is/has always been rather thin on either side, and it will be easy to chuck a few workers, work the balance overtime @ 1.5x wage rate. On top of that, many Federal contracts have no real incentive to bring costs in on the low side.

Even less understanding is the knowledge of inelasticity of wages. However, that "magic bullet" minimum wage rate cost will go right to the taxpayer. Contractors probably have escalator clauses in their contracts, and they won't eat a dime.

After all, it's only our tax money.

DennyT Loc: Central Missouri woods

I don’t have any issue with a $15 minimum for people working 32 hours or more.

But for part timers no?

Most of the belly aching about it is pure politics and nothing more. The median wage in America is not $15.35.
And that counts part timers.

For full time workers it is near $25.

This will have virtually no impact.

trainspotter Loc: Oregon

thom w wrote:

I have trouble making ends meet on $120,000 a year. My dad made less than $20,000 and owned a new car, a 4 bedroom home, and raised 5 children. Welcome to the 21st century.

10,000$ a month? try being frugal.....I own a house. truck, car...and have NO credit cards, make less then $14,000 PER year............you MUST be a LUSH.....

Frank T Loc: New York, NY

trainspotter wrote:

10,000$ a month? try being frugal.....I own a house. truck, car...and have NO credit cards, make less then $14,000 PER year............you MUST be a LUSH.....

So you're saying you make 14K a year and you've got two vehicles and a house. Forgive me, but you are either a liar or you managed to pay off all these things prior to collecting social security.
BTW, Here's a little tidbit for you. Most people working for minimum wage are adults, they are not kids in "starter jobs". The majority of people working for Walmart are collecting food stamps, so those of us who pay taxes, (not you apparently) are subsidizing the richest family in the country.
Also, workers at Walmart and other large corporations work only 29 hours a week because if they worked more, they would qualify for benefits. You know, like health insurance.
Fortunately, most of you old guys will die off soon and we can start treating our citizens like people and not keeping them in poverty so you can get a Big Mac cheaply.

tradio Loc: Oxford, Ohio

Bread will be 12 dollars...He's an i***t.

trainspotter Loc: Oregon

Frank T wrote:

So you're saying you make 14K a year and you've go... (show quote)

My first job paid $1.25 an hour (age 14).......and yes, as an adult I MANAGED to pay off the 5.9 percent G.I mortgage, the autos/cameras/kids private schooling/a vacations in Hawaii every 5 years.....SO......120,000 dollars buys what?....

(of course I don't have to tip the doorman or elevator boy)

Vietnam Vet

I'm with Thom W on this one. We make about $108,000 per year and go pay check to pay check. Just recently got almost out of debt so I think things will turn around for us. It is beyond me how anyone can make it on less than we make.

thom w Loc: San Jose, CA

trainspotter wrote:

10,000$ a month? try being frugal.....I own a house. truck, car...and have NO credit cards, make less then $14,000 PER year............you MUST be a LUSH.....

I rent a very modest 3 bedroom house and it cost $2,750 a month. To have a car worked on is around $150.00 an hour. The $10,000 is not take home. Utilities are considerable. I typically don't live pay check to paycheck, but lately I've been dipping into savings. My wife is considered terminal and is constantly nagging me to retire, but I don't believe I can afford to. I understand that having checks doesn't mean you aren't broke. She apparently does not.

thom w Loc: San Jose, CA

tradio wrote:

Bread will be 12 dollars...He's an i***t.

It's already over $5.00.

thom w Loc: San Jose, CA

trainspotter wrote:

My first job paid $1.25 an hour (age 14).......and yes, as an adult I MANAGED to pay off the 5.9 percent G.I mortgage, the autos/cameras/kids private schooling/a vacations in Hawaii every 5 years.....SO......120,000 dollars buys what?....

(of course I don't have to tip the doorman or elevator boy)

Yah, and I once owned a house that I bought for $14,500. Times change. When I worked for the state in about 1970 I made $350 a month. If you look at the bottom right corner of your monitor you will learn what year this is.

travelwp Loc: New Jersey

thom w wrote:

I have trouble making ends meet on $120,000 a year. My dad made less than $20,000 and owned a new car, a 4 bedroom home, and raised 5 children.

Don't blame the century, the fact is: your father was a lot smarter than you.

thom w Loc: San Jose, CA

travelwp wrote:

Don't blame the century, the fact is: your father was a lot smarter than you.

You didn't know him, and you don't know me, and your post was worth about as much as most of your posts are.
A car used to cost 2 or 3 thousand dollars. He bought his house for $19,500. It recently sold for a little over $300,000 and if it were in the Bay area it might have sold for over $800,000.

btbg

I never made more than $14 an hour until this year. My wife did not work until our kids were out of high school We own our own home free and clear and paid cash for the two automobiles we have now. We have about a half million in investments.

There are only two possible explanations for people not being able to make it on a six figure income. Either you live in a very expensive place, or you bought too many things on credit. The only debt we have ever had was our mortgage and we made the mistake of buying a car on credit once when we were young.

And, those of you who think that everyone who works full time already makes more than $15 an hour, you are wrong. In most of rural America the vast majority make less than that.