The economy is still creating around 1.2 million jobs in the past year, wages up 3 percent in real terms, and the total wage bill has continued to grow at a 5 percent pace.
Under 5% of the US wage earners make the minimum wage or less, which means that since wage earners only represent a bit over half the total work force (the rest are paid a fixed salary), those who earn the minimum wage make up less than 3% of the total work force.
FORBES: The Minimum Wage: Putting the First Rung on the Ladder of Success Out of Reach
Given a constant money supply, nominal wage rates fall, but real wage rates rise because total output has gone up.
FORBES: Anti-Immigration Rhetoric Frighteningly Reveals Education's Failure
But for tomatoes to survive long enough to take advantage of that huge potential market, Florida growers have to wage what amounts to total war against the elements.
For example, a 20% rise in the minimum wage might result in a 10% increase in total employee compensation at companies that hire a large number of workers at the minimum wage.
FORBES: Though Income Can't Be Legislated, Obama's Minimum Wage Hike Is Not A Bad Idea
According to the Bank, this wage-raising effect decreases the total number of jobs in the economy by about 6.3%.
David Kern, economic adviser to the British Chambers of Commerce, gave warning on May 15th that the higher minimum wage would add to the jobless total.
Mr. PATRICK ANDERSON (Principal and CEO, Anderson Economic Group): If you really go around and you try to add up all the jobs that are directly related to the automobile industry, you come up with an enormous fraction for any industry of the total amount of employment and also very high wage employment and also very hi-tech employment.
This depends on what portion of total expenses are represented by employees paid the minimum wage.
FORBES: Though Income Can't Be Legislated, Obama's Minimum Wage Hike Is Not A Bad Idea
Since the pay bill makes up about two-thirds of the total NHS budget, one obvious strategy is to clamp down on wage costs.
The minimum wage directly affects only a very small percentage of the total full-time work force (1.5 out of 102 million), though lots of part-time workers too.
应用推荐