Minimum Wage

http://money.cnn.com/infographic/pf/low-wage-worker/

http://www.usnews.com/opinion/blogs/economic-intelligence/2013/03/11/raising-the-minimum-wage-wont-help-the-poor

http://www.nytimes.com/2012/02/20/nyregion/fearing-a-minimum-wage-increase-will-be-bad-for-business.html?pagewanted=all&_r=0

      The president's call to increase the minimum wage will make it harder for firms to hire workers because it will make workers more expensive. The minimum wage should not be increased, especially given the state of the labor market. Kevin Hassett said, "Lifting the minimum wage would result in job loss. A bunch of workers would get bigger checks while a bunch of workers would have to lose their jobs." Rather than increasing the minimum wage, getting the millions of currently unemployed workers into productive employment should be a major focus of government. Hassett also said, “Many people who have little experience get their start at places like fast food restaurants. But if wages are higher, employers are less likely to take a chance on people with less experience because it's a big investment. Fewer people would get a shot at proving themselves." Minimum wage workers tend be young and unskilled. Less than half of workers under the age of 25 are currently employed and many rely on low paying opportunities to get their first break. The majority will earn a raise within a year, but they currently lack the experience and skill to compete for higher paying jobs. Raising the minimum wage makes it harder for these inexperienced workers to find a job, because businesses will either eliminate positions or choose to hire someone with more experience at the higher mandated wage. Joseph Berger wrote,"Particularly skilled cleaners will receive up to $11 an hour. Cleaners in buildings that require unionized workers start at $9.20 an hour. Even a $7.25 worker costs an extra $1.74 for every hour worked because of liability and disability insurance, Social Security and other costs. Equipment can also be expensive; drivable scrubbing machines cost up to $12,000 each.Should the minimum wage be raised this year, Mr. Cestaro cannot charge a store like Sears any more because he is under a long-term contract."  In contrast, Jared Bernstein stated, "even if employers give workers fewer hours, workers' hourly wages would be higher so they could still come away with higher earnings." However, it is clear that fewer people would be able to work for a specific company and few would benefit from the higher earnings.