Archive for July 24th, 2009

Barack Obama What Do You Want To Be When You Grow Up? When I Grow Up I Want To Be President, Increase The Minimum Wage And The Unemployment Rate and Spread The Wealth Around!

Posted on July 24, 2009. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Links, People, Philosophy, Politics, Quotations, Rants, Raves, Video | Tags: , , , , , , , , , |

 What Do You Want To Be When You Grow Up?

When I Grow Up

Barack Obama on Minimum Wage

 

 Obama tells Joe the plumber that he wants to “spread the wealth around”

 

Obama’s Horrible Plan to Raise Minimum Wage

 

Pay Rises For Minimum Wage Earners – Bloomberg

 
 

Min. Wage Increases Today. Unemployment For Teens= 24%

Labor Force Statistics from the Current Population Survey

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS14000012
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 to 19 years
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 15.2 13.9 14.2 14.2 13.3 13.9 13.4 13.3 14.8 13.8 13.9 13.4  
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2  
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0  
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9  
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2  
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6  
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.2 17.0 14.9  
2006 15.1 15.3 16.0 14.5 14.0 15.7 15.8 16.2 16.4 15.4 14.9 14.7  
2007 14.8 14.9 14.8 15.5 15.8 16.1 15.1 16.2 16.1 15.8 16.3 16.9  
2008 17.8 16.5 15.8 15.4 18.9 18.8 20.5 19.2 19.4 20.7 20.4 20.8  
2009 20.8 21.6 21.7 21.5 22.7 24.0              

http://data.bls.gov/cgi-bin/surveymost 

Power of the Market – Minimum Wage

 

Milton Friedman on Minimum Wage

 

Walter Williams Good Intentions 1 of 3 Introduction and Public Schools

 

Good Intentions 3of3 The Welfare System and Conclusions with Walter Williams

 

Walter Williams Good Intentions 3 of3 Minimum Wage, Licensing, and Labor Laws

Thomas Sowell On Minimum Wage

With today’s increase in the U.S. minimum wage from $6.55 to $7.25, small to medium size businesses will be laying off people and cutting the number of hours their employees work each week.

This will result in at least hundreds of thousands more unemployed starting in July and continuing as the Obama Depression (OD) gets worse and the economy takes longer to recover.

The July unemployment rate is expected to increase from 9.5% to 9.9% in July with another 600,000 more unemployed many of them low-skilled and young workers who previously earned the minimum wage and now are unemployed.

Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS13000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 5976 6111 5783 6004 5796 5951 6025 5838 5915 5778 5716 5653  
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634  
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258  
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640  
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317  
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934  
2005 7759 7972 7740 7683 7672 7551 7415 7360 7570 7457 7541 7219  
2006 7020 7176 7080 7142 7028 7039 7167 7118 6874 6738 6837 6688  
2007 7029 6887 6737 6874 6844 7028 7128 7123 7221 7295 7212 7541  
2008 7555 7423 7820 7675 8536 8662 8910 9550 9592 10221 10476 11108  
2009 11616 12467 13161 13724 14511 14729              

 


 

Series Id:           LNS14000000
Seasonal Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0  
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9  
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7  
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0  
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7  
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4  
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8  
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4  
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9  
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2  
2009 7.6 8.1 8.5 8.9 9.4 9.5              

Yet President Obama would like to increase the minimum wage even more as would the majority of progressive radical socialist of the Democratic Party.

One might think that when it comes to basic economics, the progressive radical socialist are not very intelligent.

Far from it.

All of them know that raising the minimum wage will increase the unemployment rates of low-skilled workers primarily young teenage workers.

Then why do they persist in this folly especially during the Obama Depression when over 15,000,000 people are searching for a full time job!

Simple.

Who are the largest campaign contributors to the Democratic Party?

Yes, the unions.

Who benefits the most from a higher minimum wage?

The unions–both the leadership of the unions and its members.

How?

When the minimum wage goes up so does the wage scale of most union members.

If you are an employee and an union member, your pay check goes up.

So, does your union dues.

Just hope you are not laid off.

The progressive radical socialist of the Democratic Party may feel you pain, just do not fall for their good intentions if you value your job.

Ever wonder why the Democrats are big supporters for open borders with over 20,000,000 to 30,000,000 illegal aliens living and working in the US.

Simple.

The progressive radical socialists of the Democratic Party see them as future voters and union members once they pass “comprehensive immigration reform” with its “pathway to citizenship”–a code word for amnesty for illegal aliens.

Sure the progressive radical socialist feel your pain.

They simply do not give a damn that between 15,000,000 to 25,000,000 American citizens are unemployed.

The total civilian labor force is about 155 million of which about 16.5% are looking for a full time employment.

This means there are over 25,000,000 American citizens looking for full time employment.

There are now nearly twice the number of American citizens  seeking a full time job than the 13,000,000 unemployed during the worse year of the Great Depression in 1933!

Illegal aliens number between 20,000,000 to 30,000,000 in the United States.

Roughly 15,000,000 to 20,000,000 million illegal aliens are now working in the United States of which a large percentage work at or below the Federal Minimum Wage.

 

 Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS11000000
Seasonal Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 139003 138967 138730 138959 139107 139329 139439 139430 139622 139771 140025 140177  
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248  
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305  
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066  
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729  
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059  
2005 148005(1) 148349 148366 148926 149273 149262 149445 149794 149977 150007 150095 150002  
2006 150148(1) 150600 150793 150906 151120 151398 151414 151762 151680 152027 152425 152677  
2007 153012(1) 152879 153004 152522 152759 153085 153101 152855 153424 153162 153877 153836  
2008 153873(1) 153498 153843 153932 154510 154400 154506 154823 154621 154878 154620 154447  
2009 153716(1) 154214 154048 154731 155081 154926              
1 : Data affected by changes in population controls.
Labor Force Statistics from the Current Population Survey

 

Series Id:           LNS13327709
Seasonal Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 7.7 7.7 7.6 7.6 7.4 7.5 7.5 7.3 7.4 7.2 7.1 7.1  
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9  
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6  
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8  
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8  
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2  
2005 9.3 9.3 9.2 9.0 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.5  
2006 8.4 8.5 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.0 7.9  
2007 8.3 8.1 8.0 8.2 8.3 8.3 8.3 8.5 8.4 8.5 8.4 8.7  
2008 9.0 9.0 9.1 9.2 9.8 10.1 10.4 10.9 11.2 12.0 12.6 13.5  
2009 13.9 14.8 15.6 15.8 16.4 16.5              

http://data.bls.gov/cgi-bin/surveymost

By not enforcing immigration laws, millions of American citizens are now unemployed.

The reason why the unemployment rates among young unskilled and minority workers is so high is that illegal aliens are being hired to do the jobs once performed by young unskilled American citizens.

Unemployment in the United States could be reduced by over 15 million by simply enforcing immigration laws and requiring all employers to use E-Verify to determine the legal status of their employees to work in the United States.

Yet both political parties have repeatedly delayed even requiring Government contractors to use E-verify.

E-Verify finally mandatory to federal contractors

 

CNN Lou Dobbs on E-Verify

 

 

Lou Dobbs – 2-2-9 – Obama Admin wants to kill E-Verify

Again the political elites do not give a damn about American citizens as long as they are in power and receive campaign contributins from companies and unions that benefit from the mass hiring of illegal aliens or more accurately criminal aliens.

Time to wake up America and join the Second American Revolution.

Give pink slips to the political elites of both political parties who support open borders, amnesty for illegal aliens, and minimum wage laws.

illegal immigration and my tough job as united states minimum wage dude worker

  

Background Articles and Videos

What Causes Unemployment?

by Thomas Sowell

“…Prior to the decade of the 1930s, the wages of inexperienced and unskilled labor were determined by supply and demand. There was no federal minimum wage law and labor unions did not usually organize inexperienced and unskilled workers. That is why such workers were able to find jobs, just like everyone else, even when these were black workers in an era of open discrimination.

The first federal minimum wage law, the Davis-Bacon Act of 1931, was passed in part explicitly to prevent black construction workers from “taking jobs” from white construction workers by working for lower wages. It was not meant to protect black workers from “exploitation” but to protect white workers from competition.

Even aside from a racial context, minimum wage laws in countries around the world protect higher-paid workers from the competition of lower paid workers.

Often the higher-paid workers are older, more experienced, more skilled or more unionized. But many goods and services can be produced with either many lower skilled workers or fewer higher skilled workers, as well as with more capital and less labor or vice-versa. Employers’ choices depend on the relative costs.

The net economic effect of minimum wage laws is to make less skilled, less experienced, or otherwise less desired workers more expensive — thereby pricing many of them out of jobs. Large disparities in unemployment rates between the young and the mature, the skilled and the unskilled, and between different racial groups have been common consequences of minimum wage laws.

That is their effect whether the particular minimum wage law applies to one sector of the economy like the Davis-Bacon Act, to the whole economy like the Fair Labor Standards Act of 1938 or to particular local communities like so-called “living wage” laws and policies today.

The full effect of the Fair Labor Standards Act of 1938 was postponed by the wartime inflation of the 1940s, which raised wages above the level specified in the Act. Amendments to raise the minimum wage began in 1950 — and so did the widening racial differential in unemployment, especially for young black men.

Where minimum wage rates are higher and accompanied by other worker benefits mandated by government to be paid by employers, as in France, unemployment rates are higher and differences in unemployment rates between the young and the mature, or between different racial or ethnic groups, are greater. …”

http://www.capmag.com/article.asp?ID=4472

Minimum Wage

“…A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say that it increases the standard of living of workers and reduces poverty.[1] Opponents say that if it is high enough to be effective, it increases unemployment, particularly among workers with very low productivity due to inexperience or handicap, thereby harming lesser skilled workers to the benefit of better skilled workers.[2] …”

“…Until the 1990s, economists generally agreed that raising the minimum wage reduced employment. This consensus was weakened when some well-publicized empirical studies showed the opposite, but others consistently confirmed the original view. Today’s consensus, if one exists, is that increasing the minimum wage has, at worst, minor negative effects.[64]

According to a 1978 article in the American Economic Review, 90 percent of the economists surveyed agreed that the minimum wage increases unemployment among low-skilled workers.[65]

A 2000 survey by Dan Fuller and Doris Geide-Stevenson reports that of a sample of 308 American Economic Association economists, 45.6% fully agreed with the statement, “a minimum wage increases unemployment among young and unskilled workers”, 27.9% agreed with provisos, and 26.5% disagreed. The authors of this study also reweighted data from a 1990 sample to show that at that time 62.4% of academic economists agreed with the statement above, while 19.5% agreed with provisos and 17.5% disagreed. They state that the reduction on consensus on this question is “likely” due to the Card and Krueger research and subsequent debate.[66]

A similar survey in 2006 by Robert Whaples polled PhD members of the American Economic Association. Whaples found that 37.7% of respondents supported an increase in the minimum wage, 14.3% wanted it kept at the current level, 1.3% wanted it decreased, and 46.8% wanted it completely eliminated.[67]

Surveys of labor economists have found a sharp split on the minimum wage. Fuchs et al. (1998) polled labor economists at the top 40 research universities in the United States on a variety of questions in the summer of 1996. Their 65 respondents split exactly 50-50 when asked if the minimum wage should be increased. They argued that the different policy views were not related to views on whether raising the minimum wage would reduce teen employment (the median economist said there would be a reduction of 1%), but on value differences such as income redistribution.[68] Klein and Dompe conclude, on the basis of previous surveys, “the average level of support for the minimum wage is somewhat higher among labor economists than among AEA members.”[69]

In 2007, Daniel B. Klein and Stewart Dompe conducted a non-anonymous survey of supporters of the minimum wage who had signed the “Raise the Minimum Wage” statement published by the Economic Policy Institute. They found that a majority signed on the grounds that it transferred income from employers to workers, or equalized bargaining power between them in the labor market. In addition, a majority considered disemployment to be a moderate potential drawback to the increase they supported.[70]

…”

http://en.wikipedia.org/wiki/Minimum_wage

Head & Shoulders top, second stimulus & minimum wage hike

Glenn Beck – Minimum Wage – Feb 12, 2007

 

Pelosi’s Double Standard on the Minimum Wage

Minimum wage – How it works in REAL TERMS 1/2

Minimum wage – How it works in REAL TERMS 2/2

Ted Kennedy on Republicans and Minimum wage

YouTube Debate: Would you work for minimum wage?

History of the Federal Minimum Wage

The U.S. Federal Minimum Wage, originally created by the Fair Labor Standards Act in 1938, has risen in nominal terms over time. Originally $0.25 per hour, the federal minimum hourly wage for nonfarm workers rose accordingly:

Year  ↓ Level  ↓ Notes
1939 30 cents
1945 40 cents
1950 75 cents
1956 $1.00
1965 $1.25
1967 $1.00 Fell back to 1956 levels
1968 $1.15
1969 $1.30
1970 $1.45
1971 $1.60
1974 $1.90
1975 $2.00
1976 $2.20
1977 $2.30
1978 $2.65
1979 $2.90
1980 $3.10
1981 $3.35
1990 $3.80
1991 $4.25
1996 $4.75
1997 $5.15
2007 $5.85
2008 $6.55
2009 $7.25

 http://en.wikipedia.org/wiki/List_of_U.S._minimum_wages

 

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