Wednesday, September 10, 2014

It's simple math, people

So if I am a minimum wage worker, I make $7.50/hour, which is $300/week.   If I get a raise to $10/hour and I am working 40 hours/week, then I'll get another $100/week.  BUT, if employers like McDonalds have to pay minimum wage workers $10/hour, then they'll have to raise their prices.  Some estimate that the price of a Big Mac could go up by as much as $0.60.  So if I were to eat a Big Mac every meal for a week, it would cost me an additional $12.60.  That leaves me with ONLY an additional $87.40/week.    Therefore, we should not raise the minimum wage.  I mean, who would agree to pay an additional $12.60 just so they could make another $100?  Bruce Rauner (Illinois Republican Governor candidate) understands why we should lower the minimum wage.   Knock me down to $5/hour and my Big Mac cost could drop by as much as $0.60.  So I'm making $100/week less ($200/week), but I am saving $12.60 on food.  So my choices are:  $5hour, $200/week minus $12.60 for food, $7.50/hour, $300/week and the same food cost, or $400/week and an additional $12.60 for food.  So would you rather have $212.60, $300, or $387.40?  And if you can do that math and don't come to the conclusion I want, that is proof that we need to cut education spending.   

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