There really is little to add to the facts about the six states who will be raising their minimum wages on Jan 1, 2011. The 647,000 workers affected in these six states will get increases of 9 to 12 cents per hour. If we assume that such workers get 1 week per year off (without pay), they will then earn from $15 to $18,000 per year before taxes and any other withholdings..
The federal minimum wage is $7.25 yielding a $15,000 annual full-time wage before taxes and any other withholding.
- Published on October 12, 2010AUDIO
Award winning journalist Gary Anthony Ramsay hosts "Mad in the Middle". This week we will speak with author and economy professor Richard Wolff and Democratic economy strategist Charles Moore. We'll also talk about other prevailing issues making headlines including the economy, foreign policy and domestic politics. The "left" and the "right" have waged war on each other and damaged the country leaving the rest "Mad in the Middle".
The basic issue is the same there and here. Capitalism generates another of its regular, periodic crises, only this one is really bad. It begins, as often happens, in the financial sector where credit invites the competition-driven speculation, the excess risk-taking, and the corruption that explodes first. But precisely because the non-financial rest of the economy is already on shaky feet -- resulting from the growing economic divides between the mass of workers and the corporate profiteers -- the financial breakdown is spread by the market to the entire economy.
Is there an economic recovery underway? Was there one that has now stopped? Will our current recession, partly recovered from, now tumble downward again in a second or "double" dip? Mainstream politicians, journalists, and academics are engaged in hot and heavy debates about recoveries and double dips. Yet the economic reality for most Americans is altogether different.
Total nonfarm payroll employment declined by 131,000 in July, and the unemployment rate was unchanged at 9.5 percent. Federal government employment fell, as 143,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment edged up by 71,000. US Dept of Labor, Bureau of Labor Statistics, Press Release, August 6, 2010.
Where is this elusive recovery? The banks, some say, have "recovered." Yet they remain dependent on Washington, they do not make the loans needed for a general recovery, and many medium and small banks keep collapsing. The stock market shows no recovery. The Dow index was 14,000 in late 2007 when capitalism hit the fan, and it is around 10,000 now. The Nasdaq market index was 2800 then and is 2300 now. Everywhere else -- unemployment, foreclosures, bankruptcies, depressed housing market, and so on -- no recovery in sight.
- Austerity: Why and for Whom?Published on July 23, 2010AUDIO
Host Per Fagereng interviews Professor Wolff, author of the book "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." He recently wrote the piece "Austerity: Why and for Whom?"