Most of America received a pay cut today.
Jul 24, 2009 18:58:08 GMT -5
Post by Lamron on Jul 24, 2009 18:58:08 GMT -5
www.dol.gov/esa/whd/flsa/
Anything you buy from businesses that use minimum wage workers will increase in price. But if you're already higher than the minimum, then your pay will stay the same. So, in effect, you have received a cut in the buying power of your paycheck.
If you ARE working for minimum wage, you WON'T be getting any more buying power from your check. The number might be higher (and your taxes may be higher), but the prices on the grocery store shelf will be higher too.
If you're on welfare and/or food stamps, you won't be able to buy as much as before either. But don't worry, they'll soon increase the taxes on the workers so your benefits will increase. Its a good thing too, because forget about getting off of welfare, we just eliminated a BUNCH of entry-level positions with this.
Wow, I'm impressed. Usually, bad laws have to benefit somebody (even if its a small number of people) in order to have a chance of passing. But here they've passed legislation that has NO winners and hurts EVERYBODY in the economy, and are considered heroes for doing it.
Fair Labor Standards Act (FLSA)
The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
Anything you buy from businesses that use minimum wage workers will increase in price. But if you're already higher than the minimum, then your pay will stay the same. So, in effect, you have received a cut in the buying power of your paycheck.
If you ARE working for minimum wage, you WON'T be getting any more buying power from your check. The number might be higher (and your taxes may be higher), but the prices on the grocery store shelf will be higher too.
If you're on welfare and/or food stamps, you won't be able to buy as much as before either. But don't worry, they'll soon increase the taxes on the workers so your benefits will increase. Its a good thing too, because forget about getting off of welfare, we just eliminated a BUNCH of entry-level positions with this.
Wow, I'm impressed. Usually, bad laws have to benefit somebody (even if its a small number of people) in order to have a chance of passing. But here they've passed legislation that has NO winners and hurts EVERYBODY in the economy, and are considered heroes for doing it.
