Let me reiterate. I am not a proponent of an increase in the minimum wage. Instead, I advocate for all large ($ 2.5 million in gross sales or 50 employees, which ever threshold is exceeded) firms to be penalized (that’s 110% to 125% of the costs) when their employees need to rely on AFDC (Aid For Dependent Children), SNAP (the new name for Food Stamps), Medicaid, etc. to make up for an employer not paying a living wage to its staff.
I’ve reported before on studies that showed the change in minimum wage has little affect on employment. But, a new study appeared this week, using the data from Seattle, which just recently raised it’s minimum wage from $ 9.47 to $11, and then subsequently to $ 13 an hour.
Well, he did it again. Governor Walker let his true colors shine through. By attempting to change the mission of the great University of Wisconsin system- and then attempting to retract, when he found he had no backers.
║This is the fifth and final segment in this mini-series on minimum wage, living wages, the middle class, and taxes that I started this year, beginning on 7 January 2014.║
So, we’ve talked (this is the 3rd part in the daily series about current economics) about who is funding the US treasury. Mostly workers, which surprised most of you. Mostly the poor and the middle class, which clearly confounded you. (Remember- it’s payroll taxes that provide about 45% of the federal take, and the income taxes of the non-rich provide another 15% of the federal take. The rich (top 10%) provide 30% of the annual federal receipts via income taxes and corporations finish off the totals by contributing about 10%.)