You know you’ve been there.
While playing around the U.S. Department of Labor website I came across some information on the minimum wage – which as of July 24th, 2009, is $7.25 an hour. But as you may know, each state can set their own minimum wage levels (the higher of the two – federal vs. state – is the wage an employee is entitled to). Although most states amend their laws to match whatever the federal level is, 14 states plus the District of Columbia have a minimum wage that is actually higher than the federal level. The highest is Washington state with a minimum wage of $8.55 an hour. Interestingly enough, Washington does not have a personal income tax (or corporate income taxes for that matter). Another interesting tidbit of information from DoL is that 10 states (Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, Vermont and Washington) all have their minimum wage level tied to the Consumer Price Index, which generally increases the minimum wage level. The data is certainly interesting to go through.
For more on this, check the links below.
Michael
Twitter: @michael_dink
I'm a completely free market guy, so I actually don't believe in a minimum wage. If we didn't have currency manipulation and Fed-induced inflation, the market could easily set the wage for every job and that wage would be enough to support oneself.
instead, we have the negative cycle of the Fed causing inflation every year, therefore, having to worry about whether people's wages are keeping up via the minimum wage.
I like the way 20smoney thinks! I agree totally!
I thought I would post this link to Peter Schiff explaining how the minimum wage simply destroys jobs that otherwise would exist.