Williston, ND, home of the Bakken oil fields where the jobless rate is 0.9% and Walmart is paying 2.4 times the minimum wage, illustrates some important economic concepts: http://ow.ly/xNIgP
COMMENTS BELOW
Joanne Cicione Savi
Listen up economically challenged, Obama-Knows-Best liberals who earnestly think artificially raising the minimum wage will reduce poverty! As can be seen in North Dakota, where the jobless rate is under 1%, if you would just get the hell out of the way and let the economy recover without your incessant and counterproductive interference...a healthy market would force employers to pay more to fill positions. But OH NOooo, YOU have a better way: You want to TELL employers how to run their companies and punish executives with pay ceilings and higher taxes if they dare be successful in spite of you.
Yeah just wait until it cost 8 bucks for a loaf of bread... If your not skilled labor then why do you deserve to be paid an outrageous wage? Inflation is already out I control because the government is running the printing press 24/7 it's quite literally not worth the paper it's printed on
If you raise min wage, employers will raise the price on the merchandise they sell us. People making over the new min wage right now ($10/he) are not going to get a raise but will have to pay the higher cost for merchandise. So raising min wage will not change anything for the people already making min wage right now. It actually pulls the people making just over the new min wage amount into poverty....so making middle class smaller. Why would you want to do that!!
Minimum HURTS the Poor & Middle Class but Obama does NOT know this.....
Obama's war on the poor & middle class is explained below. Obama's accounting skills are NOT SO GOOD and the joke is on us!
Obama WANTS TO FORCE BUSINESSES TO RAISE MINIMUM WAGE but Obama DOES NOT UNDERSTAND that:
Obama DOES NOT KNOW that raising the minimum wage DOES NOT REDUCE businesses' profit margin because wages are NOT reported in the profit section of financial statements. RATHER, wages are reported in the OPERATING EXPENSE section!!!
Because all competing companies are affected likewise, increasing wages ONLY increases the price of the product and the poor & middle class suffer by having to pay the higher price for the product. This concept is very simple & understood by most people, I think, but Obama has NOT grasped the concept yet.
Obama DOES NOT KNOW that if the poor & middle class can't / won't pay the higher prices for the product or service, the business simply reviews their operating expenses versus their sales and they will simply make a decision to:
Obama doesn't understand that all business wages are paid by the poor & middle class who buy their products or services.
He thinks he is taxing the rich, but the poor & middle class are actually paying those Obama wages when they purchase the product or service.
The money the poor & middle class pay for the product or service, is the only source available to pay higher wages.
The poor & middle class pay all higher wages in the prices of the products sold by those businesses.
Obama WANTS TO FORCE BUSINESSES TO RAISE MINIMUM WAGE but Obama DOES NOT UNDERSTAND that:
WAGES are NOT PAID out of Profit!
WAGES are PAID out of Operating Expenses!
Obama DOES NOT KNOW that raising the minimum wage DOES NOT REDUCE businesses' profit margin because wages are NOT reported in the profit section of financial statements. RATHER, wages are reported in the OPERATING EXPENSE section!!!
Whoops Obama - We're suppose to be sending our 'best' to D.C.; people who have experience in business, military and economics but Obama has no experience or background in any of those categories.
Obama DOES NOT KNOW that if the poor & middle class can't / won't pay the higher prices for the product or service, the business simply reviews their operating expenses versus their sales and they will simply make a decision to:
SCALE BACK PRODUCTION
LAY OFF PEOPLE
LEAVE THE COUNTRY
GO OUT OF BUSINESS
Obama doesn't understand that all business wages are paid by the poor & middle class who buy their products or services.
He thinks he is taxing the rich, but the poor & middle class are actually paying those Obama wages when they purchase the product or service.
The money the poor & middle class pay for the product or service, is the only source available to pay higher wages.
The poor & middle class pay all higher wages in the prices of the products sold by those businesses.
Because Obama DOES NOT UNDERSTAND basic accounting principles, thus he has waged war on the poor & middle class.
The joke is on us!
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