Found this chart on "Strossel" on FBN ... Thought it was interesting
Because the numbers have been doctored by the government to get those numbers
Yes those UNEMPLOYMENT numbers are higher than the countries rate -- makes sense when you think about it.
If a company has say $100,000 a year to put towards employees (I know that's really low but wait) and everyone works FT but at minimum wage .... They might be able to make it
Then Obamacare came in and suddenly there's a push to get PART TIME workers -- around 25-30 hrs a week at most -- so now there are more people needed at minimum wage and everyone's hours got cut .... Very tight but it could be done, cheaper products will have to sold fo keep the prices down .... Whether that's food products or clothing or carpeting.
Then the government comes in and says "raise your minimum wage" .... Okay ... Now what is the business to do?
Cut employees yet again! Raise the price of your products ... Yup, raising prices does NOT equal money in the owners pockets
There is a PERCENTAGE or FLAT RATE that the employer MUST PAY by law based on what is EARNED PER EMPLOYEE that most people don't even know about ...
My dad owned a business in MN since 1987 until his death ... He clued me in to it all.
You know that 401K plan? You pay only 2 - 5%, your employer has to pay that same amount for EVERY employee who gets that benefit (equal rates)
That health insurance? You may have to pay only $200/month but your employer has to pay about twice that ... With Obamacare that price JUMPS - cheaper for a lot of businesses to take the penalty per employee ... Not their fault.
Either way ...
Higher wage = lower employment
Lower employment = higher poverty
Higher poverty = more people on benefits (not just unemployment)
More benefits = liger debt on country
Bigger debt = higher taxes on workers/company owners
Higher taxes = fewer employees
Fewer employees = less tax money
... Rinse and repeat
We're all screwed