min. wage speech
TRANSCRIPT
WHAT YEAR ARE WE IN
A socioeconomic lesson for the present
1938 FLSA
Fair Labor Standards Act
1.Banned oppressive child labor
2.Set the minimum hourly wage at 25 cents
3.Set the maximum workweek at 44 hours
F.D.R.
“Do not let any calamity-howling executive with an
income of $1,000 a day, ...tell you...that a wage of
$11 a week is going to have a disastrous effect on all
American industry.”• President Roosevelt
WEALTH DISTRIBUTION
I couldn’t have said it better
MINIMUM WAGE
Pros
Raising minimum wage is a critical priority for
accelerating economic recovery
Raising the minimum wage will put more money in
the pockets of workers who most need to spend
those dollars
It will boost consumer spending at local
businesses
MINIMUM WAGE
Pros (cont..)
Higher wages also benefit businesses by boosting
employee productivity, retention and customer
satisfaction, and reducing the high costs of employee
turnover
Increasing the minimum wage will reduce the strain
on our social safety net caused by inadequate wages
MINIMUM WAGE
Cons
A 10 percent hike in the minimum wage causes a
2.5 percent drop in employment among young
white men without a high school diploma and a
staggering 6.5 percent drop among young black
men without that degree
Raising minimum wages benefits some workers
but harms the least employable job seekers
MINIMUM WAGE
Cons (Cont.)
The typical minimum-wage employee is young, with
few skills and little or no job experience. Half are
under age 25, and a quarter haven’t completed high
school. Fifty-nine percent are working part-time
First-time workers face the biggest risk of being
priced out of the job market by a minimum wage hike
PRODUCTION
DISTRIBUTION
CONTRIBUTIONS
PROFITABILITY
91% AGREE INSTICTIVELY
Minimum wage should be increased and then
indexed to inflation so its value does not shrink in
the future as the cost of living rises
Increased wealth in the poor and middle class
creates jobs bringing consumers into new market
segments
Tax breaks to small business and offset the initial
wage increase
FYI
…No, Nancy Pelosi, Star-Kist Tuna (Del Monte Foods) is not
consider small business. (3.82 B; #113 on Forbes ‘America’s
Largest Private Companies’
In January, 2007 when the minimum wage was increased
from $5.15 to $7.25, Pelosi had American Samoa exempted
from the increase so Del Monte would not have to pay the
higher wage. Pelosi added an earmark to the final bill
adding $33 million dollars for an 'economic development
credit in American Samoa'.