U.S. minimum wage up 11%, but will it help finding a job?

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By Sergey Novoselov
August 6, 2009 in Salary & Benefits

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The federal minimum wage has been increased last month (7/24), and that has reignited the old debate: Is it ultimately good or bad for the economy? Since so many workers are struggling to find a job, it might not be a good timing.

 

Historically, many small businesses have objected to mandated minimum wages, saying they can’t afford what the government dictates and that increases could mean lost jobs or reduced hours -- negating, at least in part, the economic benefit from putting a little more spending power in the wallets of low-wage workers.

 

The new minimum is $7.25 an hour, a jump of 70 cents, or 11%, from the old rate of $6.55 in effect since this same date a year ago. More than a dozen states, including California, have higher minimums that supersede the federal rate. California’s minimum has been $8 an hour since Jan. 1, 2008. Read more at LA Times