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US / Top Miminum Wage will rise by 1.2 Big Mac per week to $10.55

The highest minimum wage in the nation is set to rise again in 2013, as San Francisco’s low-end compensation rate will increase from $10.24 to $10.55 per hour.

In 2003, voters approved a local ordinance tying the minimum wage to the regional rate of inflation in San Francisco, Oakland and San Jose. Set at $8.50 per hour when the law took effect, The City’s minimum wage has increased in every year but one since 2004.

City officials and low-wage worker advocate groups have long argued that increasing the minimum wage helps the local economy by giving service industry workers more disposable income to spend.

Chosen excerpts by Job Market Monitor from

FireShot Screen Capture #161 - 'San Francisco’s minimum wage will rise again to $10_55 I Dan Schreiber I Local I San Francisco Examiner' - www_sfexaminer_com_local_2012_12_san-francisco-s-minimum-wage-will-rise-again-1

via San Francisco’s minimum wage will rise again to $10.55 | Dan Schreiber | Local | San Francisco Examiner.

Job Market Monitor: How much does this increase make ? 10,54$ / Week or 1.2 Big Mac per week.

By the way, this top minimum wage gives 1.2 Big Mac / hour.

2012 2013
Highest Min. Wage $ 10.24 10.55
@ 34 hours / week* 348.16 358,7
Weekly increase $ 10.54
% 3.0

* Rounded average weekly hours source: BLS

Big Mac $ 7.96
Tax % 6.25
Sale price 8.46
In Big Mac 1.2

But some at more than 1 Big Mac/ minute find that too much:  Why Raising The Minimum Wage Kills Jobs

The minimum wage is a major anti-jobs policy. Ten states have announced an increase in their minimum wage effective January 1, mostly because their legislation requires an adjustment to the Consumer Price Index inflation measure. Some political jurisdictions take it further, San Francisco has a minimum over $10 per hour and the state of Washington is above $9 on average. Supporters hail this as a victory for “fairness” and a benefit for poor people. This, it is alleged, will provide more income to support spending and stimulate the economy. If it works that well, why not make the minimum $50? This would provide someone working 2,000 hours a year an income of $100,000, eliminating poverty and stimulating the economy. Obviously, $50/hour would be detrimental to employment as is $7/hour, it’s just a matter of degree.

The President of the Greater New York Chamber of Commerce suggested that the higher labor cost could be offset by eliminating waste in other aspects of the business. Really? So employers are wasting money that they could eliminate and add to the bottom line but they chose not to, to earn less than they could if waste was eliminated. But, with a higher minimum wage they will suddenly eliminate that waste to cover higher labor costs, adding nothing to the bottom line? This is the kind of absurd thinking that leads to bad policy.

Choosen excerpts by Job Market Monitor from

forbes

via Why Raising The Minimum Wage Kills Jobs – Forbes.

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