You want wage inflation???? Here you go!!!

If only they had a job....

"The hike will give about 4.5 million workers a raise and boost hourly wages by $1.6 billion a year, according to the Economic Policy Institute, a nonpartisan think tank in Washington, D.C."

4.5 million workers to be affected.

and if they have a job, if only they didn't lose it.

I wonder if there's a big internal migration now, as in the rust-belt exodus of the 1970s and 80s, when gaggles of people moved to Phoenix to flip burgers.

If so, from/where?

my guess is that movement is more to temporary housing (family, friends) than to job opportunities. it will be interesting, is a sad way i fear, to see the U6 number in september as the effect of the furloughs and reductions in hours, both private and public, really begin to show.

11% raise to be exact.
Funny watching you bears take it as a negative.

4.5 million people in this country will be getting a 11% salary raise!!!

and, out of curiousity, what percentage of total incomes do you think these 4.5 million represent? 1/3 of 1%, maybe?

alanhart, i can't find the links right now, but internal migration in the united states was down sharply last year. in part b/c people are stuck in their under-water homes.

> 11% raise to be exact.
> Funny watching you bears take it as a negative.

Absolutely wacky that you miss that this isn't a good thing for business... you know the ones that hire the people...

Who needs those, right?

Wait, I got it... guys who make $7.15 an hour will buy our condos. WE ARE SAVED!

"4.5 million people in this country will be getting a 11% salary raise!!! "

did it every occur to you that businesses that are having troubles making payroll will not cut jobs because a pay hike was forced on them? this is not bullish at all. raising minimum wage is ideal in a booming economy. in an economy with unemployment teetering near 10%, it can set us back quite a ways.

special_k, exactly. under some circumstances this would be great, now it's decidedly not.

This is fake wage inflation, which will be offset by more unemployment because small business can't afford it. When unemployment gets back down to 5% and wages are rising, you know, in 3 or 4 years, then talk to us

Now, wait a minute. Everything cannot be bad news. The same people that complain that healthcare legislation must pass and companies must pony-up the cash to help pay for it (which will have to happen if it passes) cannot turn around and bash the raising of minimum wage because companies will have to pay more. So it's okay for companies to pay more for healthcare, but not okay for companies to pay more if it is going to go to wages?

Come on. I understand there is some negativity that could happen with this, but overall this is a good thing.

Minimum wagers are going to save NYC RE market! They're lining up to buy unsold condos, I've seen them!