Tuesday, July 31, 2012

Why don't you go with that, Barack

The President who thinks 'profits eat up overhead', finally learns a little something about elementary economics;
PAGO PAGO, American Samoa — The president has signed into law legislation to freeze American Samoa's minimum wage until 2015.
President Barack Obama signed the bill Thursday, which delays a 50-cent increase that would have gone into effect in September.
Minimum wage in American Samoa varies from $4.18 to $5.59 per hour, depending on the industry. The Fair Minimum Wage Act of 2007 provided for annual 50-cents per hour increases until the rate matched the rest of the U.S., where the minimum pay is $7.25 per hour.
Employers and a government financial report have suggested automatic increases were harming the U.S. territory's economy.
By pricing low skill workers out of jobs.  Something students learn in the first week of  Econ 101...if they're paying attention, that is.

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