Virginia Senate Passes Minimum Wage Bill 40-0
As we all know, we have a two-party system in the United States, and in Virginia. Those parties are the Evil Party and the Stupid Party. So when a bill passes the Virginia Senate 40-0, we can be sure it is both evil and stupid.
The bill, if approved by the House of Delegate, which has wisely already killed every minimum wage bill introduced there, would increase the minimum wage in Virginia to $6.50 per hour as of July 1st, 2007.
Virginia has one of the lowest rates of unemployment in the country, and won Forbes Best States for Business running away last year. In such a good labor market, if a worker, who is free to go to another employer, and an employer, who is free to hire another worker, agree on a price for that worker's services, why should the government say that their agreement is unacceptable?
son brother of Congressman Jim Moran and Chairman of the House Democratic Caucus, has said, "If you work 40 hours a week at the minimum wage, you make less than the federal poverty level.... The minimum wage should not be a ticket to poverty. We should value the work of people who get up every morning and work 40 hours a week by paying them a wage that they can sustain themselves on." My grandfather worked three jobs to support his family, during the Depression. My father also took on extra work when I was growing up, and he worked overtime, too. I frequently work 50+ hours per week, and worked 60+ hours per week moving furniture for $4/hr. There are enough jobs in this economy that anyone who wants more work can find it.
Senator Tata, apparently a RINO, said, "There is a certain group of people who will never make more than minimum wage, and they should be allowed a living wage." I doubt seriously you will find anyone who has made no more than the minimum wage for the last forty years, but let's look at the numbers. Minimum wage is now $6.15/hr. Working only 40 hours per week for 50 weeks, that's $10,300 per year. Saving only 10% of that in a Roth IRA, the worker will have over a million dollars saved at age 65, assuming the long-term average of 10.5% return on stocks. That's a retirement income of $40,000 per year, plus Social Security. Not bad. But of course, if one had the will to save 10% of his income, he would not be stuck in minimum-wage jobs for 45 years.
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