Word: hiked
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...encountered this dilemma in 1991, as did Gray Davis in 2003. Now it's Arnold Schwarzenegger's turn to try to wrestle a highly partisan legislature into slashing enough programs to eliminate a towering deficit. Having raised taxes by $12.8 billion in February, the governor balked at a second hike...
...July 2, 2009 After a February tax hike and major budget cuts fail to slash its swelling debt, California issues its first round of IOUs. The figure is expected to reach $3 billion by the end of July
Ever since, however, critics and supporters have slugged it out over the minimum wage: some say it destroys jobs by making it too expensive to keep workers. University of California professor David Neumark estimates that the July 24 hike will end up costing some 300,000 jobs for young adults and teens by making their employment prohibitively expensive for enterprises already facing rapidly eroding profit margins...
With the U.S. trillions of dollars in the hole, 70 cents an hour sounds like chump change. But it's a big boost for the millions of workers who earn that much extra as of July 24. The increase is the third and final uptick in a hike that has since 2007 boosted the federal minimum wage from $5.15 to $7.25. In total, the extra $2 and change translates into a yearly raise of some $4,400 for a full-time minimum-wage worker, nosing his or her family of four above the poverty line. (See 10 ways your...
Other economists note, however, that because a majority of minimum-wage earners work in outsourcing-resistant service jobs, businesses will have a hard time handing out pink slips en masse. Researchers at the University of California at Berkeley found that after an 80-cent New Jersey minimum wage hike in 1992, employment in the state's fast-food restaurants rose slightly faster than in Pennsylvania, where the minimum wage did not change. (The law's effects showed up, instead, in prices: the tab at New Jersey fast-food restaurants grew about 4% faster than at greasy spoons in Pennsylvania.) Instead...