Thursday, June 7, 2012

Forget Regulations... Real Reason Your Job Went to Asia

Graph showing Asian minimum wage levels.

Regressive Republicans that claim the reason companies like Walmart or Bain Capital have sent jobs overseas is because of 'excessive regulations', this minimum wage chart tells a different story. 

US Federal Min Wage $7.25/hr X 40 hours wk X 52 weeks = $15,080 

Minnesota, Wyoming, Alabama, and Arkansas let employers skirt the Federal Minimum Wage of $7.25/hr. If the US Federal Minimum Wage had kept pace with inflation it would be $10.55/hr not the current $7.25.

Bottom Line

It is time we update this law, especially considering the vast increase in workers being paid minimum wage in recent years. In addition we need to take another look at these so called Free Trade Agreements that enable employers to send jobs to low wage countries like India or China. Last, we need to eliminate any and all tax incentives for US based businesses to send jobs overseas, we shouldn't be rewarding companies for killing American jobs.

Sources:

China Now Has Third Highest Labor Costs in Emerging Asia
List of U.S. minimum wages

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