Minimum Wage Increases To Fanfare from CNN
One of the big news stories from earlier this week (aside from Lindsay Lohan’s addiction to cocaine) was that the minimum wage increased up from $5.15 an hour.
What you might not have heard about was that CNN’s “American Morning” business reporter Ali Velshi thought it was just dandy.
That’s after the business reporter previously made the mistake of thinking $5.15 an hour came to $900 a week (174-hour workweek? What would Tim Ferriss say?).
Here’s what Velshi said specifically:
“[T]here is unmitigated good news,” Velshi said on the July 24 “American Morning.” “There are lots of sides to the story. There is no question about that, but it’s good news. We’ve been underpaying minimum wage earners for too long.”
Just like the scientific community’s overwhelming support of global warming, apparently it’s undeniably good news that this will happen:
Marc Freedman, director of labor law policy at the U.S. Chamber of Commerce told USA Today “the higher federal minimum wage could mean fewer hours for employees, fewer pay increases for other employees, benefits reductions, job losses and waning job creation.”
If that’s “good news” on CNN, they should probably get their head out of Iraq’s butt.
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