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01/04/2010 07:14 AM ID: 82311 Permalink   

Colorado Reduces Its Minimum Wage

 

The Department of Labor and Employment in Colorado has reduced the minimum wage within the state from $7.28 to $7.24 per hour - one cent lower than the federal minimum wage of $7.25.

The decrease comes on the hells of the cost of living trending downward, says FRESC program director Robin Kniech. According to the Business Journal, Colorado is one of ten states that ties the minimum wage to inflation.

"This adjustment with inflation shows that Colorado's minimum-wage amendment works as voters intended. But in the interests of keeping our economy moving and avoiding hardship to employees... we urge employers not to lower wages," said Kniech.

 
  Source: www.upi.com  
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  16 Comments
  
  ohhh  
 
I am realllllll sure there are employers who jumped on this moment .. I wonder how many people recieved drops in pay .. I´m the state encourages not to lower employee wages, that´s their disclaimer, but I wonder how many actually do .. it not against the law to do so .. wow wild
 
  by: Key2000     01/04/2010 08:06 AM     
  What the heck?  
 
So Kniech, I am not sure if you are male or female but I have to wonder why you bothered to change the minimum wage 4 cents? Isn´t the notification and the paper used to print this change out for all the how many hard copies that are required wasting more than it would have saved to leave it alone? The whole bullshit line about shows how it is working is plain stupid and you know damn well that many employers will be changing that puppy the moment it is legal. How stupid!
 
  by: TaraB     01/04/2010 08:45 AM     
  I have a proposal....  
 
How about we set a ´Maximum Wage´? There is no reason for one person in the company to make billions while other exist hand to mouth. Setting a ´Maximum Wage´ would free up money to grow the company, increasing employment, and to give workers a ´Living Wage´.
 
  by: valkyrie123     01/04/2010 01:54 PM     
  This  
 
has tobe the 1st time in my entire life, to hear minimum wage reduced! I simply cant fathom the idea! Shocked!
 
  by: skcusswentrohs     01/04/2010 03:47 PM     
  @Valk  
 
As an employee of a multi billion dollar cable company who supports two kids and barely makes it paycheck to paycheck, I support your idea :)
 
  by: deadvenusblue     01/04/2010 04:15 PM     
  @valkyrie123  
 
difficult to impossible to enforce, plus the richer someone is, the more avenues they have for getting around legislation.
 
  by: tiggyfiggy   01/05/2010 06:33 AM     
  Doesn´t matter  
 
straight from the Department of Labor´s website:

In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.

http://www.dol.gov/...

There are some exceptions to this of course.
 
  by: N3T_K1LLA     01/06/2010 07:18 AM     
  @valk  
 
I´ve long been an advocate of the maximum wage. I´ve never heard a good reason for why someone needs to be paid more than, say, $2 million per year.
 
  by: Ben_Reilly     01/06/2010 07:36 AM     
  @Ben_Reilly & @valkyrie123  
 
I disagree with a maximum wage. That´s a terrible idea. Entrepreneurs have built up companies that employ tons of people because of incentive. If those so called "greedy" entrepreneurs left do you think these companies would run themselves? As an entrepreneur myself I know the huge responsibilities of running a corporation. You are responsible for everything. For instance I´ve had to wake up every two hours to check my phone/email to make sure nothing has happened. I´ve had to work my ass off 12+ hours a day just to pay insane amounts of money to my vendors while eating ramen/pizza for breakfast, lunch and dinner. Would I put myself through hell if someone had the ability to tell me how much money I can legally earn for myself? Hell no. We would end up with all government run jobs doing a piss poor job Soviet Union style.

Obviously there are some bad people that run businesses. They lie, steal and cheat everyone around them. However these kind of people are everywhere. I don´t see how this reflects negatively on honest business men no matter how much money they make. Also if you don´t like your job at least be glad you have one. They´re very hard to come by these days for many Americans. Hopefully this year will be more fruitful and everyone that wants to work finds a job.
 
  by: d-man   01/06/2010 09:46 AM     
  wages and sum of work  
 
to me this is sad.if life costs did that it would be different but they go up and stay there.wages stay below the living standard.this is somebodys idea making profits on the back of the poor.cheap labour child labour the evil never ends...
 
  by: flukemol   01/07/2010 07:12 PM     
  Setting the maximum wage...  
 
We could start with a maximum wage of $250,000 or 2% of the TAXABLE income of the company whichever is higher. This would give incentive for the company to not dodge taxes. Set the penalties for cheating the system along the same lines at they are for drug dealers. Confiscate all assets and mandatory prison time and register them as State Offenders and not allow them to ever run a business again. Freeze all assets as soon as charges are made and let them defend themselves with a public defender. Hard ball, just like the rest of the population.
 
  by: Valkyrie123     01/07/2010 07:32 PM     
  @Valk  
 
Why only 250k a year? I personally make more than that and when I can consult for other companies on the side for $200/hour, why shouldn´t I be allowed to do so? Face it, not everybody is worth more than minimum wage and there are many people worth more than 250K.
 
  by: morganmacleod     01/07/2010 09:11 PM     
  @morgan  
 
250K is just an arbitrary figure. It could be higher. The point is not how much someone is worth but how much do they need to live. Most people don´t make 250K and never will yet they are expected to live on 20k a year or less. Could you? They may have no choice because others are being paid exorbitant wages starving the working class. Pure capitalism is not working. Over 45% of the wealth of this country is in the possession of just 2% of the population. I do think some socialism is in store. Without it, it is just a matter of time before the serfs revolt and overthrow this unbalanced system.
 
  by: Valkyrie123     01/09/2010 11:39 PM     
  @d-man  
 
I agree with you, entrepreneurs are worth every penny they have earned. However, I wonder if you would agree to a maximum wage for publicly traded companies vs. a private company? Once the entrepreneur has sold the business, then it would be subject to this law.
 
  by: adhemar   01/10/2010 05:33 PM     
  @Valkyrie123  
 
I´m thinking 100 times the annual salary of the lowest paid employee (whether hourly or salaried). How´s that sound?
 
  by: adhemar   01/10/2010 05:39 PM     
  @Valkerie123  
 
Quite possibly you could tell someone how much they could draw from a certain company. However, most politicians make WAY more than $250,000 per year. In fact, just from his book sales, I believe Obama is making better than $4,000,000 per year. I think wage caps are a bad idea because any executive who has his wages capped per company will only just split his company into multiple companies from which he will be able to draw $250,000 each. Make no mistake: there is nobody keeping anybody down in this country, unless that person allows himself to be kept down. I will admit, though, that it´s more in WHO you know rather than WHAT you know. Getting to be friends with multi-millionaires will make you a multi-millionaire.

One other thing to mention. I have a friend who, upon graduation from high school, received 1000 shares of WalMart stock. This was 1989, and I believe that WalMart stock has split 5 times since then, which, doing the math, leaves him with 32,000 shares of WalMart stock, provided he hasn´t sold any yet. Now correct me if I´m wrong, but at the current dividend rate (1.09%) times the current stock price (aprox. $54), that would leave him with about 50 cents per share, per year ($16,000 per year). Most of Bill Gates´s wealth is in Microsoft Shares, for which he gets paid a dividend. This is completely on top of his salary (which you would propose to regulate). the paltry $20,000,000 per year (or whatever his salary was at the time of his retirement) was just a drop in the bucket compared to his dividend payout. This is where it would get tricky. You try to stifle someone´s dividend pay per share, and suddenly there is NOBODY buying shares of ANYTHING. The stock market dies, and the entire economy dies with it. The friend I mentioned above is just an example, and he is a VERY minor investor in the stock market. He only owns an infinitesimal fraction of WalMart. Can you imagine what would happen to that company if the stock was suddenly not worth holding onto, because dividends could not be paid due to salary caps?

Sorry for the rant. Just got kind of worked up about it.
 
  by: WillyMaykett   01/12/2010 05:23 AM     
 
 
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