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Raising the minimum wage to $15
could add over $100,000 to Social
Security benefits for many workers

Original Article

Posted By: NorthernDog, 8/11/2019 6:04:40 PM

More than doubling the federal minimum wage is quite the controversial proposal currently sitting in Congress, but there’s no debate about one facet of the concept: doing so would boost Americans’ retirement savings. The House of Representatives recently passed the Raise the Wage Act, which would increase the minimum wage across the country from $7.25 to $15 an hour by 2025. The bill still needs to get approved in the Senate and then by the president, but if it were to pass as is — or somewhat similar to its current form — it could mean adding thousands of dollars

Comments:

As if the money just magically appears in your account. You and your employer will both be paying more in FICA taxes!

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Reply 1 - Posted by: mc squared 8/11/2019 6:16:15 PM (No. 149310)
Correction to OP: The employee pays the full nut of SS. The government makes your employer pay 1/2 to fool us but it all comes out of your compensation package, just like health ins if your employer provides it.
9 people like this.

Reply 2 - Posted by: David Key 8/11/2019 6:22:40 PM (No. 149314)
except for the poor saps who don't get hired, do get fired, or are reduced to part time hours. See that's the unintended results of this. A job I began about twenty or so years ago had a manager full time, three full time employees, two part time employee's. After ten years when I left there was a full time manager, one full time employee, and three part time employee's mostly due to the increases in the minimum wages over the ten years. There are economic laws that don't change like the idiot politicians. One law is cost control. Business' have fixed costs, rent, utilities, cost of goods etc.. Then they have controllable costs mostly payroll. Usually if you are going to make a profit you can know how much you have to spend on payrolls very simply subtract the fixed costs and you find what you gross income is to stay in business you must make a profit so you decide how much it is going to cost you in payroll as a percent which will leave you the kind of profit necessary for return on your investment. This is usually a fixed percent that doesn't change. If you spend less in payroll you make more profit but you lose in sales/production hours which usually means less overall income. If you spend more in payroll you cut back or you go out of business at some point if you are unable to cut costs to remain profitable. This is what apparently politicians do not understand about business because they load up costs and do nothing to improve profitability, then expect to be able to milk the cow with higher taxes to pay for all their "stuff".
13 people like this.

Reply 3 - Posted by: Grounded 8/11/2019 6:38:56 PM (No. 149328)
I love when articles about Social Security and Medicare cite the trust funds for the respective programs. Trust funds that are full of IOUs because the monies collected go right back out into the general fund as soon as they hit the trust fund accounts. Now I don't care how you try to square it, but you cannot borrow money from your self and pay it back to yourself with interest. If I tried to manage a pension fund for my workers the way SS is managed I'd be taking a short trip to the crossbar hotel for a long vacation.
11 people like this.

Reply 4 - Posted by: BarryNo 8/11/2019 6:49:00 PM (No. 149339)
When I first entered the workforce, minimum wage was $1.75/hr. Down the block, the pharmacy had a soda counter, and you could get a double scoop ice cream cone for 20 cents. That's 1 hour labor buys 8.75 cones. Now, minimum wage is what? $7.50/hr.? Do you know anyplace you can get a 2 scoop cone for 85 cents? How about a dollar? How about $2?... Raise the wages and the best result is you lose buying power. The worst is already seen on the West Coast. People lose jobs. Unemployed people dont contribute to Social Security.
10 people like this.

Reply 5 - Posted by: BeatleJeff 8/11/2019 7:08:05 PM (No. 149347)
Crazy Uncle Bernie has already shown what the effect of raising the min wage to $15 per hour will be. To write an article on the subject that fails to acknowledge that reality is journalistic malpractice.
9 people like this.

Reply 6 - Posted by: DVC 8/11/2019 7:12:08 PM (No. 149350)
Another really, really stupid idea from leftists.
5 people like this.

Reply 7 - Posted by: enemyofthestate 8/11/2019 7:19:48 PM (No. 149358)
Just another unintended consequence. Goobermint means well. That's all that counts.
2 people like this.

Reply 8 - Posted by: Philipsonh 8/11/2019 7:26:14 PM (No. 149360)
That is only IF they can keep their jobs or get new ones. No work, No S>S>.
3 people like this.

Reply 9 - Posted by: doctorfixit 8/11/2019 8:18:19 PM (No. 149392)
Unfortunately, raising the minimum wage has never resulted in any benefit to anyone who earns the minimum wage because the laws of economics are immune to socialism Thank God.
2 people like this.

Reply 10 - Posted by: Ben Around 8/11/2019 8:23:27 PM (No. 149397)
The $15 minimum wage is miserly. If you really want to give people a living wage, why not $50? Com'on, don't be a cheapskate!
2 people like this.

Reply 11 - Posted by: smidgen 8/11/2019 9:08:04 PM (No. 149419)
Kiosks don't pay SS taxes!
5 people like this.

Reply 12 - Posted by: cor-vet 8/11/2019 9:09:31 PM (No. 149421)
Everyones SS benefits would increase if congress would pay back all the $$$ they've stolen from the trust fund, and would quit taxing it, like it was originally intended. Why doesn't someone ask the democrat candidates if they plan on returning SS to the way it was intended/ started before their party befouled it. Maybe they could promise that as their 1st executive order, instead of gun confiscation or free everything.
3 people like this.

Reply 13 - Posted by: tom7 8/11/2019 9:12:07 PM (No. 149425)
It won't help the vast number of people who will lose their jobs entirely.
5 people like this.

Reply 14 - Posted by: JL80863 8/11/2019 11:53:42 PM (No. 149503)
Advice from MarketWatch? You have to be kidding.
2 people like this.

Reply 15 - Posted by: Proud Texan 8/12/2019 12:07:25 AM (No. 149504)
All raising the minimum wage really does is drive inflation through the roof. Prices will necessarily rise accordingly and all that extra money will be worth even less than it was before. Try checking out the double digit inflation in the 1970"s if you need proof.
1 person likes this.

Reply 16 - Posted by: ColonialAmerican1623 8/12/2019 12:43:42 AM (No. 149516)
More pandering. Notice not one politician, including the President, ever mention the elderly on SS ? I told a young barista in front of my elected person "You want to earn $15 an hour?" Most seniors would like $10 an hour"
0 people like this.

Reply 17 - Posted by: Trigger2 8/12/2019 3:23:42 AM (No. 149552)
No it won't. That $100K increase would just get folded into the general budget and an IOU deposited in the SS account never to be paid back again.
0 people like this.

Reply 18 - Posted by: worried 8/12/2019 6:05:19 AM (No. 149585)
FTA: ...assuming a 2% cost of living....! Wow! What unicorn has she been talking to? When is the last time SS got anywhere near a 2% COLA? I've been retired since 1996, and can't recall any raise that big. In fact, a few years there was no raise at all, and the last few years any raise has been miniscule.
1 person likes this.

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