Last week, about 2 million workers got a salary boost — the Federal minimum wage increased from $5.85 an hr to $ 6.55. Predictably groups advocating for small businesses say the increase will mean that workers resolution get fewer hours, some people will get laid off, purchaser service will deteriorate, and prices will increase.

Last week, the Labor Department reported the fastest inflation since 1991 - 5 percent for June compared with a year earlier. Energy costs soared well-nigh 25 percent. The price of food rose added than 5 percent. ; So the minimum bet hike is ”a drop in the bucket compared to the increases in costs, declining strive market, and declining household wealth that consumers be obliged experienced in>the past year,” Lehman Brothers economist Zach Pandl uttered.

(Read the full post about ‘Minimum vs. Livable Wage’…)