Today the rate is $7.25. Let us use Obama’s $9.00 an hour for calculations. The difference is $1.75.
So one guy working 4o hours a week, over one year?
$1.75 X 40 X 52 = $3640 per year.
If you business is fixed income, each $40 hour full time employee will cost you that much. $3640 per year. And don’t forget FICA, another $228. Rounding up, this minimum wage per employee will additionally cost roughly just under $4000 a year. ($3868)
On the Federal scale, whereas there are 6 million people as of 2009 working at the minimum wage, this increase boosts the national economy by roughly $24 billion dollars.
Estimates of how many of Delawares citizens work minimum wage are not kept, but if we take those making incomes under $20,000 and use that total which is 90,000, we get a state boost to our economy of $360 million…. Whereas all of that increased economic activity will not be applied to new hires, the potential is there to add 40 million hours of $9.00/ hour jobs, right here in Delaware’s market. That translates into 19,200 new full time new minimum wage jobs.
By raising the minimum wage,…. we exert pressure to create jobs.
Bottom line, we are in an economic crises; we can ill afford to miss this growth opportunity by not raising the minimum wage to $9.00/hour.