Illinois Governor Pat Quinn Proposes Highest Minimum Wage In The U.S.

Fall 1986. I was hanging out with my older sister in her bedroom when I came across a binder for some basic economics/personal finance class that she was enrolled in at the local public high school. As I leafed through it, I thought, “This is some pretty cool stuff- I hope I get the chance to take a class like this when I’m in high school next year.” I didn’t. Not in my freshmen year or any other year. I ended up at an all-boys Roman Catholic college preparatory high school, where such material just wasn’t taught.

Latin, yes. Economics/personal finance, no.

Ita sit (so be it).

In fact, Illinois Governor Pat Quinn also attended the same school. Both of us might have been able to benefit greatly from such instruction early on.

Perhaps one more than the other, based on a new minimum wage hike the Chicago Democrat proposed yesterday in his “State of the State” address. From Paul Merrion on the Crain’s Chicago Business website yesterday:

Gov. Pat Quinn’s call for a $10 minimum wage has created yet another firestorm for the state’s business community.

While economists question whether higher minimum wages hurt jobs and make some states less competitive than others, Illinois business leaders view the governor’s proposal as one more blow to the state’s battered business climate.

Illinois already has the fourth-highest minimum wage at $8.25 an hour, and raising it more than 21 percent over four years would put it far above Indiana or other neighboring states eager to attract Illinois companies to relocate.

According to Merrion, a minimum wage of $10 would be the highest in the country.

Supporters of Quinn’s minimum wage hike are calling it “pro-worker.”

Whether or not “higher minimum wages hurt jobs” directly, a higher wage, in conjunction with the state’s huge fiscal mess and recent (January 2011) corporate income tax rate hike of 46 percent, might be the last straw for Illinois companies contemplating leaving the state and kill the formation of new businesses here. By itself, the effects of the hike may not be significant. But taking everything else into consideration, the growing belief that Illinois is “anti-business” will probably be magnified by its implementation, and jobs could be impacted as a result.

Pro-worker? What good’s a minimum wage hike if jobs leave the state and new ones aren’t created?

Economics 101, my man. Economics 101.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Merrion, Paul. “Quinn’s call for $10 minimum wage riles business.” Crain’s Chicago Business. 6 Feb 2013. (http://www.chicagobusiness.com/article/20130206/NEWS02/130209864/quinns-call-for-10-minimum-wage-riles-business). 7 Feb. 2013.

Tags: , , , , , , , , ,

Thursday, February 7th, 2013 Debt Crisis, Employment, Fiscal Policy, Government, Taxes, Wages

3 Comments to Illinois Governor Pat Quinn Proposes Highest Minimum Wage In The U.S.

  1. I don’t specifically follow the Illinois economy, but…….seems pretty simple……there is plenty of cash around (booming stock and bond markets), more truly wealthy people, plus the economy is now solidly in the recovery mode, slow, but slow is good since more longer lasting. And, CA is currently BOOMING with the budget now forecast to be in surplus by 2014, the largest reduction in unemployment in 25 years, currently an oil boom in Bakersfield, Facebook IPO, Tesla being Motor Trend Car of the Year. And at about 12% of the nation, enough to lead the economy no matter what obstructionist politicians do. The BOOM is on…..maybe the greatest ever…..sure, there will be a bubble to be popped, but still much too early……as for bid-up RE prices in some areas, just a typical thing happening at the start of a boom. For those who think the middle and lower classes are being left out……true, but just a sign that there are so many more people left to keep the boom continuing, when they eventually benefit from the economy…….plus, booms always climb a wall of worry……the more I hear words like “crazy,” “insane” while things like employment and RE and stock prices are still well below highs, just makes me more confident.

    So, as far as a higher minimum wage for Illinois, sounds fine with me since I do think the economy can handle it and with more money flowing to the lower classes, likely all of it will flow back into the economy…..it’s called the multiplier effect. As far as econ course, sure, helpful, but really what is more important is to learn “how” to think, rather than “what” to think………economists with PhD’s can’t even agree, with many being all wrong in understanding the Great Recession and its aftermath.

  2. Joseph Oppenheim on February 7th, 2013
  3. Thanks for the comment Joseph. We certainly have different views of the U.S. economy and larger financial system. Mine can be best summed up as this:

    The long-term economic stability and growth of the nation has been sacrificed for short-term prosperity.

    Enjoy it while it lasts.

  4. Editor on February 8th, 2013
  5. Regarding the prior comment… Either that’s some of the finest sarcasm I’ve ever seen, or someone’s drinking some seriously good koolaid.

  6. tj & the bear on February 7th, 2013

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

NEW! Advertising Disclosure HERE
ANY CHARACTER HERE
Buy Gold And Silver Coins BGASC Reviewed HERE. Silver Bars & Coins On Sale! 1 Oz., 10 Oz., 100 Oz., 1 Kilo, Monster Boxes Of 1 Oz. Bars/Coins (500 Ct.)
ANY CHARACTER HERE
BullionVault BullionVault.com Reviewed HERE
ANY CHARACTER HERE
MyPatriotSupply.com Reviewed HERE
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Nitro-Pak Reviewed HERE. Presidents' Day Sale! Save Up To 41% Off Wise Emergency Foods
ANY CHARACTER HERE
Food Insurance Reviewed HERE. Buy Select 4-Can Case, Get Free Upgrade To 6-Can Case; Freeze-Dried Food Sampler Pack Now Only $35
<link>Free Pistol Case w/ Bag Purchase @Cheif</link> CHIEF Supply Reviewed HERE. 25% Off Propper Jackets (Code Needed) Thru 2/29; Fieldtex Products 20% Off Thru 2/29; Tru-Spec Tactical 9 Side-Zip Boots Only $55.96
ANY CHARACTER HERE
bullet proof vests BulletSafe Reviewed HERE
ANY CHARACTER HERE
Not all airguns preform the same in colder weather. Click to learn more. PyramydAir.com Reviewed HERE.
ANY CHARACTER HERE
Airsoft Megastore Reviewed HERE. 20% Off Any Purchase Over $100 (Code Needed)
ANY CHARACTER HERE
Survival Titles Save 20% Paladin Press Reviewed HERE
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Vault Security Article By Metropolitan Safe Deposits Of London
    I really haven’t mentioned London, England-based Metropolitan Safe Deposits much on Offshore Safe Deposit Boxes except in conjunction with talk about “Operation Rize.” However, I recently discovered an insightful article on the website of this major player in the U.K. private vault industry. Chief executive Christopher Barrow published “Security is a process, not a product” […]
  • Related Reading: Glasgow Vaults Launch Covered By The Scotsman
    Back on January 20, I alerted blog readers about the opening of a new private vault- Glasgow Vaults- in Scotland’s largest city. Monday morning, I saw an article about the new non-bank safe deposit box facility on The Scotsman (UK) website. Scott Reid reported: What is being billed as “Scotland’s first independent safe deposit box […]
  • Latest Offshore Safe Deposit Box Promotions
    Here are the latest limited-time specials from offshore safe deposit box facilities listed on this blog’s sister site (link included to web page where each promo is displayed): Asia Malaysia mySAFEBOX (Seri Kembangan, Selangor)- “From Jan 11 to Feb 29. Give & Get RM 300 Cash Rebate.” (1/27/16 Facebook post) Titanium Safe Deposit Box (Kota […]
  • Safe Deposit Federation Launched As ‘Self-Regulating Federation Of Independent Safe Deposit Box Companies’
    Since last spring, I’ve been aware of efforts to construct an international trade association for private, non-bank safe deposit box facilities. As recent as last week I discussed the subject. In a January 26, 2016, follow-up post on that series about the 1980s U.S. private vault boom, I blogged: Something else I came across I […]
  • Related Reading: India’s Non-Banking Finance Companies Now Permitted To Offer Safe Deposit Boxes
    Sounds like more safe deposit boxes outside the banking system may be coming online in India soon. Vivina Vishwanathan reported on Livemint.com (website of India’s Mint business newspaper) Monday: Last week, the Reserve Bank of India (RBI) allowed non-banking finance companies (NBFCs) to offer safe deposit locker facilities to customers… Now, with NBFCs allowed to […]