I've heard it said many times on various networks over the past two days: "Obama's use of Executive Powers to raise the minimum wage for employees of government contractors has to impact on America." Baloney.
Obama is reportedly raising the wage paid by government contractors to $10.10 minimum per hour. Now, just who do you think is going to pay that 39% pay hike? Bids for government contracts will be inflated by enough to cover the new minimum wage plus benefits and payroll taxes. The cost of the government purchase of goods and services will therefore go up. You, the taxpayer, will have to fork that dough over.
This unilateral Executive Power action by the President will also increase the upward pressure on the national minimum wage. Faced with higher minimum wages, employers will trim their payrolls even more and also jack up the prices for the goods and services they deliver. Coupled with the constant printing of money by the Federal Reserve, inflation will kick off and it may be rampant inflation.
This ranks as one of the dumbest moves a President has made in decades... almost right up there with ObamaCare.
Illegitimi non carborundum.
That's MY AMERICAN OPINION, respectfully submitted.
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