Obama’s Proposal to Boost the Minimum Wage: Will It Help or Hurt Workers?
Of the proposals in President Obama’s State of the Union address, the one that’s perhaps getting the most attention is his push to have the federal minimum wage raised from $7.25 to $9.00 per hour. There are many reasons for this. First, it was one of the few concrete proposals to come out of the speech; and unlike many of the President’s industrial and tax policy ideas, it is easy to understand: Pass a law saying businesses can’t pay workers less than $9 per hour. But does the law make sense for the low-income workers it aims to help? For years the conventional wisdom among many economists was that higher minimum wages actually reduced employment — for the simple reason that if you make something like labor more expensive, firms will purchase less of it. But research in the 1990s, specifically a study authored by economists David Carr and Alan Kreuger, seemed to prove otherwise, or at least to poke holes in this theory. Carr and Kreuger studied the effect of an increase in the ...
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Delta Buys 49 Percent Stake in Virgin Atlantic
Delta Air Lines said it will buy almost half of Virgin Atlantic for $360 million as it seeks a bigger share of the lucrative New York-to-London travel market. Delta plans to form a joint venture with Virgin Atlantic, where the two airlines would share money from the flights operated under the partnership. In order to coordinate the schedules of the two airlines, they’ll need antitrust approval from U.S. and European regulators. Landing rights at London’s Heathrow Airport are limited. So buying part of Virgin Atlantic is a way for Delta to get a bigger piece of the travel market between Heathrow and the U.S. Currently, Delta has fewer flights from the New York area to Heathrow than either American or United, its main U.S. competitors. (MORE: Could It Be? Customer Service Is Supposedly Getting Better) If the plan is approved, Delta and Virgin Atlantic would continue to fly between the U.S. and the U.K., as they do now. However, they would market the flights together and share the costs ...
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20 Big Black Friday Sales Available for Online Shoppers
It’s possible—advisable even—to avoid the mall on Black Friday. But that doesn’t mean you must miss out on all of the deals on Black Friday, when 40% or more off is an easy click away. With the help of deal-tracking sites such as BradsDeals, dealnews, FatWallet, and RetailMeNot, we’ve rounded up a list of 20 outstanding sales available to online shoppers on Black Friday weekend. How good are the offers? Well, the deals from Tommy Hilfiger, Guess, Easy Spirit, and Land’s End aren’t in the top 20 — and they are all hosting 30% off sitewide sales. 40% OFF Abercrombie & Fitch: Use code 17000 for 40% off sitewide on November 23, plus $5 shipping on all orders. American Eagle: Get 40% off everything now through November 25 with the code 35787891. (MORE: Black Friday 2012: The Must-Read Guide Before Hitting (or Skipping) the Mall) Ann Taylor: 40% off all regularly priced merchandise, or extra 25% off all sale merchandise, with use of the code THANKS. Get 40% off at Ann Taylor Loft, ...
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The Hidden Economic Victims of Superstorm Sandy
Much of the devastation wrought by Superstorm Sandy is highly visible: the homes washed away on the Jersey shore, the extensive flooding in lower Manhattan, the cars floating down the streets in Brooklyn, the dozens of homes burned down in Queens with firefighters unable to control the flames. Estimates for the total cost of the storm currently range from about $20 to $100 billion. But much of the storm’s damage has yet to be seen. Storms are not only destructive; they’re highly disruptive, and Sandy is likely to be disrupting lives and businesses for some time to come. And it’s in New York and New Jersey where these sorts of disruptions are going to be most fully felt. While some businesses have been quick to get themselves back up and running – in Brooklyn, some restaurants and bakeries have been operating with a skeleton crew to serve locals and rescue workers, while in Manhattan (the non-flooded parts, anyway) some of the poshest restaurants are once again taking reservations. ...
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‘Sandy Sales’: After a Tragedy, How Soon Is Too Soon to Go Shopping?
In the aftermath of Hurricane Sandy, the economy will be greatly in need of consumers to get back to their free-spending ways. But while millions are still coping with destruction, death, and power outages, the idea of hosting a hurricane-themed sale is probably in bad taste. One retailer is learning that it may be unwise to use a deadly natural disaster of epic proportions as an excuse for a crass, silly promotion. On Monday, hipster retailer American Apparel tried to be cute by sending out a special “Hurricane Sandy Sale” promotion, giving 20% off all purchases to e-mail subscribers in states affected by the historic storm. The discount was extended “in case you’re bored by the storm,” and required that customers “Just Enter SANDYSALE at Checkout.” For some reason, consumers surrounded by devastation didn’t react to the gesture with widespread appreciation. Salon and Mashable rounded up some of the more colorful reactions posted on Twitter to the promotion, including: Vulture ...
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