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Hey Mayor Bloomberg, Can You Spare a Dollar?

Mayor Bloomberg vows to block minimum wage increase in New York City, arguing it will cause job losses. As a money mogul himself, does he have a point?

Maybe New York City's billionaire Mayor Michael Bloomberg knows what's best for minimum-wage workers, and what it takes to try to feed a family off of $10 an hour ($19,200 annual salary before taxes, working 40 hours per week).

Nevermind that incomes for 90 percent of Americans have not changed in an entire generation, despite steady inflation. And nevermind that while the middle class is fast disappearing, the incomes of the wealthiest Americans have surged ahead at lighting speed.

In fact, according to CNN Money, in 1988, the income of an average American taxpayer was $33,400, adjusted for inflation. Twenty years later, the average income is actually slightly lower-- just $33,000 in 2008, according to IRS data.

Well, the New York City Council has taken some steps to begin fixing this gross disparity by passing a last Monday that requires employers receiving city subsidies to pay their workers at least $11.50 an hour or $10 an hour with health benefits.

It's an itty bitty raincoat in what is a monsoon of rising costs and inflation. But it's something. Yet, Bloomberg vetoed the bill saying that the increase will only hurt city-subsidized employers' pocketbooks and force them to layoff more workers.

Still, the City Council voted Thursday to override his veto. And in response, , in an effort to block the law. He figures, what's an extra dollar and fifty cents, if it is going to hurt overall employment?

But perhaps the mayor knows what he's talking about, and New York City residents should just take heed. After all, he is a successful, brilliant businessman who has created a corporate dynasty. So at the very least, he can teach us all a thing or two about balancing a checkbook. Right?

Is the mayor looking out for the best interest of New York City residents by trying to avoid further job losses, or is he more interested in protecting the interest of wealthy business owners?

Take our poll, and tell us what you think in the comments.

dan July 02, 2012 at 09:26 PM
a couple dollars increase won't make sense anyway thats only about 60 dollars a week extra after taxes.u would still need gov help paying for these high rents unless u live with family. u could look back in history and see that in the late 70s when economy wasn't doing good and regan came and taxed the rich less they started hiring again the economy got better quick. im not rich i need raises too but those raises don't make much difference and will destroy the economy people dont understand all these free health stuff and things sound good but it effects the rich and the working class will lose jobs and won't be taxed too pay into gov help and in the long run will ruing everything its coming sense

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