History of Federal Minimum Wage Rates Under the Fair Labor Standards Act, 1938 - 2009

Minimum hourly wage of workers in jobs first covered by

Effective Date	1938 Act 1	1961 Amendments 2	1966 and Subsequent Amendments 3
Oct 24, 1938	$0.25
Oct 24, 1939	$0.30
Oct 24, 1945	$0.40
Jan 25, 1950	$0.75
Mar 1, 1956	$1.00
Sep 3, 1961	$1.15	$1.00
Sep 3, 1963	$1.25
Sep 3, 1964		$1.15
Sep 3, 1965		$1.25
Feb 1, 1967	$1.40	$1.40	Nonfarm - $1.00, Farm - $1.00
Feb 1, 1968	$1.60	$1.60	Nonfarm - $1.15, Farm - $1.15
Feb 1, 1969			Nonfarm - $1.30, Farm - $1.30
Feb 1, 1970			Nonfarm - $1.00
Feb 1, 1971			Nonfarm - $1.60
May 1, 1974	$2.00	$2.00	Nonfarm - $1.90, Farm - $1.60
Jan. 1, 1975	$2.10	$2.10	Nonfarm - $2.00, Farm - $1.80
Jan 1, 1976	$2.30	$2.30	Nonfarm - $2.20, Farm - $2.00
Jan 1, 1977			Nonfarm - $2.30, Farm - $2.20
Jan 1, 1978	$2.65 for all covered, nonexempt workers	$2.65 for all covered, nonexempt workers	$2.65 for all covered, nonexempt workers
Jan 1, 1979	$2.90 for all covered, nonexempt workers	$2.90 for all covered, nonexempt workers	$2.90 for all covered, nonexempt workers
Jan 1, 1980	$3.10 for all covered, nonexempt workers	$3.10 for all covered, nonexempt workers	$3.10 for all covered, nonexempt workers
Jan 1, 1981	$3.35 for all covered, nonexempt workers	$3.35 for all covered, nonexempt workers	$3.35 for all covered, nonexempt workers
Apr 1, 1990 4	$3.80 for all covered, nonexempt workers	$3.80 for all covered, nonexempt workers	$3.80 for all covered, nonexempt workers
Apr 1, 1991	$4.25 for all covered, nonexempt workers	$4.25 for all covered, nonexempt workers	$4.25 for all covered, nonexempt workers
Oct 1, 1996	$4.75 for all covered, nonexempt workers	$4.75 for all covered, nonexempt workers	$4.75 for all covered, nonexempt workers
Sep 1, 1997 5	$5.15 for all covered, nonexempt workers	$5.15 for all covered, nonexempt workers	$5.15 for all covered, nonexempt workers
Jul 24, 2007	$5.85 for all covered, nonexempt workers	$5.85 for all covered, nonexempt workers	$5.85 for all covered, nonexempt workers
Jul 24, 2008	$6.55 for all covered, nonexempt workers	$6.55 for all covered, nonexempt workers	$6.55 for all covered, nonexempt workers
Jul 24, 2009	$7.25 for all covered, nonexempt workers	$7.25 for all covered, nonexempt workers	$7.25 for all covered, nonexempt workers

Tesla Stock Is Soaring After Its Earnings Revealed a Surprise Profit

Tesla’s new car factory in Shanghai.

(Barcroft Media / Getty Images)

Delayed quote

$441.91

Tesla Inc. said it delivered 367,500 vehicles in 2019, achieving the sales forecast issued by Chief Executive Elon Musk and propelling its stock to a new record high.

The Silicon Valley automaker finished 2019 on an upswing. Last year it opened a new manufacturing plant in China, scored a rare profit in the third quarter, and saw its stock price soar to record highs.

Tesla needed to deliver 104,000 vehicles in the fourth quarter to meet Musk’s 2019 forecast of between 360,000 and 400,000 vehicles.

Tesla delivered 112,000 vehicles in the fourth quarter. Of those, 92,550 were Model 3s, a growth rate of 16.3% over the previous quarter and 46% above the fourth quarter of 2018. The more expensive and aging Model S sedan and Model X SUV models saw a combined 19,450 deliveries for the quarter. That’s 11.8% higher than the previous quarter, but 37% below the fourth quarter of 2018.

https://www.latimes.com/business/autos/story/2020-01-03/tesla-fourth-quarter-deliveries-model-3

https://www.marketwatch.com/investing/stock/tsla

History of Federal Minimum Wage Graph

Minimum wage by U.S. state and U.S. territory (American Samoa, Guam, Puerto Rico, Virgin Islands), as of Jan. 1, 2013.

States with minimum wage rates higher than the federal rate

States and territories with minimum wage rates the same as the federal rate

States with no state minimum wage law

States and territories with minimum wage rates lower than the federal rate

Territory with varied minimum wage rates lower than the federal rate

The manufacturing sector saw an acceleration in February 2013

WASHINGTON (MarketWatch) — The manufacturing sector saw an acceleration in February to the best level in close to two years, according to a survey released Friday that points to a business sector not afraid Washington will step on its toes.

The Institute for Supply Management’s manufacturing index climbed 1.1 points to 54.2%, coming in ahead of the 52.5% forecast in a MarketWatch-compiled economist poll and reaching the best level since June 2011. ISM reported that 15 out of the 18 industries it follows reported growth.

“This appears to be yet another indicator reflecting a pickup in business activity following January’s ‘fiscal cliff’ relief,” said Steven Wieting of Citigroup in a note to clients.

U.S. stocks /quotes/zigman/3870025 SPX +0.23% were trading lower on the session, though the ISM data helped moved markets off their worst levels.

See: Stocks moderate drop after manufacturing data

http://www.marketwatch.com/story/manufacturing-sector-revs-up-in-february-2013-03-01

Barack Obama and Taxes December-28-2012 Effects Details

Components of Taxmageddon

Taxmageddon and the fiscal cliff are not accidents. Over the past two years, President Obama and congressional leaders intentionally pushed the resolution of expiring tax provisions and excessive and unsustainable spending past the November election. In doing so, they added uncertainty to business and financial markets and created this artificial crisis.
Taxmageddon, the tax side of the fiscal cliff, involves the expiration of key tax provisions and the beginning of new tax policy. These changes would translate into about a $500 billion tax increase in 2013.[6]
The tax policies expiring on January 2, 2013, include:

• Tax cuts from the 2009 stimulus;
• A 2 percent payroll tax cut (the “payroll tax holiday”);
• 100 percent expensing for business investment;
• The estate (“death”) tax spousal exemption set at $5 million and the death tax rate set at 35 percent;
• A reduction in alternative minimum tax (AMT) liability; and
• The full slate of 2001 and 2003 Bush-era tax cuts.

The tax provisions mainly affecting high-income earners include:

• Raising the 33 percent marginal tax rate to 36 percent and the 35 percent rate to 39.6 percent;
• A 3.8 percent Medicare tax on wages and salaries over $250,000;
• The return of the personal exemption phaseout (PEP) and the itemizers’ “haircut” (Pease provision);
• Returning to the 1997 estate tax parameters of the $1 million exemption threshold with 55 percent rate; and
• Raising the top dividend tax rate from 15 percent to a combined 44.4 percent (39.6 percent income tax rate plus the 3.8 percent Medicare surcharge) and raising the top capital gains tax rate from 15 percent to a combined 23.8 percent (20 percent income tax plus 3.8 percent Medicare surcharge).

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If Congress and the President does nothing in the next 3 days, your weekly pay checks will decrease.

They will drop 3-4.9% when your Income Tax Rates go up.

They will drop 2% when your Payroll Taxes for SS/Medicare go up.

In numbers, if you now get $500/week in your paycheck, your first paycheck in January will only be $475.

There are other things, too.

Capital Gains Taxes (on Investments) are set to increase.

If you are retired and get an investment income of $500/month now, you pay 15% in capital gains taxes. In January, that amount will decrease substantially per month.

And another is the Estate Tax.

Take me, for example.

My parents are 90 years old. Dad has been a fisherman all his life. He still owns 2 boats in his business, even though my brother now runs it.

If they pass away before Jan. 1, 2013 (God Forbid) we kids would inherit the business, the boats, the 2 houses (one in our fishing village and the one they retired to here in the city) and their personal savings.

This comes to about $5,000,000 worth of Assets.

We would owe 35% of any Value Over $5,000,000. Or nothing in Estate Taxes. We could continue supporting ourselves fishing, and provide livelihoods for ourselves, kids and grandkids indefinitely.

BUT, if they pass away AFTER Jan 1, 2013, here is what will change:

We will owe 55% of everything over $1,000,000. That is .55 x 4,000,000 or about $2.2 Million.

Yes, we would have to sell both boats, sell both houses just to pay the Taxes when they die.

Therefore, we would all be jobless. We would need financial assistance. We would no longer be able to support ourselves and therefore become dependent.

That is the best I can do to simplify the Fiscal Cliff and the Democrats need to get more and more of other people's money and how it affects capable, hard working people like my family and yours.

fast food price elasticity

fast food is extremely price elastic, the slightest change can affect sales significantly.

think of the fast food restaurent chains today, or even the local night time venues; if one becomes significantly cheaper (especially in the current economic climate) the majority will switch despite personal preferences.

US Unemployment Chart September 2012

http://www.tradingeconomics.com/united-states/unemployment-rate