Show SS m M f IJ lima minimum wage problems desirable as it is to seek higher wages for wage workers minimum wage fixing by tho the government Is ia an economic swindle rather than an panacea the chamber of commerce of the states says when the minimum wage was waa raised to 1 hour houi in 1956 the economy was expanding tho the chamber er said even so BO the luber labor department found the wage hike was followed foil owed by significant declined in employment in most of the low wage segments studied and added had th the e minimum wage increase beco become we effective during a period of recession its ad verso effects on employment might have been much greater today wo we aro arc in a period of recession but al ready beady the now congress is is being asked to raise the minimum wage to the national chamber said unemployment is expected to reach 6 million this year jear this means that 6 million men and women will be unable to find jobs at 1 an hour in industries covered by the law if congress raises the minimum avage rage not only will their job opportunities i diminish but additional thousands of workers worker s will lose jobs employers plagued with beelin reclining n profits and rising costs are in no position to absorb both oth the cost of a higher minimum wage and the push atwould it would give to wages right up the une line ono one national retail chain responding to an in qui fairy alry from the national chamber has baa estimated that a minimum wage wage would add 17 million to its wage costs and ana would cause the firm to loy lay off up to td of its more mora than employees depending upon the extent to which the firm could nerease increase prices prices to cover the added costs I 1 A smaller hotel chain with 1400 employees estimates the legislation would raise its wage costs by and would require layoffs of f employees plo blo the only alternative would bo be to pass the added wage mats costs along to consumers it may have been bibro than eo coincidental incidental the national chamber says that march 1956 effective date dale of the 1 minimum also marked malkea the beginning of a now new upward trend in the consumer price index after nearly four years yeara of virtually complete average stability 1 A higher minimum wage would give low cost foreign producers an additional price advantage in both foreign and domestic markets it is paradoxical that congress congre ai concerned with holving our unemployment depressed areas and of payments problems could consider a minimum wage increase at the same time the chamber taip in the best beat national interests it would be far better for congress to pursue policies I 1 that help the businessman lower costs and prima prices |