Insurance And Income Property Colorado

Raising Minimum Wage Significantly Would Boost Economy

Contrary to the opinion that we’re headed for a consumer-led recovery in 2012, most economic analysts see little movement on consumer spending . Wages have not grown, credit-financed spending has returned and cannot sustain much past where it is, and most of the job growth over the past two years have come in low-wage service sectors. If we’re not going to see consumer growth at the low end, it doesn’t make much sense that autos and homes, the largest consumer purchases you can find, will suddenly fly off the shelves . Consumer spending isn’t likely to collapse in 2012, but it’s also not likely to get measurably better.

In fact, to the extent that there’s any room to run on consumer spending, it will come from the fact that the minimum wage will increase in eight states and several localities across the country. In these states, the minimum wage is indexed to inflation, a campaign priority of Barack Obama back in 2008 that never got past the formative stage. This can actually have a pretty decent impact, if a small one in macroeconomic terms:

The new minimum wage laws, which also took effect Jan. 1 in Arizona, Colorado, Florida, Montana, Ohio, Oregon, and Vermont, will increase paychecks for more than 1 million workers, according to the Economic Policy Institute (EPI).

In addition, another 394,000 workers will be indirectly affected by the increase. These workers are likely to also see a wage increase, as employers adjust their overall pay structures to reflect the new minimum.

The amount of increase per state ranges from $0.28 an hour in Colorado to $0.37 in Washington. New minimum wages in the eight states now are set between $7.65 an hour and $9.04 an hour, according to EPI. As a result, minimum-wage workers in Arizona will see an average of $298 more in their paychecks this year. In Oregon, the increase is $538.

Giving 1.4 million of the working poor a raise, money they will almost certainly spend, is a great way to boost the economy. And contra the anti-worker types who argue that increases in the minimum wage create unemployment (some front groups even go so far as to indirectly blame federal minimum wage increases that happened in 2007-2009 for the Great Recession), there has been no evidence of “any loss of employment or hours for the type of minimum-wage changes we have seen in the US in the last 20 years,” according to UMass-Amherst economics professor Arindrajit Dube. Anyway, if the money put in worker’s pockets gets plowed back into the service sector, the companies paying the increased wage would come out ahead in the end.

Should I Buy More Insurance than my State Requires? : Colorado ...

State laws may not reflect the coverage that’s right for you, which is why state required minimum limits could leave you less protected than you want to be.

As a licensed driver, you’re required by state law to carry auto insurance. The minimum amount of coverage a driver is required to carry by law is what’s known as the “Financial Responsibility Limit” for your state. But this may not be the best way to gauge the amount of coverage that’s right for you.

To learn more about what’s required in your state, click here. Protection for Others Only

State laws and state requirements can vary widely. However, there are certain similarities. For instance, all states require that you carry a certain level of “third party” liability insurance. Third party liability coverage means accident-related bodily injury and/or property damage costs will be paid for victims other than yourself. Third party liability will not cover any of your own medical or repair costs. Protecting your Family and Assets

Each person’s individual situation is different. State required minimum limits may not provide enough insurance to protect all that you need and want to protect with an auto insurance policy. Therefore, you should carefully consider whether these minimum limits are enough for you. In the event of an accident-related lawsuit, your home, income, savings, and Investments could be at risk. In worst-case scenarios, if you’re found to be at fault in an accident, state required minimum limits might also leave you exposed to costs related to an accident-related death. Going Beyond the Minimum

Carrying a policy that adheres only to state minimums will keep you in compliance with the law, but it may expose you to risks greater than your comfort-level. For that reason, you might want to use your state minimums as a guide — one that can help you build a policy that best suits your needs, your income, and the things and people you want to protect.

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