From what I’ve read, there’s no consensus amongst economists regarding truly significant effects on the economy by raising the minimum wage. Some
will say that X number of people will lose their jobs. Mostly it would affect low-skill jobs held by young people. Others will say that the increased
demand due to the extra money circulating will tend to offset the job losses because other companies will need to hire more workers to satisfy it.
Then there’s all kinds of research/data that breaks down, and attempts to place a value on, the type of workers being affected by a wage increase.
For instance, does a family of 4 making minimum wage deserve greater consideration than a high school kid flipping burgers part-time after school? In
other words, which is more important? Providing a living wage (above poverty level) to the family of 4 by increasing the minimum wage, or making sure
the kid keeps his part-time job after school at slave rates? And then there are thousands of other studies breaking things down even further.
Bottom line is, if our best economists can’t agree on a “best solution”, then I damn well can’t. But, I do have a gut feeling about it, and
I’m with the 75% of Americans who think there should be a minimum wage increase. As the OP pointed out, those states who have raised the minimum
wage have shown no increase in unemployment numbers as a consequence. I believe this is also consistent with the results of raising the minimum wage
in this country in the past. Of the other developed countries in the world, who also each have a minimum wage, the US ranked down near the bottom of
the list for minimum/median wage in 2012. Our standard of living in the US was once amongst the best in the world - not anymore.
How obvious does it have to get for people to realize that the fat cats and corporations are completely in control here? While they’re making out
like bandits and enjoying record profit margins, the rest of the workforce is fighting over the scraps. Over the past 40 years the average median
income, inflation adjusted, has risen a measley 10%, while the top 1% of income earners have enjoyed a 300+% increase in wages. According to the
Economic Policy Institute, from 1978 to 2013, CEO pay at American firms rose (get this!) a staggering 937%
, compared with 10.2% growth in
worker compensation over the same period, all adjusted for inflation. In 2013, the average CEO pay at the top 350 U.S. companies was $15.2 million.
And then to add insult to injury, these state sanctioned theives have the audacity to claim that they can’t possibly afford to pay their workers 10
bucks/hr, or provide them with adequate health coverage.
Let’s see now, what’s wrong with this picture? Hmmm... That’s a tough one.
I just don’t understand the attitude/reasoning of those who are against raising the minimum wage, or even having a minimum wage at all. It almost
seems like a slumlord/tenant type of relationship. Is it that some folks are afraid that if they free the slave class from the grip of poverty, the
underlings will then rise up and rob them of their ill-gotten booty? If so, then relax; that won’t happen. I have a feeling the Walton family could
provide it’s workers with a living wage, as well as decent healthcare coverage, continue to offer great deals to it’s consumers, all while
maintaining a comfortable standard of living. After all, CostCo did it. And if you’re a small business and can’t afford to pay your employees a
living wage, I’d say you need to come up with a better business plan.
I’m not going to get into a big debate over this issue. I’ve already stated that I don’t know the best
solution. I do know, however, that
it’s obscene that a person can work a 40hr week in this country and still be considered under the poverty level. That’s just not right - it’s
not only immoral, but it contributes to economic instability, as well. The elite need to stop hoarding all the resources and contribute to the
stability and growth of this nation. It’s part of the cost of living in a civilized society. And don’t tell me that companies are being taxed to
death - that’s simply not true. General Electric, as well as many other Fortune 500 companies, didn’t pay a dime in federal taxes last year. Did
you? Personally, I pay a small fortune in taxes every year, but I’m not whining about it. It beats struggling to survive on Walmart wages...
edit on 11/4/2014 by netbound because: (no reason given)