It’s Time To Raise The Minimum Wage
The Federal minimum wage sits at $7.25 an hour. Fast food workers are scheduled to walk off the job in about 100 cities today. Corporate profits are at all time highs. Even congress has raised their own wages several times since the minimum wage was last raised. So what’s the problem?
Well the fear is that if the minimum wage is raised, prices will just be raised to help cover those costs, pretty much equaling everything out. That’s partially true, but if it was completely true, then how come corporate CEO’s keep getting more an more outrageous compensation packages? The lowest paid CEO on the Forbes 100 gets paid 15.3 million per year!
Let’s look at another school of thought. If people have more money, they buy more things, meaning the price increases can be spread out among several purchases. This is to to say if a business makes a dime off each item and raising prices cuts that profit down to six cents, it’s possible that the increased money in the economy will result in them selling two items at six cents for a total profit of twelve cents. Yeah, it’s very much a stretch, but so is the idea that raising the minimum wage is going to somehow kill the economy.
It’s also time to look at the wages that servers get. For 22 YEARS the rate has been $2.13. Sure, some get tips to make up for the deficit, but since the tips are not guaranteed, this number is RIDICULOUS.
Here’s more on raising the minimum wage.