Reposting some points on why raising the minimum wage is a good thing, and how the it will destroy jobs and it will raise prices arguments are not fully accurate or if they are, why that is not a bad thing: 1. Many poor people work multiple jobs or an absurd number of hours to make up for the fact that they are getting paid next to nothing per hour. People quitting a second job or scaling back from 60+ hour work weeks is a GOOD thing. Yes, in a capitalistic system people working is a good thing, but over-working people causes a number of negative consequences such as costly health epidemics and dangerous social unrest. We should strive for raising peoples standard of living not lowering it. 2. We are not raising ALL wages, so the change in overall commodity prices would not be proportionate to the change in minimum wage (middle and upper class buyers income has not changed so there is no universal inflation happening) the only change taking place is there is higher demand in the economy from an influx of new buyers at the low-income bracket. This may lead to a temporary increase in commodity prices until new supply can come online to meet demand for goods. - this actually is a job creating situation as more business can be made from the expanded consumer base. 3. Increased labor costs will put pressure on some businesses to raise the price of their product, however because as mentioned earlier middle and upper class buyers income has not changed, they cannot raise the price too much without risking a drastic loss of sales. The only logical move will be to trim areas of the business that are not crucial to sales such as executive pay and internal administrative and managerial costs (corporate profits). The business cannot just fire all its workers or there will be no work done - therefore there is no risk to current employees and the only people this will effect are those people at the top getting excess profits not currently shared with the low wage workers of the company.
Posted on: Sat, 08 Mar 2014 02:17:15 +0000
Trending Topics
Recently Viewed Topics
© 2015