Raise the minimum wage. Is this a good thing or is it a bad thing? Should it be raised? This is a question that the lowest segment of the working force answers yes to. I am looking at it strongly and I still haven’t made my mind on whether this is a good thing, or not.
When on the ballot the short synopsis doesn’t give a very good description of what the results mean. This goes for either side of the question. Having a minimum wage is reasonable although three states do not have one. Alabama, Louisiana, and South Carolina are these states. Georgia has a minimum wage of $5.15 per hour. 22 states have a minimum wage over $11.00 per hour. The Federal Government has a minimum wage of $7.25 per hour. 14 States, plus Puerto Rico, also have a $7.25 minimum wage. Six states have already legislated $15.00 minimum wage in the future with Wash DC, New York and California leading the way. To raise the minimum wage, some are raised by the state legislature and others by the ballot. http://www.ncsl.org/research/labor-and-employment/state-minimum-wage-chart.aspx
For Lowering Minimum Wage
Having a high minimum wage sounds good, but is it really helping the lower income people. Prices will have to go up in the majority of businesses. In some states the wage minimum is higher in the businesses that are the larger employers. This adds insult to injury. To maintain their profit margin, which may include stockholders, these employers have to eliminate some costs or raise the price on their finished product. In this kind of environment, many employers will look to relocating as one way to cut costs, or they may cut employees if possible. An increase in wages can add to the amount you pay in Social Security and Income Tax as these schedules won’t change as incomes increase. Also it would be possible to go into another Tax bracket.
have only touched the basics in the complexity of what might happen if you raise the minimum wage. What matters most to me is buying power and how it affects me. It is well documented that the end result of higher minimum wages doesn’t always result in more buying power because costs of products and services will increase across the board. It is even a likely possibility that it will decrease as people on a fixed income will definitely suffer because all working people will demand higher wages because of the cost of living will increase. Most working people will receive them. This will raise the cost of living.
For Raising Minimum Wage
There is a valid reason to raise the minimum wage. In some states there is a large disparity between the jobs that usually are of the minimum wage variety and the better paying job. In some states it pays better if a person is on welfare and not working. That is not a good situation. This is a subject for a different blog.
Conclusion
This is a more complex issue than most people realize. When we are for or against any issue, someone is affected. You need to make up your own mind and not let me or anyone else tell you how you should think. That does not mean don’t listen to other points of views, but it helps if you think for yourself.
