Minimum wage perspective. If for example, a particular state increases the minimum wage 30%, a short sighted view would make many folks believe that this would be a good thing, with more money then being spread around the marketplace. But where does that 30% pay raise come from? In order to offset the raises that will soon be mandated, companies which produce things will have to increase their prices and essentially, everything will go up to approximately 30%. This may not be 100% accurate but it is close to what has happened every time these increases have occurred. And will anyone be hurt by this? Say for example you have worked for a particular company for a few years, and based upon increases, your pay is up to the place where others will now be getting as a starting pay. Do you think that your pay will go up accordingly? Is it fair that your efforts and loyalty to a particular employer should be overlooked while you are now receiving the same pay as a starting employee that you have to train? And what about salaried employees who make more that the minimum wage? Wont they now have to pay the additional monies for goods and services, essentially hurting their buying power? And folks like seniors on fixed incomes too. They will lose approximately 30% of their buying power when they are already having difficulty in making ends meet. Raising the minimum wage will hurt everyone, including those who get it. Within months of these raises, they will see no actual benefit to the raises, most often finding themselves at the same level as they were before the raise. I maintain that we would be better served to cap increases in goods and services instead of this income redistribution effort called raising minimum wage. No matter who you are, you will see an increase in everything due to this eventuality, from fuel to food, heating costs to housing. Be careful and ever vigilant when considering this approach.
Posted on: Sun, 13 Apr 2014 17:45:14 +0000
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