I fully support the movement to raise the Federal Minimum Wage to provide a livable wage for every American doing every job. You should too. As I have said before, if a business model involves paying workers wages that are so low those workers are dependent on government assistance for food, shelter and access to medical care, then, quite simply, it is no longer a business model, but rather a system of public-private collusion to exploit the working class and transfer wealth to corporations and their shareholders. The evidence supporting a raise is strong, while the opposing arguments are largely based upon conjecture, political posturing and the self-interest of capitalists. Here are some key facts (references below): 1) The inflation-adjusted real value of the minimum wage has, on average, steadily declined since its peak in 1968. 2) The US minimum wage, as a percentage of the median wage for all workers, is the 3rd lowest of the 34 OECD nation. 3) Taxpayers subsidize the cost of un-livable wages of fast food workers (just one segment of low-wage workers) when those workers need government assistance to pay their bills. In short, the profits of giant, global corporations, like McDonalds, are padded by your taxes. The sum of this taxpayer contribution hovers between 3 and 4 billion dollars per year. Your fast food meal already costs you more than the price on the menu because you already help pay fast food companies employees whether you eat at their restaurant or not. 4) As many as 8 of 10 jobs created during the recovery from the 2008 economic collapse have been low or minimum wage jobs. Like it or not, the fact is, for many Americans, minimum wage jobs are the only jobs available. We need to accept the simple economic reality that low-paying, service industry jobs are not the stepping stone jobs for teenagers the conservative right would like you to believe they are. 88% of of minimum wage earners are over 20 years old, 55% are women and an ever-increasing number are full-time workers with families who are the heads of their household. 5) Hard data, not theoretical economic hypothesizing, from the Department of Labor shows that the 13 states that raised their minimum wage in 2014 saw job growth of .85% compared to .61% in the 37 states that did not. 6) Since 1988 members of Congress have seen their pay raised 14 times, from $89,500 annualy then to $174,000 annually now. In fact, a 1989 law automatically adjusts congressional pay to match inflation, unless Congress votes specifically not to. In the same time period, Congress has only raised the minimum wage 7 times. Dont workers deserve the same, automatic cost-of-living pay increases Congress receives? At the end of the day, this is not an issue of politics. It is not about ideology or compassion, or even the notion of public good. It is just good economic sense. If you dont believe me, maybe you would believe the 600 economists, 7 of whom have been awarded the Nobel Prize in Economics, who signed this letter to President Obama and our Congressional leadership: epi.org/minimum-wage-statement/
Posted on: Thu, 04 Sep 2014 19:48:37 +0000
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