Debating the Minimum Wage: Should It Be Raised to $25/hr?
The debate on raising the minimum wage to $25/hr has been a contentious issue across the United States. Proponents argue that an increase is necessary to combat the effects of inflation and ensure a living wage. Opponents, however, argue that such an increase may not solve underlying economic issues and could have detrimental effects on businesses and consumers.
The Economic Impact of Minimum Wage Increases
No matter how high the minimum wage is increased, there will still be complaints that it is not enough. Some argue that increasing the minimum wage could lead to higher prices for goods and services, as businesses might raise prices to offset the higher labor costs. Additionally, forcing some workers to receive higher pay might mean that fewer people are hired, or that the quality of jobs could decline. One suggestion to mitigate these issues is to work towards earning a higher income individually rather than relying on a blanket increase in the minimum wage.
Long-term Consequences of Low Minimum Wage
Not raising the minimum wage to keep pace with inflation for the past 15 years is the primary reason why America's middle and lower-class workers have lost ground and descended further into poverty. Holding the minimum wage down depresses all wages. It is argued that tax cuts do not 'trickle down' to the general population but rather pay raises do.
The History and Purpose of Minimum Wage
The minimum wage was established to protect workers who were being paid less than a living wage, even by those who were very profitable. This was especially true for families who were unable to support themselves without having their children work. The minimum wage was intended to support an adult or even a family, rather than a child's wage or a specific type of job. For decades, it was raised to keep up with the cost of living, but due to Republican opposition in Congress, the federal minimum wage has not been increased in 15 years.
Taking Personal Responsibility in the Job Market
Instead of relying on an ongoing increase in the minimum wage, individuals need to take responsibility for their own pay. If your boss attempts to pay you a wage that is less than what was agreed upon at the time of hiring, you have the right to insist on the agreed-upon wage. Additionally, if the agreed-upon wage is not sufficient, individuals should either pursue a different job that offers a better wage or refuse the job to begin with. Finding a job that pays the equivalent of at least seven quid is crucial for financial stability.
Conclusion
The debate on minimum wage remains a complex and multifaceted issue. While it is important to ensure that workers earn a living wage, it is also crucial to consider the potential economic impact of such increases. Ultimately, addressing these issues requires a comprehensive approach that includes both legislative measures and individual responsibility.