The Case for Raising the Minimum Wage

The federal minimum wage needs to be increased to reflect the true cost of living and combat poverty. Many states rely solely on the federal minimum wage, which means that workers often struggle to make ends meet. Raising the minimum wage would not necessarily lead to increased product prices. Automated kiosks and advancements in business practices have resulted in changes in pricing strategies without directly correlating to wage hikes. Wages, being deductible, reduce a business's taxable profit, thus maintaining profitability even after wage increases. As a business owner, I have consistently paid above the minimum wage and adjusted my prices accordingly, showing that it is feasible.

Impact on Workers and The Economy

Too many workers in the same jobs that have long paid at or near the federal minimum wage, which has not seen a raise in 15 years, are left struggling with daily expenses. These workers deserve significant wage increases to match their efforts and the cost of living. Raising the minimum wage not only impacts those who have worked for years at the same position but also those just starting out. The current economic system often prioritizes the interests of those at the top, ignoring the struggles of those at the bottom.

Myth Busting: Minimum Wage Laws and Business Affordability

There is a misconception that businesses cannot afford to increase the minimum wage. However, while increases in labor costs can initially strain businesses, this expense is deducted from profits for tax purposes. Therefore, businesses can still maintain profitability after raising wages. Misconceptions about the affordability of wage increases often stem from a misunderstanding of the economic realities involved.

A Plan for Fair Compensation

While a direct wage increase is crucial, a more sustainable solution involves equitable changes to the foundation of the economy. Artificially setting a minimum wage can create imbalances and distort economic realities. Instead, wages should be determined by the natural interplay of supply and demand, reflecting minimum skills or work ethic. Encouraging workers to acquire more marketable skills and develop a higher work ethic can lead to better positions and higher earnings.

Conclusion

Raising the minimum wage is not only morally necessary but also an essential step towards economic equity. By addressing wage disparities, we can help lift workers out of poverty and promote a more sustainable and fair economy. The goal should be to ensure that workers are compensated fairly and have the means to support themselves and their families, thereby reducing poverty and fostering economic stability.