MINIMUM WAGE: REGULATE OR DEREGULATE?
In the world today, there is a campaign underway to raise the federal minimum wage from $7.25 to $9.00 or maybe more, and poles indicate that Americans overwhelmingly support it. Who wouldn’t, I mean everyone deserves a chance to make reasonable wages. I know I do. So, who could object to making sure that everyone can earn a living?
First, I think this should take effect everywhere, restaurants, warehouses, etc. What I mean, coming from experience, I’ve worked under these conditions and I think it would be a great thing to do, more than $9.00 would be awesome.
Ten states have already announced an increase in their minimum wages, January, 1. They are doing it mostly because their legislation requires an adjustment to the Consumer Price Index inflation measure. It’s also said that someone suggested that the higher labor cost, could be offset by eliminating waste in other aspects of business. I think this leads to bad policy.
It is estimated that less than 15% of the total increase in wages resulting from an increase in the minimum will go to people below the poverty line and less than a third of those receiving the minimum wage are families below the poverty line. Most minimum wage workers are from above median income families. So, most of the people benefiting from the minimum wage are not the intended targets of the “anti-poverty” aspect of raising the minimum wage. By this being said, I ask myself as you should “Which will be the best decision, Regulate or Deregulate”? As I said before, in my research, and experience, raising minimum wages might be a good decision. But, there’s just one thing, its lots of people who can’t get a job these days. No matter how much schooling, knowledge, skills, or degrees that they have, there’s always that stumbling block placed there to minimize that person.
So, the question is, should minimum wages be raised, cut, or stay the same....