Most people probably inherently realize that artificially raising the minimum wage is wrong - it's morally irresponsible - not the other way around. Paying someone for something - more than they are worth - or rather more than that job is worth only adds cost to the product or service. It also causes many companies to be unable to make a profit and thus, go out of business or are unable to expand to provide more jobs. If we allow minimum wage to float - that is the fairer for all concerned. Besides when more people are employed - the employers have to pay people more as the supply of labor decreases since everyone already has a job. Why? Simple, businesses make money, re-invest that money to expand, thus, more labor is needed.
If we pay people more, and have fewer jobs we upset the apple cart of free-market economics. Now then let's talk about some other debating points and see if we can rationalize a higher minimum pay wage, shall we?
There was an interesting piece in the Punching Bag political online newsletter on July 24, 2015 titled; Minimum Wage: DC Board Gives Citizens the Chance to Vote; New York makes a Huge Mistake," by Alice Greene, a Guest Writer, which stated:
"The DC Board of Elections ruled on Wednesday to include the 'Fair Minimum Wage Act of 2016' on next year's ballot. Meanwhile, a similar board in New York City makes a huge mistake by voting to double minimum wage only for fast-food employees," and;
"DC already enjoys the highest minimum pay in the nation - and it increased to $10.50 on July 1st this year. But apparently that wasn't good enough. The measure will appear on next year's ballot if advocates can collect signatures from 5% of the city's population before November 2016. If approved, the minimum wage in DC will increase gradually, reaching $15 per hour by the end of 2020. After that, wages will increase based on the cost of living and inflation."
Now then, why raise the minimum pay when it is failing in San Francisco, Seattle, Los Angeles and New York City, not that any of those places cannot support higher wages merely due to the supply and demand and money flows there? There is no need to raise minimum pay if the market forces are without intrusion from the bureaucracy - the wages will naturally rise as necessary and if they don't we have a systemic challenge in our economy - thus, we need to fix that by lessening the burdens on business to foster growth - growth takes care of the wage issues, not government intervention.
Lance Winslow is an Online Author, his latest Small Business eBooks are about The Economics of Minimum Wage. Lance Winslow is semi-retired and Founder of the Online Think Tank http://www.WorldThinkTank.net - You may contact Lance Winslow by email for dialogue, discourse, discussion, or debate on interesting topics.
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