M Is For Minimum Wage

This is a Blogging From A to Z Challenge post.

April 15th – M

April 15th is here. The day that people will wait until the very last minute to file their taxes if they owe the good old IRS any money. It's also a day that many people will be getting together to protest for an increase of the minimum wage to $15.00.

I understand about the minimum wage issue, that it is barely enough to live on, but the thing is, and I am no financial expert, but my common sense tells me that even if you raise the minimum wage, it will always be the minimum wage, and those that make it will always be in the same predicament, no matter what the minimum wage is.

If you raise the minimum to $15.00, people that now work for $15 an hour would argue that they too need a raise because they could always go work at a fast food joint and get the same pay. And the ripple effect will happen. Everybody above them too will also demand raises, then corporations will claim the new higher wages will increase their overhead, therefore they need to raise prices. The cost of raw goods will will go up, and then the price of retail goods and services will go up to match that minimum wage increase.

Due the overall raise in the cost of living across board, landlords will claim higher expense costs and raise rents. And those people that are at minimum wage will still find themselves in a situation of being barely able to survive.

As for a solution to the issue, I don't have any. If I did, I would probably be the President's financial advisor, but I don't think the solution is raising the minimum wage, but maybe in addressing the greed and corruption in the entities that control this world.


 

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