I think that teachers, police officers, firefighters, etc. should get a decent wage, too.
But who pays for it?
For the minimum wage, do the employers absorb the extra cost or do they pass it on to their consumers and/or shareholders? If the consumers pay more for goods and services provided by businesses that are directly affected by a minimum wage hike, where do THEY get the extra money out of their budgets? Do they end up spending less because their money doesn't go as far?
That's the classic argument against raising the minimum wage, I guess. I believe it probably should be raised from time to time, but it needs to be done carefully, with a cautious eye to the current economy, job market, and any number of other factors.
If it's not done right, a raise in the minimum wage can become the equivalent of a low-income/small business tax, creating a situation where the value extra money being fed into the low-income consumer's pocketbooks is lessened all the more because of the impact on the business they're more likely to patronize...ones who tend to hire lower-income people in the first place. |
