I’m not exactly sure where I stand on raising minimum wage anymore. I think that if you raise it you’re only inviting companies to replace more workers with machines, and some businesses may disappear entirely because of the profit margin. On the other hand, if you raise minimum wage then you’ll catch up to what has happened to the buying power of an American because of inflation. It should also force companies to pay more to offset increased regulation, and make illegal labor less lucrative.
Then there’s the Heritage Foundation that probably makes the best argument for raising it…
It works like this:
- Childcare becomes unaffordable (it’s barely that now)
- One parent stays home and either schools kids or becomes more thrifty
- More job openings because there are fewer people to fill jobs
- Wages offerings go up or unnecessary jobs eliminated due to half the work force
- Families grow stronger, one parent can bring home a living wage, in other words…