A Matter of Fairness

MinimumOnce again, the discussion on raising the minimum wage has heated up again; those opposed argue that the economy will be crushed under the weight of its own folly. It has been claimed that raising the minimum wage would have a negative effect on employment and at a time when the unemployment rate continues to linger around 8 percent. Employers, particularly small business employers would resist hiring additional workers or even reduce their workforce outright. Microsoft founder Bill Gates, on MSNBC’s Morning Joe, when asked what would happen if employees were paid “a lot more”, cautioned:

“Well, jobs are a great thing. You have to be a bit careful: If you raise the minimum wage, you’re encouraging labor substitution and you’re going to go buy machines and automate things — or cause jobs to appear outside of that jurisdiction. And so within certain limits, you know, it does cause job destruction. If you really start pushing it, then you’re just making a huge trade-off.”

The headline of the comment was, Bill Gates: Raising Minimum Wage Can Destroy Jobs. Ironically, the tag underneath the image of Gates read: THE WEALTH DIVIDE – THE RICH GET RICHER.

 

The minimum wage was last increased in 2009 to $7.25 per hour or just over $15,000 a year for a worker who is lucky enough to get paid for all 52 weeks of the year. Over the last 20 years, workers have been rendered powerless as worker rights have diminished and income disparities have grown dramatically. While the wealth of the top1percent has ballooned to over 40 percent of the nation’s wealth, the bottom 50 percent has plummeted to a jaw dropping 1.1 percent; and that was in 2010.  To be clear, there has never been any accurate statistical correlation drawn between a moderate raise of the minimum wage and a drop in employment. Let me say it another way; there is no proof that raising the minimum wage judiciously will decrease jobs; there is only rhetoric, assumption and false analogies. In fact, the Department of Labor, as well as a joint study by Princeton University and the University of Wisconsin reports that the last two increases had an insignificant effect on employment.

 Greed

What is reality is that raising the wages of workers is the single greatest economic stimulus to the American economy. Higher wages means that workers will have a higher stake in the health and welfare of the American economy. Even a $.90 increase in the minimum wage buys 7 months of groceries, a year of healthcare costs, 9 months of utility bills or full year’s tuition at a local 2-year college. So why do proponents raise such a fuss, it’s simple, business owners, and investors fear a reduction in profits. Anything that reduces or threatens the sacred shareholder percentage is damned as intolerable. A sad truth is that 63 percent minimum wage workers are adults over the age of 20, many of whom account for 51 of their household’s income; these are not the burger-flipping teens of urban myth. Raising the minimum wage is not only a sound investment in America’s most precious resource; it is plainly the right thing to do.

 

 

~ Richard

 

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