Bedlam wrote:
When wages are forced to up, the goods and service based on that labor also goes up in cost. The net result is inflation and less value for anyone already making over the minimum. It's a very socialist way of doing things that discourages someone from advancing since they will increasing be forced in supporting those that do not.
This!! When wages (and other costs of doing business go up), the cost of the end product the business produces must go up. Otherwise the business goes out of business, or shareholders (if it's a big business) will no longer invest. Plain and simple... not hard to understand.
In 2010, according to the Bureau of Labor Statistics, 4.4 million American workers were paid at the federal minimum wage or lower (some jobs are exempt). More than half of those workers are younger than 25, which means they’re likely teenagers and college students with part-time and summer jobs during school. Minimum-wage earners are a relative small slice of the American economy: of all workers who are paid by the hour, only 4 percent make minimum wage or less. Most of those who do work at restaurants and in other service jobs; leisure and hospitality—which includes hotels, resorts, etc.—has the highest percentage of minimum-wage workers (23 percent).
Im sure if a survey were done today (2017), then the stats would be different, which again, to my point, because the better paying jobs are being moved overseas, older, more established workers, are having to take the jobs that typically went to teenagers and college students working part time.
So, maybe my verbiage of the min wage being designed for entry level workers was not technically accurate, but the bottom line is still the same. The minimum wage earners have typically been a small proportion of society, and typically those who are part time workers, teenagers etc... not the folks who had to support a family.
Mike
