So, what are y’all’s opinions on raising the minimum wage? I shared a picture on Facebook, hoping to generate a fairly civil conversation, and it was for a bit, and then got kind of snarky.
Basically, the picture is of a McDonald’s employee holding a tray with a couple of food items. The captions read, “Congrats on raising minimum wage! That’ll be $64.93.” It’s followed by the line “Liberals can’t think two steps ahead,” but that’s not a sentiment I agree with. I was looking at how, in my work experience over the last 24 years, every time the minimum wage has been raised, prices on everything else have gone up as well.
I believe that this is caused by employers raising wages for current employers as well as any new hires. After all, most of the places I’ve worked try not to have a new employee earning as much or more than someone who has been there for longer, which I believe is fair. A friend of mine pointed out that the average CEO makes 600+ times more than the company’s lowest-paid employees, and asked how increasing the minimum wage would cut into profits. My answer to that is that it cuts into profits because *all* of the employees are now being paid more, meaning that less of the profits can go into the executives’ pockets.
So while I would love to see the minimum wage increased, I don’t see that it would, at this time, be helpful in the long term for employees. I think that cost of living would just increase again after a fairly short time, and people would be right back where they are now. That is, unless profit margins are capped for large corporations. But then would those corporations just not hire new workers? Would they let other employees go, thus increasing their profits that way?
Also, which companies should have their profit margins capped? And should that be a permanent thing, or temporary—say for a couple of years, in order to allow people to get their feet back under them, so to speak?