The Minimum Wage Debate: Know Both Sides
- haightshaggies
- Jul 13, 2016
- 1 min read
Opposition to an increased minimum wage depends primarily on this logic: higher wages cut into company profits, leading to job loss, automation, higher consumer prices, or corporate bankruptcy. Essentially, the opposition argues that an increased wage will do more harm than good to low earners.
However, proponents counter that an increased wage will not result in economic turmoil. Countless studies have concluded that higher wages do not cause job loss, price hikes, or bankruptcy. After all, when corporate CEOs make hundreds of times as much money as their average employee, there is plenty of money available to redistribute within the company. Furthermore, wage increases would allow many workers to support themselves and their families without government assistance, thereby freeing federal and state money to be invested elsewhere, perhaps in support of public education.
While economic arguments dominate the minimum wage discussion, we must also remember that all of our wage workers deserve to be treated with dignity and respect, not least of which means fair compensation for long hours and hard work.
