The GOP would have everyone think raising the minimum wage would cause job losses as employers scramble to keep their businesses profitable.
True, prices could temporarily rise. Also true, is that more than 1 million wage earners would have higher incomes and quickly drive up sales of products and services.
So, in the end, who wins? Everyone, both businesses and employees.
One benchmark used to set the minimum wage is to make it equal to one-half the median income. In 2014, the U.S. Census Bureau reported the median household income was about $51,900. Half of that is $25,950 per year or $12.47 per hour for a worker working 40 hours per week for 52 weeks.
Is there, by chance, already money available to cover such an increase? How about this: In 2013 Wall Street bankers distributed $26.7 billion in bonuses to executives. Such lavish payments in addition to already-high salaries, would not have been possible without the hard work of minimum-wage employees.
However, if that same $26.7 billion had gone to full-time minimum-wage employees, they would have earned double their pay.
Sounds like a better outcome to me. Speak to your congressman.
Joseph P. Fox