Thread: Federal Minimum Wage

What are your views on the raising of the federal minimum wage? They say it is so people will go out and spend, but I don't think they will.

I'm all for Americans making more money but this is stupid.

For starters, corporations are leaving our shores for cheaper labor abroad.

How much common sense does it make to keep pushing the envelope?

The few to benefit will be McDonalds and Burger King employees. These are about the few employers who pay bare bones.

As far as spending the stimulate, NOPE, I wouldn't spend a dime right now even if I had the money. The future is too uncertain. Job today gone tomorrow. Most people are either saving their money or paying off bills.

PaidMyTaxes wrote:

The few to benefit will be McDonalds and Burger King employees. These are about the few employers who pay bare bones.

The wage increase will also hurt some who work in fast foods because it will force some businesses who employ minimum wage workers to reduce staff during these economically challenged times. I know this as a fact because I know someone who owns a fast food franchise and have a son who works as a shift manager at Dominoe's while attending college full time. Both have said that the businesses are being forced to release people because of the minimum wage increase to make ends meet. IMO, this is not a good time to raise the minimum wage because it will mean unemployment for many already impoverished and teenage workers.

IMO, this is not a good time to raise the minimum wage because it will mean unemployment for many already impoverished and teenage workers.

Although the minimum wage requirement in theory is in place to keep the corporations from paying non-sustainable wages (slave wages), I would have to agree with MW, now is not a good time. We must wait until the economy is zinging along before this can be addressed. On the other hand, for those earning the minimum wage, inflation continuely makes it harder for them to survive. Inflation for them, is the 800 lb gorilla. Some here would agree that raising the minimum wage will cause inflation to go up, but hey, guess what, it's going up anyway.

The raise in minimum wage is just a inflationary tax that everybody will pay. The minimum wage earner has to pay what he or she just gained just to live, and the rest help to pay for that raise. A viscous circle.

Agrneydgrl, thanks for your post.

Unfortunately, I heard around 350,000 more people are going to lose their jobs because of federal minimum wage. Another thing to kill small business !