Could people explain why they feel it shouldn't be raised? I don't really understand why people have that opinion.
It's $7.25 nationwide, with the highest state level being $9.32 in Washington.
Would like to hear some reasonable arguments for a minimum wage increase since 2012 Census results tell us that:
91% of those 16 and older who are living in poverty either do not work or do not work full time.
Of the 91% and again according to Census results; 66% do not work at all and 25% work less than full time.
A secondary issue with minimum wage increases has to do with cost of living.
Recently there was a piece posted showing how the US minimum wage was lower than a dozen other countries; I will compare two of them and with luck, spur additional discussion regarding any benefit of minimum wage increases.
Canada which is #10 on this list and our nearest neighbor has an average 17.54% less disposable monthly income after taxes. Local purchasing power in the US is 26.28% greater than in Canada – meaning we have the ability to purchase 26.28% more goods and services than our Canadian counterparts.
France which is #2 on the list has an average of 18.03% less disposable monthly income after taxes. Local purchasing power in the US is 44.76% greater than in France – meaning we have the ability to purchase 44.76% more goods and services than our French counterparts.
Yes dollar-wise these countries may give you more for minimum wage, but at what cost are these minimum wage increases afforded?
The Canadian minimum wage is roughly 21% greater than our minimum wage, yet we have 17.54% more disposable income and the ability to purchase 26.28% more goods and services. The French breakdown is even worse since their minimum wage is roughly 29% greater, yet we have 18.03% more disposable income and the ability to purchase a whopping 44.76% more goods and services.
One last comment; Of the last 17 minimum wage increases, 9 were followed by a minor increase in poverty rates and 8 were followed by a minor decrease which would tend to substantiate economists assertion that minimum wage increases neither improve or worsen poverty levels.
I am not an American. In fact I'm an European living and working in Asia right now. I believe I have a pretty broad perspective on a variety of things, so let me explain my choice here.
I believe that it should NOT be increased. US education system is not the best, only a fraction of undergrads find a job after the studies and the rest are forced to get a graduate degree.
Increasing the minimum wage allows the graduates to get a job that can be easily taken away from them by automating the system or in various different ways.
Instead of the increase of minimum wage some things should be fixed first, like the education, and various taxation, as well as legalization of various things that could lead to a bigger income for the economy.
The minimum wage has not tracked productivity for decades. People struggle to make ends meet due to rising living standards. That has increased inequality, increased credit, led to market shocks, and harmed consumer confidence.
A reasonable, but rapid, raising of the minimum wage must occur in order to reduce inequality, spur growth, increase consumer confidence, and reduce American debt.