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The Minimum Wage and Why we Should Leave It
When was the last time a "value" meal from McDonald, let alone any other fast food chain, did not cost five dollars or more? When was the last time premium gas was under a dollar a gallon? It's hard to remember, isn't it? Wouldn't it be great if everything cost a nickel, like back in the good ol' days? According to the laws of economics, it's not logical for things to have gotten more expensive competition should drive prices down. Then why have prices continued to rise over the years? The continuing demand of more money for less work has forced Uncle Sam to raise the minimum wage innumerable times in the last half century, which results in higher prices for the rest of us. Another raise in the minimum wage would, as all the others before it, raise prices for consumers, which would again result in another demand for a raise in the minimum wage. It's a viscous cycle that must be stopped before it loses control. Not only does a raise in minimum wage result in a raise in the cost of living, it also causes the dismissal of hardworking people who are happy with their current income. When the firing axe starts to fall, seniority often determines who goes and who stays. The more a single employee costs a business an hour, the fewer employees the business can afford to employee an hour. This results in the dismissal of employees to compensate for a raise in labor costs, which creates a smaller staff, which results in slipshod ...