If you or your family were to go out into the world today and find an easy paying job you would be expecting minimum wage. Minimum wage has been defined by as the lowest wage, determined by law or contract that an employer may pay an employee for a specified job. For many this is not enough I know first had that it will help but it is not enough. For most of my college career my mother was the only one making more than minimum wage and it was barely enough.
Recently this subject has been in the news more than ever. Ten states are looking to raise the minimum wage price ceiling in their state to allow their workers to make more money. As stated before this is only the state’s minimum wage not the federal. The last time the federal minimum wage was increased back in July of 2009 it was raised to $7.25 an hour. However while raising the minimum wage may help it is only helping those who have jobs. Bob Pollin of Massachusetts said to marketplace.org “It’s not a cure-all to poverty, In fact, the biggest source of low-income poverty is that people don’t have jobs at all.”
If the biggest source to low income is fewer jobs why not provide small business owners, who have an economically stable business, the opportunity to expand their business and branch out. This is would be more like the old saying you can lead a horse to water but you can’t make him drink it. By creating more jobs you are in turn granting the lower and middle class the chance to bring in money that they currently do not have. The Boston herald which describes a business’ input on the subject
As business executives and owners, we are sensitive to every factor that influences our ability to grow our businesses. No matter what some may claim, it’s horrifically shortsighted, as well as bad for business, to pay for work at a minimum wage that is far too low. When society sets the minimum price of a day’s work below what is needed for a family to make ends meet, the economic basis for business growth disappears. A hundred years ago, Henry Ford, a committed capitalist, instinctively knew better than to pay his workers so little that they couldn’t afford to buy his wares. Today we have forgotten this basic lesson of the free market. Sadly, we have allowed inflation to eat up the purchasing power of...