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Essay / Analysis: Raise the minimum wage to reduce poverty
If the costs of filling these positions become too high, consolidation may occur and companies are likely to replace two or three employees with one who excels and can perform multiple tasks faster. In other words, it would probably be more efficient to hire an ambitious and talented self-employed person with a higher hourly wage to replace two or three less ambitious or inefficient employees with a lower salary. Businesses could pay an employee overtime and still stay ahead in the end. The more an employee is paid, the more is expected of him. A retail company may employ the highest percentage of minimum wage employees, some of them high school students who work at fast food restaurants, movie theaters, or delivering pizzas. A small business is at a disadvantage because it typically has higher overhead costs and must earn more on products sold just to stay open. Raising the minimum wage would only make it more difficult for them to succeed and force them to raise the price of goods and services. If rising labor costs lead to rising prices of goods and services, this in turn weakens the power of the dollar and no progress will be made. The U.S. economy needs economic growth that allows citizens to succeed, not a temporary fix of a new minimum wage that would increase demand. Similarly, the highest paid employees would like raises equal to those of minimum wage employees. If