Raising the minimum wage to $15 per hour would improve the plight of the working poor. However, most people understand that increasing the minimum wage will result in prices rising for the products and services produced by the people who just received an increase in their wages. How will it affect those who have no job or are living on a fixed income?
One fact is certain. These people will experience a reduction in their purchasing power equal to the rate of inflation which is a result of improving the plight of the working poor. It isn’t just the very rich who have to get richer for the poor to get poorer. If you are a member of the group considered the poorest of the poor you are different from anyone who is not in that group whether they be the richest of the rich or the newly blessed recipients of the rise in the minimum wage. If the price of a fast food item was a dollar and goes up a dime these people have just been handed a 10 percent reduction in purchasing power.
Simply raising the minimum wage will help one group but actually harm another. We as a country and a society need to find ways to create new, higher-paying jobs. This will result in helping some people get off the bottom that doesn’t leave the others further behind. Then the poor don’t get any poorer.
Never miss a local story.