This podcast episode discusses the massive impact of a rapid increase of the Federal minimum wage to $15.00 per hour for non-exempt employees. Although it is a controversial issue, it should come as no surprise that a rapid increase of labor costs would have significant impacts on the country. Many cities and states have already increased their minimum wages with mixed results. A case study done in Seattle, Washington shows how dangerous a rapid increase in minimum wage can be.
You will probably be able to tell early on that im not a big fan of this rapid increase of the Federal minimum wage. Although it is being advertised as helping a low income wage earners, it will do nothing to help them at all! Instead, business owners will be forced to increase automation, decrease the number of hours worked and decrease the total number of employees. They will have no other choice to maintain already slim profit margins.
What people in California, Seattle, Chicago and New York City fail to realize is that there is a lot more to this country than those big cities. They fail to realize what it is like in a small town economy. They fail to realize that doubling the labor costs for a small company would likely put them out of business. Estimates range between one and six million jobs lost if a $15.00 Federal minimum wage law were to be passed. I am not an economist, but I know enough to know that raising the minimum wage that rapidly would severely damage our economy.
Please listen to this entire podcast episode. Share this episode with your family and friends and with your coworkers. The world needs to know the impact this would have on the country. We must not be manipulated by fast talking people that think a bump in the money would be the right thing. Next time you use an automated kiosk, remember a human once did that job!
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