Some people support minimum wage increase and some don’t, but anyone who works for minimum wage will certainly tell you that they wished they earned more.
The federal minimum wage is currently $7.25 per hour. Most businesses, large and small, do pay slightly more than that, anywhere from $7.50 to $8.50 an hour. But even that is still barely enough to live comfortably.
I don’t mean comfortably like a mansion and nice cars, or taking family vacations every year; I mean just being able to pay your bills every month.
In April, the National Low Income Housing Coalition issued a map indicating how many hours a week one person would have to work in order to afford a two-bedroom apartment at Fair Market Rent. There is not one state in the Union in which a person can work minimum wage for 40 hours a week and afford a two bedroom apartment.
While some people may argue that those working for minimum wage should get a degree so that they can make more money, an analysis conducted by Associated Press last year reported that about 53% of college graduates were either unemployed or working in a field unrelated to their degree.
In our current economic crisis, it might be a bit of a surprise to know that more than two-thirds of small business owners support a minimum wage increase and also support adjusting it yearly to support cost of living. These findings come from a poll published by Small Business Majority on April 24.
The poll also supports that 85 percent of small business owners pay their employees more than minimum wage. It also states that 65 percent believe that minimum wage increase will boost consumer demand. The increase would allow small businesses to grow, making the need for new employees.
Small business owners have the right idea. They understand the importance of paying their workers fairly. Most businesses aren’t run by one person, but rather a team, and a happy team makes a happy company. However, with corporate CEOs like Mike Duke of Walmart, who makes more than 1,034 times the amount of a medium Walmart worker, it makes you wonder if some organizations have lost sight of what really makes them tick — team members.
How do you feel about a minimum wage increase? Should it reflect the cost of living? Let us know below!