MINIMUM WAGE

This editorial is an opinion publication for the Daily Camera published on 23 February 2013

  Eliminating poverty should be our goal. Unfortunately, raising the minimum wage won’t do the trick. Its effects will be to slightly raise the income of a few, increase unemployment among the young and unskilled, cause small businesses on the edge of profitability to close, marginally weaken the economy, and increase prices.

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  Despite extensive studies, the most that can be said is that it might help a little or even harm those it is intended to help. The key factor is whether the minimum wage is near that point where the cost of hiring workers is close to the value of their services. If their cost exceeds the value of their work, employees will be laid off, forcing employers to outsource, automate, or downsize.

 

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