Me, I haven't had to work for minimum wage since 1985. I still fully support a $15.00 an hour minimum wage.
It's ill-advised.
Here in Florida, minimum wage is currently $8.46 an hour. In five years, it will have almost doubled to $15 an hour. On its face, sure, that looks great for those who will be making $15 an hour.
But that doesn't mean the $15 an hour employee is going to be able to buy almost twice as much stuff.
The local gas station, RaceTrac, employs about 30 people. Most of them are getting around $9 an hour. For argument's sake, let's say they all work a single eight hour day. That's $2,160 in wages. On September 30 of 2021, when minimum wage increases to $10 an hour, the cost of those wages will increase to $2,400. It then goes up $1 a year until it hits $15 an hour in 2026. beyond 2021, the cost of wages will look like this:
September 2022 ($11 an hour) - $2,640
September 2023 ($12 an hour) - $2,880
September 2024 ($13 an hour) - $3,120
September 2025 ($14 an hour) - $3,360
September 2026 ($15 an hour) - $3,600
So, the minimum wage in Florida is going to go up (
and my math may be shoddy here), what, some 60% from where it is now?
Do you honestly believe the prices aren't going to follow? RaceTrac isn't going to eat this new extra expense, it's going to pass it on to their customers. That would be folks like you and me. Prices will be commensurate with how much is paid in employee wages. Restaurants will raise their prices because, not only do they now have to pay a higher minimum wage, but so do their suppliers who, in turn, have to raise
their prices, as well. Literally every single business which employs people will be affected. So, you can pretty much count on every single business which employs people to either raise their prices to cover the expense of the rise in minimum wage or let people ago to avoid the expense of the rise in minimum wage.
Those demanding $15 an hour may eventually figure out that they very well may have demanded themselves out of a job.
People seem to believe that a higher minimum wage is some panacea for societies ills, and it's not. Someone who can't afford to provide for a family of four
now won't be able to do it five or six years from now, either. If you can't afford a house which costs $1,000 a month to rent today, and you're getting $8.46 an hour, how will you be any better off when that rent is $1,600 a month six years from now?