By Alex Santos-Acosta
February 24,2021 The United States senate has come to a decision the federal minimum wage will not go up to 15 dollars. The minimum wage has been a topic of interest since 1938 where the fair labor act was established after pressure by many workers unions. The minimum wage has not gone up while the cost of living continues to be more due to inflation. But many small businesses argue that a 15 dollar wage would be impossible due to the high wages they would have to pay their employees. CNBC reports that a $15 minimum wage will result in layoffs, one-third of small business owners say.
The federal minimum hourly wage is just $7.25 and Congress has not increased it since 2009. Low wages hurt all workers and are particularly harmful to Black workers and other workers of color, especially women of color, who make up a disproportionate share of workers who are severely underpaid.
Supporters of the 15 dollar minimum wage also say that it would be economically viable as the benefits of gradually phasing in a $15 minimum wage by 2025 would be far-reaching, lifting pay for tens of millions of workers and helping reverse decades of growing pay inequality.
I interviewed my father to see his side of the story as he has worked minimum wage before and is a person of color.. “I remember the business I used to work at had to lay off some people when the minimum wage increased here in NY. I say that the minimum wage increase would be terrible in the United States.”
Raising the Minimum wage to 15 Dollars will raise prices for those who can afford it the least. Big businesses and high-end restaurants often support higher minimum wages as less competition from small businesses equal more profits for them.
It is unlikely to raise wages for the lowest-paid workers critics say. A higher wage mandate doesn’t create wealth; it merely shifts it around. The CBO finds that a $15 minimum wage will raise wages for some workers, result in layoffs for others and be a net loss for income overall.
Minimum wage here in the United States has been important ever since worker unions have been created. Business analysts and small business owners agree that 15 dollars an hour is too much for them to pay especially in small states. While Big business owners and most minimum wage workers argue that 15 dollars an hour would be possible. The senate at the moment is leaning towards keeping the 7.25 minimum wage in place unless the United states dollar bill ever implodes due to inflation.
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