I’m coming to ask for the collective wisdom from the BAD community regarding the latest news on the minimum wage. You can read an article HERE posted by NBC regarding the gradual increase of the minimum wage to $15 per hour.
This news led to an interesting discussion with Gymnast last night at dinner. Who knew my 14 year old was paying much attention to the economic news. (Of course, he is determined that his future is going to be in the upper echelons of financial success so maybe this attention makes sense.)
What does the Increase in Minimum Wage Mean?
We talked about how the minimum wage increase will lead to higher costs. We walked about the burden on small business owners. And we talked about the differences between state laws and federal laws.
I was very ill-prepared for this kind of conversation. And I felt like coming to this community of very smart and financially literal people might help me contribute to his knowledge more appropriately then my stumbling and bumbling thoughts this evening.
So tell me, what are your thoughts on the Increase to Minimum Wage? What do you think about the plan to implement it? What do you think about the current minimum wage in your state? I looked up Georgia’s…if a worker is not protected under the Fair Labor Standards Act (FLSA) the minimum wage is $5.15. Yikes!
I’m not sure how I feel. I understand the need, in some cases, for a minimum wage. But on the other hand, I am one who believes that most anyone can be anything they want to be. If someone wants to make more money, they can get educated on skills, work hard to move up, seek mentors that will assist them in growing their potential, etc.
As a small business owner, I can see the burden that a nearly doubled minimum wage can place on businesses. And see how that can force an increase on the cost of goods.
Now please, share with me your thoughts on the minimum wage increase and what we can expect to see as the result.