The Truth About Raising the Minimum Wage
In this video, I break down the misconception that raising the minimum wage is bad for the economy, and causes job loss and forces employers to cut hours and raise prices.
There's a large number of people in America that want to raise the minimum wage, and believe that the minimum wage should be higher than it is. A lot of people think that it should be 15 dollars an hour. And there's also a lot of people that disagree, and do not think that the minimum wage should be increased.
One of the biggest arguments that I hear when reading the comments sections on social media posts of people who oppose raising the minimum wage is that it's going to cause job loss, and it's going to force employers to go out of business and cut hours and implement automation into their business.
I think one of the things that people are not talking about is the CEO-to-employee ratio that has increased by 1000% since 1965. In 1965, the CEO to employee ratio was 20 to 1. The CEO to employee ratio in 2017 was 312 times to 1, meaning CEOs are making 312 times more than what their average employees are making according to the Economic Policy Institute.
So if the argument is that employers cannot afford to pay their workers a living wage of $12, $13 or $15 an hour, then that argument can be proven wrong by showing an example of several employers that have already been paying above minimum wage and have been doing so for years now. And these employers are not struggling, they're doing quite well financially, and many of them are thriving. That is what I talk about in this video.
I'm a huge believer that the happier the employees are, the more successful the company will be. And the bottom line is if you're not paying your employees a fair wage, you're not going to have a happy, productive workforce.
Please let us know what you think down in the comments. Do you think the minimum wage should be increased? Do you think that it should be $15 an hour? If not, how much do you think the federal minimum wage should be? Let's start the conversation. 😀🙌👇