Raising the Minimum Wage: One of the Most Important Financial Battles of Our Time
Living in today’s modern world requires ever-increasing sums of money. Every single expenditure category, such as food, gas, entertainment and living expenses, are all rising at a meteoric rate. Combine this with the financial crisis we have just begun pulling ourselves out of and you have a time when money is incredibly scarce for the average citizen.
As a result, the current battle raging over the increase in the minimum wage is of particular importance, given just how many families are living on the brink of poverty. According to recent reports, over 3.5 million Americans were making at or below the current, federal minimum wage.
Some see this as not only an economic fight, but also a cultural one. For example, Oklahoma governor, Mary Fallin, recently signed a law that would make it illegal for any municipality in the state to raise their minimum wage above the current federal limit of $7.25 an hour. Not only was this a blow to low-income earners throughout the state, it was also presented in a way that emphasized her disdain for the common working person.
Fortunately, not all lawmakers have adopted this stance. For example, a group of Democratic lawmakers in New York have introduced legislation that would increase the minimum wage to $15 per hour. This legislation would only go into effect for any employee of a company making $50 million, or more, in sales each year.
So what is the driving force behind the increased attempts to gain a higher minimum wage we are experiencing? As with all things public, the answer can be found in politics. With elections looming in November, lawmakers are scrambling, trying to garner as many votes as they possibly can.
What is your stance on minimum wage? Do you feel low-income families deserve some extra money in their pockets? Let us know in the Comments section below!