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The Real Costs of Minimum Wage

By Deejo | Thinking-Out-Loud | 2 Feb 2021

Many politicians talk about raising the minimum wage to help people. However, raising the minimum wage only hurts small businesses and middle to low-income people. If it helps anyone it would be either the politician that promises it and/or big business because it puts some of their competition out of business.

Here are a few ways that people are hurt when the government raises the minimum wage.

1. Higher wage means higher taxes.

2. It puts many people out of work. Companies that can afford it, invest in automation which reduces the number of workers they need.

3. The cost increase of employees makes some small businesses close because they can’t afford to pay the higher wage.

4. Don’t fool yourself. When business costs go up, so do their products. Consumers will now have to pay more than before causing inflation.

I also wonder if the amount they raise to "cover costs" isn't padded. 

Another thought… minimum wage jobs are not meant to be career jobs. If you want to make more money then do what is necessary to become more valuable to an employer.

Next time a politician promises a higher minimum wage, remember, this stunt only helps politicians and big business.


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