theHRguyUSA: The Minimum Wage Should Be $24 per Hour Not $7.25
You do realize that if that were done, there would be a mass layoff, right? Because minimum wage is a price control. And so if most companies don’t think that workers are worth $24 per hour, they will just lay them off instead and give them zero dollars per hour. If you’d like an example, look at California fast food workers right about now.
Edit: I think it should be raised, but that would be far too much.
Right now I’m making a bit more than $24/hour and live in a low cost of living, rural area. I’m fortunate enough to have been blessed with inherited money after my father’s passing and now have a paid off house and vehicle. My living expenses are low to say the least. I have ZERO debt, I invest 15% of my income and put 10% into savings, 25% goes towards “wants” and the rest goes to bills.
All of that said, there is absolutely NO WAY I would be able to save/invest/spend the percentages I do if I had to pay rent, or a mortgage, and a car payment on top of that. If I had kids it would be even worse. I literally cannot even imagine if I had to pay for a kid right now and I’m in a good spot financially speaking. I would be BARELY scraping by at my pay rate (reminder: I’m in a low cost of living rural area).
How can you POSSIBLY think $24/hr is too much money???
Because tons of workers are losing their jobs in California because of a twenty-hour minimum wage. If it was twenty-four, it would be even worse. That is a three-and-a-half times increase from what it is currently. As I said, it should go up, but it should not go up that much. Double it to $15.5 maybe. Most places i am aware of pay around that so it shouldnt spark a mass layoff.
I promise you the companies that are now forced to pay $20/hr are more than capable of doing so. They’re only laying off people in protest; it’s purely for show. They must have at least 60 locations nationwide and be considered “fast food”. These companies aren’t broke. Starbucks for example, which just closed 7 stores in protest had a net income of $4.125 billion