So, it is easy to say that there's A LOT of action in the economy happening-- I mean, people are always coming up with new ideas and plans for the future-- but, a story that stuck out to me is the idea of a higher minimum wage in Connecticut. As of today, Washington state is the state with the highest minimum wage in the country with a whopping $9.32 an hour. Governor Dannel Malloy wants to have the minimum wage of $10.10 in effect by the year 2017. Over the years until then, he plans to try to get it to build up (DON'T WORRY! I thought he was just going to jump right in with a dramatic change, too!). This idea is bouncing around the government officials and in Congress, and as reporter Chris Isidore from CNN puts it in his article, "Connecticut Gov. Proposes $10.10 Minimum Wage**," "'Connecticut is more likely to pass the increase than the U.S. Congress, since both houses of the General Assembly are controlled by Democrats.'" If you ask me, this is a far fetched assumption, but hey! I'm not one who likes to judge ('<')
I do know that I think the idea of raising minimum wage means well, but when applied to the real world, it would create less jobs and the employers would cut back on more to be able to pay their workers. After all of this cycle is through and through, the producers would just need to raise the prices on their products in order to get the money they want and need. We would be back in the same issue of prices too high for products, even though workers are receiving more pay. It's definitely a dog eat dog world out there!
** Article published on February 5, 2014
http://money.cnn.com/2014/02/05/news/economy/connecticut-minimum-wage/index.html?iid=SF_E_River
When I first read your article, I agreed with the raising of minimum wage! But after continuing to read, and hear your view on it, I realize that I now agree with what you are saying. The country already has a very high unemployment rate, and with raising the pay of workers, less jobs for citizens (and an even less chance for us teenagers to get a job) and also higher prices for items we need. Some people can't afford the prices we have now, so there should defiantly not raise them.
ReplyDeleteAs a worker who makes minimum wage, I certainly wouldn't mind making 10 dollars and hour... However, if my extra three dollars meant higher taxes and less job availability for the adults with families who truly need jobs to support their dependents, then it it hard to justify my desire for a bigger paycheck. I think it would be great to have more money in my pocket every pay period, but I don't want my greediness to affect our economy and job market.
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