How Do You Feel About a $15.00 Minimum Wage?

Patron Christopher Micallef is curious about a proposed huge hike in minimum wage. You, too, can become a Patron and receive priority answers to your questions!

How do you feel about the $15 minimum wage? Do price floors make you sad too?

I spoke about this briefly in a TLDR episode.

I feel that you should get paid a fair wage for fair work, but I’m also very well aware of costs that employers often assume on behalf of their employees.

Who wouldn’t want to be paid more for the work they’re doing?

But that’s not the problem.

Who is going to pay for those employees to get paid more? How are costs going to be offset now that they’ve increased across the board? What potential new hire isn’t going to get the opportunity to work? There aren’t definitive answers to these questions, either.

It’s like people who watch a “free video” on YouTube and assume that it came to them for free simply because they didn’t pay anything to see it.

A $15/hr minimum wage is outstanding for those who deserve it, but it also increases the chances of an employer burning through more revenue due to making a really bad hire (which happens all the time, trust me).

Despite what either side would have you believe, it’s not a black and white issue – and I do believe that, ultimately, employers will suffer more than those who are being employed. Think about it this way: as an employee, your only responsibility is to yourself. As an employer, you have to balance several “special interest groups” and the business-at-large.

There’s a metric buttload of hidden costs for any business, and most employees do not ever find themselves in the position to have to be concerned with them. Hell, most customers don’t know, either (and aren’t necessarily in the position to be aware of hidden costs at all).

When change happens, shit changes across the board. Period.

How Do You Feel About a 15 Minimum Wage?

9 thoughts on “How Do You Feel About a $15.00 Minimum Wage?”

  1. This is what i believe the minimum wage issue is all about the Dollar….
    Look at the history of the minimum wage… When it did not exist 1900s 1910 workers were paid a dollar a day yet employers could literally work you until you dropped dead due to fatigue…. Sure unskilled labor should not be paid the same wage as a neurosurgeon However when you have CEO being paid 1000 to 20,000 times the rate of the basic worker you begin to create a 21st century feudal system to which I thought that was what we were escaping when European settlers came here in the 1600s1700s and so forth… Back in 1964 the dollar was worth exactly one troy ounce of silver and the minimum wage was $1.00 per hour … today the dollar is so inflated … well here are some facts…2014 Price of Silver per troy ounce $22.50….=0.8889 troy ounces of silver

    2005 Price of Silver per troy ounce $8.30….=2.4096 troy ounces of silver

    1998 price of Silver per Troy ounce $4.80….=4.1667 troy ounces of silver

    1 ounce (troy)= 31.10349 grams….

    in 1964 the minimum wage was $1.00 per hour and silver was worth $1.00 per troy ounce…

    The minimum wage needs to be tied directly to the price of silver…

  2. Minimum wage must be tied to inflation and production. Workers have become more productive as companies have made greater profits, but wage has not increased at the same rate. Of course there are some horrible hires, but the workers are the ones who are hurt more when they are not being paid a decent wage.

  3. There is no way that minimum wage should be increased to $15 per hour. That is unless you want to pay $6 for a value menu item at your favorite fast food restaurant. I am speaking as someone who does NOT make 15 an hour. Would I like to make more money? SURE, but not at the cost of hyper inflation driven by this sort of increase in pay. Let’s face it, Burger King isn’t going to swallow a deep cut in there profit margin to fund higher wages for their employees.

    There should probably be some sort of pigeon-holing of different job types and the skills required to do the jobs and then if you are going to have a minimum..make it be based on how much skill is required to do the job rather than just one-flat rate that covers everything. Just my opinion.

  4. I’m understand why workers would support the minimum wage increase… But at the same time, I believe businesses will end up passing the costs on to the consumers… So it’s both a positive and negative thing. Finding a balance or at least a compromise is not going to be easy 🙁

  5. And another thing…if I have to pay my laborers as much as my experienced men, I will replace my laborers with experienced men, leaving newbies with fewer jobs. Not to mention the fact that their hamburgers, shoes and gas will now cost them more. So I don’t see the up side to this governmental meddling.

  6. Minimum wage should be decided based on the income of the employer. I the employer is Burger King for example, then yes, the minimum should most definitely be at least $15. For small business owners, then it is understandable for the wage to be around $8. Everything doesn’t need to be so black and white…

  7. Either the workers get value from the work or the shareholders get value from the work. Where has the pendulum swung over the past decades? An investor can drop a dollar into a company and take out a dollar. Or a worker can drop $10 worth of value into a company and the shareholder takes their dollar, the management takes their dollars, and the company takes a chunk, leaving the worker with .50 cents on the value they provide for the company.

    I’m NOT for the minimum wage. I think it’s an arbitrary solution that doesn’t get to the root of the problem. We have different castes skimming value from an economy while those that put their lives into building value continually take less.

    My view, let’s do away with minimum wage entirely and see how companies behave. Then we can get on to the conversations truly worth having. Those about value, balance, and long term investments versus short term extraction of value from a super-complex system.

    Let companies compete on their reputation when all the rules change. If consumers continue to let selfish a-holes flourish, then we deserve the society we have become.

  8. The national minimum wage here in the UK is £6.19 for over 21’s. At present, there is a major campaign to get employers to pay a “living wage” of over £7 outside London & over £8.50 for those living in London. There are a large number of major companies that do pay the living wage although I do believe that forcing small companies/start-ups to adopt the living wage is a slightly wrong on a level that the small company is trying to compete with a multinational company that can afford to compromise with wage rises and the price of their product.

    I know it’s not really a decent comparison granted that here we’re looking at a £1 rise compared with a $5/$5.50 rise. That being said, it will impact a lot more small businesses there compared to what it will here in the UK.

  9. If we are going to pick an arbitrary wage, why stop at $15? Why not $25, $50 or $100? If everyone is so worried about CEO pay why not have a maximum pay as well? Or the one suggestion to peg minimum wage to silver – what is so special about silver? Why not peg minimum wage to the cost of a computer (in which case min wage should be reduced)? And if we raise the min. wage, what about the person who was more skilled than the min. wage worker who was making $12/hour? Or those who were making $15. You cannot just adjust the minimums, you also need to adjust everything above the minimum to reflect the increased skill of those other workers.

    The only fair way to determine wages is to set wages based on the value created by the work being performed and the rate a qualified replacement would charge to perform the same work.

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