#PayChat: Yay or Nay to Raising the Minimum Wage?
Americans are concerned about wages. President Obama recently spoke about this issue in a speech on the economy at a Center for American Progress event. The United States House of Representatives and the Senate are also considering legislation to raise the minimum wage in 2014. How might raising the minimum wage affect workers, businesses, socio-economic mobility, unemployment, inflation, etc.?
The minimum wage debate is complex. On the one hand, supporters believe that increasing the minimum wage will diminish economic inequality by raising incomes of the poor and hence potentially reduce welfare spending. On the other hand, opponents argue that raising the minimum wage will increase unemployment, negatively impact small businesses and contribute to skyrocketing inflation.
Which side of the fence are you on? PayScale recently released the results of a survey showing how opinions differ on the issue of raising the minimum wage. We asked PayScale users if the minimum wage should be raised to $15/hour. We published some interesting data visualizations on how people answered based on their degree level, location, income/gender, and job type. Please join PayScale, CNNMoney, Yes! For SeaTac and Working Washington this Wednesday, January 29th at 10:30 A.M. (PST) to discuss this issue and its implications in our monthly twitter chat, #PayChat.
During this 30 minute chat we’ll address the following questions:
- Do you support an increase to the minimum wage? Why or why not?
- How much should the minimum wage be increased?
- Will raising the minimum wage contribute to inflation and increased unemployment?
- Should the open market determine fair wages for labor?
- How would raising the minimum wage affect small businesses?
If this will be your first time joining us for #PayChat, check out the “Introducing #PayChat” post for more information. #PayChat happens on the last Wednesday of every month at 10:30 a.m. (PST) and as always, feedback is appreciated. If you have a topic that you would like us to discuss in a future #PayChat, please share it on Twitter or in the comment section below.
Tell Us What You Think
We want to hear from you! Are you in favor of raising the minimum wage? Send us a tweet, join #PayChat or leave a message in the comment section.