Catholic News Service presents part of the moral argument for raising the minimum wage.
Every so often President Obama does something I agree with.
His support of raising the minimum wage is one of those things. I remember reading that Henry Ford paid his workers higher wages than the standard for that time. When asked why, he said that he wanted them to be able to buy his automobiles.
That remark demonstrated a core understanding of what grows markets that seems to elude today’s corporatists.
The theory that we should cut taxes and give benefits to those at the top while we allow wage earners to suffer an endless downward trajectory in earning power is not good economics. Those who make goods and provide services need customers with the money to buy their products. American industry needs American customers to keep this county strong.
The miracle of the American economy is not that it has created a few fantastically wealthy people. The miracle is that it has provided opportunity, a high standard of living and good lives for almost all of us.
Will raising the minimum wage fix our economic woes? No, it won’t. The reason our economy has been basically stagnant for so long is simple: We’ve exported our industrial base and the jobs that go with it.
Raising the minimum wage will not fix this problem. Nothing short of taking government back from corporatist control will put America back where it once was.
However, raising the minimum wage will increase the buying power of many millions of people. That alone will stimulate the economy.
I disagree with trickle down economics. We need jobs and good wages for the people of this country. That will bring wealth for everyone.