Minimum Wage: It's Official
It is official. As of February 1, 2007, the national minimum wage is going to be hiked up to $7.25 over the next 2 years and 3 months. The first raise is supposed to take place May 1, 2007 to $5.85. The second, May 1, 2008 to $6.55 and third, May 1, 2009 to $7.25 <http://www.shrm.org/government/insiders_published/>. I realize that this has been part of discussion already, but it is a topic I don't think gets old. The only reason I agree with raising wages is for the average college student. As living expenses increase and wages do not, it is more difficult for students to get through school on crappy wages, which forces them to take out more student loans and dig themselves deeper into debt. This is one way I feel that the government can help support college students and their ability to make just a little more money. I know that grants are given to students, but a little more money in the pocket is always nice. I realize that businesses will probably raise their prices to cover the increases and the government won't be able to really do anything to stop that. But, if prices are being raised around us anyway, why not get a little more money out of it? So the question I pose to you is: Who really benefits from the increase in minimum wage? In my opinion, it is only those who are actually getting paid the lowest possible wage and no one else.