I continue to be amazed at the moneyed elites who despise the poor and evidence their spite by arguing that raising the federal minimum wage hurts poor people more than helps them. A Friday, January 26 editorial in the Wall Street Journal (print edition, page A11) argued raising the minimum wage will make the poor poorer. How? Because a 40% increase in the minimum wage (from $5.15 to $7.25) "raises the costs of fast foods and other goods," and a handful of the poor may find themselves without a job.
Did anyone hear these elites warning about the harmful consequences to the poor over the past ten years as fast food and goods prices rose without a corresponding rise in the federal minimum wage? Have any of these anti-poor elites, in recent years, lamented the number of poor people losing jobs over rising prices? Or were they more concerned with fattening their own pocketbooks while making certain the poorest citizens in our country remained poor? If the price of foods and goods is going to rise anyway, would it not be better to recognize that the poorest in our society need to make enough wages to keep up with inflation? And does anyone (even the most elite of the moneyed elite?) want to make an argument that fast food and goods prices will rise 40% over the next few years if the minimum wage is raised?
If this country is left in the hands of the moneyed elites, prices will continue to rise while the rich fatten their pocketbooks and make certain the poor get poorer.
So much for the American dream.