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November 20, 2015

Title: Is Raising the Minimum Wage the Cure-All to Inequality?
Topic: Minimum Wage

Discussed by DrRyan Streeter
with Center for Politics and Governance (www.politics-and-governance.org)

One of the hottest issues across social media is “inequality”. I think we can all agree that we should treat each other as we would want to be treated. Jesus told us, after all, to “love thy neighbor”. But where do we draw the line? The topic for today is “Minimum Wage”. Fast-food workers are going on strike at record numbers, demanding they get paid $15 an hour to flip burgers, fry chicken, and fold a soft taco.

Dr. Ryan Streeter is the Director at the Center for Politics and Governance at the University of Texas, Austin. There are certainly benefits to raising the minimum wage; however, the benefits are far-outweighed by the tremendous economic and social harms it would trigger. First, Dr. Streeter explains that fewer “minimum wage” jobs will be available, therefore resulting in more unemployment. He doesn’t believe, however, that small businesses will be affected at the rate large companies will be.

“The problem with the minimum wage debate is that it often distracts us from the more serious problem which is the pressure that a growing regulatory regime is actually having on job creation,” Dr. Streeter says. The rate that new businesses are being created is rapidly declining. In fact, it is nearly half of what it was twenty-five years ago. This is all due to federal regulations spiraling out of control. Sound familiar? Check out the interview with Wayne Crews with the Competitive Enterprise Institute!

No one should start out at a minimum wage job expecting to stay in that same position for the rest of their lives. It is an entry level position for a reason. Minimum wage jobs are meant for high school and college students, people in between jobs, and those who need a little extra money. Minimum wage jobs were never meant to support a family in the long-term. Gain skills through college or a trade school. Get out there and get a real job.

Dr. Streeter believes that all the hoop-la about raising the minimum wage is simply a distraction from the real issues affecting our economy. Building new businesses, creating more jobs, and fixing the healthcare system are the real issues we should be focused on.

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