Throughout the Nation many are silently celebrating because of the recent news that minimum wage is now going up to $15 an hour very soon. While this may ring the sound of good news in many low-waged workers ears, it is actually something that should be thought of more carefully.
Some are wondering and thinking, “um okay…why? I’ll finally have more money in my pockets to do what I want” or “I can move out!” or “No more living pay check to check”. These three things will still be present because as the wage goes up so does everything else. Now that people are making more, businesses need to raise their prices to keep up with the economy. You might spend $4 on a gallon of milk now, but when that wage increases accept to pay at least $6, if not more.
Not only will the prices of material things go up, but now that people are getting paid more for minimum wage jobs, do you really accept there to still be hundreds of workers at Wal-Mart and McDonalds? One of my fellow Clark Atlanta University alumnus brought up the point on his Facebook status that some workers will be let go, which is sadly the truth. If you are not one of the best of the best workers or hamburger flippers, and you barely make it to work on time or are always calling off, you will be one of the first to go. After the wage kicks in and businesses start seeing an increase in revenue, then they will probably hire some more people back on.
So if you know you’re a slacker, then get your ish’ together and work your butt off to save it, and start investing in that legal side hustle and passion of yours to bring in some extra change and to use as a back up plan.