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The idea for capitalism is to favour private property rather distributing property amongst others. This gives the wealthy an upper hand. These rules of economic justification for sexism and discrimination These rules allow them to lie and cheat whomever. The federal government had mandated a minimum wage increase about $15 in 2023 (Flaherty and Abelda p.1). However, they ignore the fact that increasing wage is the leading cause of inflation. This leads to people paying more than they can actually attain. The real answer to improve society economically is equal pay.
This old concept was thrown under the rug for years. This proposed idea by John F. Kennedy was promoting equality among pay for all ethnicities and women. Equal pay can help give better revenues for the company based on an increase of working staff, productivity, and trade. These include more jobs for the masses and better quality of products. A minimum wage increase contributes to high inflation because jobs and businesses can’t give everyone that amount to live otherwise, these jobs and business will go broke and have to shut down their establishment .
This gives fewer opportunities of employment for experienced and low-skill alike because there are no more jobs to provide money. The lower classes (Or any class) will become desperate to turn towards crime because they can’t afford anything and there are lack of products to help sustain the masses.
The conditioning of wages are more based on the background, age, sex, education, or ethnicity of the worker than their actual work progress.
In 2015, the average hourly wages for Educated Black and Hispanic men were between $14-$15 compared to white men ($21) and asian men ($24). While women who are also educated, they are paid even less than men; asian women ($18) as an median hourly wage, white women gain $17 as an median hourly wage, Black gain $13 as an median hourly wage and Hispanic women gain $12 as an median hourly wage (Patten pp. 3-13).
For males with College degrees or high school degrees will earn 80 percent of a White men’s ($32) and Asian men‘s ($35) salary while Hispanic and Black men have 70 percent of a white men’s wage even with a college degree, roughly (Patten pp. 7). White people earned 88% of Asians’ wage of $903; Black people earned 73 percent of $657 in wage; Hispanics earned 67% of $603 in wage. The reason for the statistics are to explain how women will have to wait at this rate until 2059 for equal wages. Hispanic women will have equal wages until 2248 while Black women will have to wait until 2124 (Milli and Hayes- Pay Equity and Discrimination pp. 3). This include ages amongst women, 16 to 24 earn 92 percent of men’s earnings; 25 to 34 earn 88 percent of their earnings; 35 to 44 earned 80 percent; 45-54 earned 73 percent; 55 to 64 earned percent; 65 and older earn 70 percent of men’s earnings (NWLC Par.3) .
Especially, when comparing education levels with non-graduates (69%), High school graduates (74%), College dropout (73%), Associate degree (77%), Bachelor’s degree (74%), Master’s degree (73%), Professional degree (68 percent) and Doctorate degree (77%). If Minimum wage was condoned for “15.3 million single women, who were widows, divorced, separated or never married would drop high poverty rates by 10.8 to 4.4 percent especially with 25.8 million to 43 million children, would benefit from this wage” (Milli and Hayes- The Impact of Equal Pay on Poverty and the Economy pp. 4).
The amount of taxes and mortgages for mothers, who work are cut in half for 56.1 million to 3.1 million children. The United States economy would produce more income by $512.6 billion; about 2.8 percent increase for “Gross Domestic Product” (Milli and Hayes- The Impact of Equal Pay on Poverty and the Economy pp. 4) if women had equal pay. These numbers on a grand scale includes others with a deficit. This can boost morale and commitment of productivity amongst employees. Expensive legal fees, cost of court fees and filing fees (When they win a case, legal fees are already paid for) and reputation loss (It brings the best in employees) would be reduced of risk if the business or manager are sued. The Equal Pay Act (or revised version) can conduct or have businesses give a better gist their evidence.
Equal pay will stop the wealthy from getting the upper hand. These rules no longer justify their racism and sexism while everyone within the state boundary are paid the same. The purpose of this contribution is making better revenues for a better working staff and increase productivity and trade so everyone can have a lucrative job that will help feed and house their families. From a perspective of a businessman, it would neither help reduce poverty nor improve economy growth based on higher wages would give others less of a chance. Their business wouldn’t able to afford more employees for the job, which means products would be slowly distributed among consumers; if there would be enough items. The money accumulated from those products won’t be able to help pay for the business nor the employees; this leads to bankruptcy.
According to James K. Galbraith, PhD, Professor of Government at the University of Texas in Austin, when businesses are not able to pay off employees; the government will use a minimum wage increase to reduce the federal budget deficit, which would reduce spending on public assistance programs and increase the tax revenue while countering inflation. The populus may be given specific amounts of pay for the inflation. They are paving a shortcut to pay without worrying about corporate control or limits on minimum wages.
It is said that wage should be determined by free market instead of federal control. It would not matter either way because a person’s power can decide whether to pay unequally or fair. The prices on mediocre products would increase prices drastically from free market. It would be controlled by the employer so they are no technical limits from government interference. The employer can decide what monetary value for the individual to live on rather than work ethics and experience in a profession, sometimes. The profits from businesses that they’re making will not be enough give back to the workers. These businesses will require them to increase the prices (along with sales-tax) of that item. Otherwise, these businesses would become bankrupt and evicted. It leads to high unemployment rates. This decision would lead to a stock market crash because the U.S. is already in debt ($21.5 Trillion). The income for poor and middle classes would be leveled with debt, some will benefit and most will fall. Besides, if the individual works in a Metropolitan or city-like landscape. They wouldn’t be able to afford living costs in rentals.
These businesses and the government would argue that increasing minimum wage would give enough money to help pay for their education. By increasing their wages, teens get the opportunity to finish high school and those who are progressing into College (or in it) can now pay off a little bit more of their debts from loans. They would include that minimum wage help poverty with a lack of funding for schools. The guardians (or the children themselves) can’t afford an education with those wages. The prices for supplies within and outside the educational environment will rise alongside everything else. Especially, if they noticed that their monetary support for food or to house themselves. These economic classes with that allowance still can’t afford lunch or breakfast at school. Those who believe that increasing wage can help out crime filled slums by finding a better path but according to Boston College’s website, Minimum Wage and Crime, “ […]that it would decrease murder by 6.9 percent and decrease theft by 3.7 percent. A minimum wage would increase theft, violence and drug sales by 1.9 percent among 14 to 30 year olds” (Fuller and Janofsky pp. 15). They won’t be able to use that type of criticism towards whoever applies for their next job if society continues with the wage increase. They never include that the stakes for inflation will be high, which would increase prices on goods and jobs won’t require a lot of employees. This will increase unemployment rates.
The idea of Capitalism is not for the many, but for the few. This gives some of the wealthy a way to justified their actions through laundering and extortion. An equal pay can help equalize for both sexes and all races. This decision helps increase staff, productivity and trade, which gives more chance of a job for the masses and better quality products. If Congress gets notified about this idea, society will improve on most aspects like poverty, sexism and discrimination that divides America. This nation will become a sanctuary for those who are different, but looking for the same interest, money. The life-preserver through the sea of greed and heartache, until the government decides to discard Minimum wage. There will be a hierarchy over the heads of millions as the lower and middle classes fight for their scraps.
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