Obama says pay and income gap is morally wrong
In a disturbing article on TheHill.com, another article confirms that income inequality is continuing to grow at record levels with no end in sight. Workers on minimum wage today have less purchasing power and wealth than minimum wage workers in the 1960s. This is an unstable and immoral trend that we allow tens of thousands of hardworking people to suffer in poverty while we allow the richest 1% to continue to take money from the middle and lower classes only to enrich themselves in the process. The middle and poorer classes have a duty and a right to demand an equal share of the wealth since they work just as hard if not harder than most wealthy people ever will. These are the folks in the manual labor fields and others that require more energy than a wealthy executive that makes money off of their employees. An economy cannot survive if fewer and fewer people have diminishing purchasing power and while the 1% continue to hoard their wealth in order to get everything for themselves.
While full time minimum wage employees are a small share of the overall labor force, raising the minimum wage will have a very positive impact on the economy and businesses as a whole. When employees have more money to spend, this in turn helps businesses make more money and then those businesses have increased demand which makes them hire more people.
However, just raising the minimum wage to $9 an hour as President Obama suggested would still be low compared to international standards. $9 an hour would be equivalent to the minimum wage in 1998, a step in the right direction but still not enough since minimum wage increases have not kept pace with inflation. Increasing the minimum wage helps with worker productivity as well as morale as combined with the spending that results from minimum wage workers having to spend their earnings immediately since this is the group that can ill afford to sit on their money while other groups can.
Why is it considered economic policy when the wealthy and corporations manipulate and take money from the middle and lower classes in order to enrich themselves but it is called socialism and communism when average people demand an equal share of the wealth that they helped create? It’s called fairness to me. If the wealthy are the “job creators” as the Republican Party claims, then why are we not having an overflow of jobs since the wealthy have gained almost a universal share of the wealth that has been generated in this country? The wealthy are not job creators. Demand creates jobs and demand comes when average people actually have a decent job and fair wages and benefits to live off of.