"People who tell you that raising the minimum wage will hurt small business are flat out full of it," said Lew Prince, co-owner of Vintage Vinyl, a music retail business in St. Louis. "Small business owners know that keeping workers is easier and cheaper than finding and training new ones."This is why most small businesses pay far above minimum wage if they can. You get what you pay for.
For many business owners, paying their workers well is common sense. "Trying to save money by shortchanging my employees would be like skimping on ingredients," said Kirsten Poole, a petition signer and co-owner of Kirsten's Cafe and Dish Caterers in Silver Spring, Md. "I'd lose more than I saved because of declining quality, service, reputation and customer base. You can't build a healthy business or a healthy economy on a miserly minimum wage."
A growing body of evidence shows that successful businesses that are "built to last" don't skimp on wages. "It is a sound business decision to increase the minimum wage," said venture capitalist Adnan Durrani, president of Condor Ventures in Stamford, Conn. "I have found that without exception in the successful ventures we've backed, providing sustainable living wages yielded direct increases in productivity, job satisfaction and brand loyalty from customers, all contributing to higher returns for investors and employers."
Paul's feeling is that no minimum wage should be mandated in a free market. Too bad there is no such thing as a free market. Markets are manipulated and abused all the time.
With the number of jobs that are moving to other countries it would be only a matter of time before employers would begin paying far below the minimum wage.
Wait. I forgot. Many already pay below minimum wage. This is why they hire undocumented workers...
If you could trust capitalists to do the right thing, there would be no need for a minimum wage. Unfortunately the temptation for greedy business owners is to take advantage of workers.