Will raising the minimum wage get us where we need to go?

Will raising the minimum wage get us where we need to go?

Some 16 million Americans have their paycheck tied in some way to the minimum wage. Many employers use the Federal minimum wage as a sort of measuring stick with which they hand out raises and bonuses.

From time to time, a debate rages in Washington DC about teh merits of raising the minimum wage. Some politicians feel that while workers will benefit the national economy will not, and jobs will be eliminated. Others feel that the effect will be neutral or even beneficial.

Study after study has produced a whole host of different results, leading to a sort of log-jam on the subject in Congress. But if President Obama has his way, new legislation will be pushed throught both houses and the minimum wage will be hiked.

At the end of the day, each of us should ask themselves: “Do I really want to depend on murky data and wordy legislation to feed my family? Do I want a few cents per hour to be the difference between retiring or not?”

Taking control of your finances has never been smarter – or more urgent – than it is right now.

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