The federal minimum wage was established so employers could not pay employees less than a specific amount of money per hour. The minimum wage is set to coincide with the cost of living in a particular area and is adjusted to accommodate inflation. The majority of workers who are paid minimum wage only hold a high school diploma or General Education diploma (GED). The campaigns of politicians running for office promise a higher minimum wage, but how high is too high?

The average hourly pay rate for someone with a Bachelor’s degree is $33.8, and for someone who has an Associate's Degree or holds a certificate from a vocational program receives an average hourly pay of $15; however, those are the average statistics. Many jobs which require at least a Bachelor’s degree pay much less than the average for that level of education, for example, a teacher’s salary is as low as $37,000 a year, and in many states, the annual salary for a teacher has not risen to meet the demands of inflation. These professionals are responsible for shaping the future of the world; however, many high-performing educators are changing careers so they can afford the lifestyle they wish. In addition, college students are often discouraged by friends and family from pursuing a degree in education because of the pay rate.

While it is very difficult for someone who is only earning minimum wage to make ends meet, there are few benefits for raising minimum wage. One of the most important consequences of raising the minimum wage is if students see that they can easily make $15 per hour flipping hamburgers or working in a gas station, they will be less likely to work to pursue a degree that would allow them to make a similar amount of money. An additional consequence of raising the minimum wage is businesses not being able to afford to pay their employees the new minimum wage. This will result in more employees getting laid off and resorting to tax-payer funded government assistance programs.

The topic of a higher minimum wage is the topic of discussion between workers and politicians running for office. While it may seem as though raising the minimum wage would benefit the economy and allow for workers to live independently of government assistance, the majority of businesses who pay their employees the federal minimum wage cannot afford to pay their employees more without risking loss of profits and the ability to stay in business themselves.