Saturday, June 15, 2019

New record minimum wage hasn't gone up in nearly 10 years

Low is low because if you make nothing you have nothing making nothing for others. As if you make nothing you can't get a new car as the banks underwriter says "Sorry your income is too low!" There is big issues with the pay keeping low as it makes no growth just people driving unsafe cars walking without cars living a third life lifestyle not American too poor to shop at Walmart! There needs to be a change!
http://walmartramen.blogspot.com/2019/04/liquid-asset-poor-paycheck-to-paycheck.html

~~~~~The minimum wage hasn't gone up in nearly 10 years. That's a new record
The decade since the minimum wage last went up also covers what in July will become America's longest economic expansion on record. But workers' pay hasn't been recovering that whole time.

In fact, after adjusting for inflation, median weekly earnings (which also account for hours worked) have risen only 2.9% since the second quarter of 2009 after dipping in the early years of the recovery. At $7.25 an hour, a full-time minimum wage worker makes only $15,080 per year — and that's assuming they worked 40 hours a week, all 52 weeks of the year, with no unpaid time off.

Researchers at the Massachusetts Institute of Technology have calculated that the average living wage in the United States —which is the pay rate that would supply basic needs for a family of four with two working parents — is $16.14 per hour, or $67,146 total.

Of course, that varies significantly across regions, which is why many local jurisdictions have taken the issue into their own hands. Voters have approved dozens of minimum wage hikes since 2009; a total of 29 states now have floors ranging from $0.25 to $6.75 above the federal level. For that reason, economist Ernie Tedeschi estimated the "effective" minimum wage is now almost $12.

The federal minimum wage dates back to 1938, when President Franklin Roosevelt signed the Fair Labor Standards Act as part of his New Deal policies to boost the economy. At the time it was just 25 cents, which would be about $4.45 in today's dollars. Congress has raised the wage 22 times since then.

Fast food workers, backed by unions, launched a campaign in 2013 to raise the minimum wage to $15 an hour. The movement, which at first seemed like a long shot, has since gone mainstream. It's in the Democratic party's official platform, and many cities, including New York, San Francisco and Seattle, have made it a reality.
https://www.cnn.com/2019/06/14/economy/federal-minimum-wage-raise/index.html