September 22, 2016

Minimum Wage and the Presidential Campaign

Raising the federal minimum wage from $7.25 an hour to $12 would lift pay for 35 million workers (and their children), or 1 in 4 employees nationwide.
Income for the median household has fallen 2.4% since 1999, despite a big gain in 2015.
The U.S. still had fewer middle-income jobs than it did before the recession.
It's not just teenagers earning the minimum wage. "Contrary to popular myth, low-wage jobs aren't dominated by teenagers earning extra spending money. About half of fast-food workers are 25 or over. And one-quarter have children."
Hillary Clinton supports increasing the minimum wage while Donald Trump opposes any increase saying U.S. wages are already too high.
Read: Why it matters: The Minimum Wage https://www.thestreet.com/story/13746801/1/why-it-matters-minimum-wage.html
When I was a teenager earning the minimum wage it was worth close to $10/hour. Check out the purchasing power of the minimum wage over time. Today it is only $7.25 and life is much more expensive. There were no computers, cell phones, and related services to buy back then. Housing prices are much higher today relative to the minimum wage. 

No comments:

Post a Comment

Financial Planning for Women does not sell, rent, loan, lease or otherwise provide any personal information collected at our site to any third parties.