20% of us are working for what is effectively the minimum wage (or less).
Category: News & PoliticsBy: john-russell • 4 weeks ago • 8 comments
$12.90 cents an hour x 40 hours work week x 52 weeks is $26, 832 .
The $12.90 figure is what the minimum wage would be today if it kept pace with the rate average wages rose in America since 1970. All wages on average have risen x 8.06 since 1970 , while the minimum wage (7.25) has risen x 4.53 ( was $1.60 in 1970).
So one could argue rather convincingly that the minimum wage today should be $12.90. Well guess what? About a fifth of all Americans make 12.90 cents or less. 20% of us are working for what is effectively the minimum wage (or less).
Does this sound like a "successful" economy to you?