Posted 8 years ago on June 8, 2012, 5:07 a.m. EST by jrhirsch
from Sun City, CA
This content is user submitted and not an official statement
U.S. economic fact. The current Federal minimum wage is $7.25 an hour. Some states and localities are a little higher. About $15,000 a year full time. You probably think that's OK, they're just 16 or 17 year olds starting out in the working world. They have no skills. They really don't deserve more.
But in the real world 4 million people earn that minimum wage, and surprisingly one half of those, about 2 million people, are twenty five years or older.
Can you remember back to 1968 when a Big Mac only cost 50 cents? The minimum wage was just $1.60, but adjusted for inflation, the minimum wage employee flipping those burgers in 1968 actually made more than one today. In fact a burger flipper today would need to be paid $10.00 an hour to have the same purchasing power as one back in 1968. Relative to 1968 wages, that minimum wage worker is being underpaid about $2.75 an hour, about $5720 a year for a full time worker.
So next time you hear about raising the minimum wage to $10, it's just to keep up with inflation, it is not even a raise. The fed has printed so many dollars, that it now takes 7 dollars to purchase what one dollar bought in 1968. That minimum wage employee has been taken advantage of by their employers for years. It's time they received their fair share.