$7.25 in 2009 is worth $10.62 today.
$4.95 in 2009 is worth $7.25 today.
In effect, the value of federal minimum wage has decreased by 31% in the last 15 years, since a dollar today only buys 69% of what it did in 2009, on average (as defined by the consumer price index)
I do wonder if trying for $15 is just asking too much. Maybe a compromise at $10.62 to restore what it used to be, is all we can hope for at the moment.
The minimum wage was supposed to be the absolute minimum a person could be paid in order to live. It’s not an excuse to pay employees starvation wages. No one, and I mean absolutely no one, can survive being paid $11 an hour in today’s economy (much less the $7.25 it is now). That is why nearly every liberal state has independently moved their minimum to at least $15/hr if not more.
$7.25 in 2009 is worth $10.62 today. $4.95 in 2009 is worth $7.25 today.
In effect, the value of federal minimum wage has decreased by 31% in the last 15 years, since a dollar today only buys 69% of what it did in 2009, on average (as defined by the consumer price index)
I do wonder if trying for $15 is just asking too much. Maybe a compromise at $10.62 to restore what it used to be, is all we can hope for at the moment.
The minimum wage was supposed to be the absolute minimum a person could be paid in order to live. It’s not an excuse to pay employees starvation wages. No one, and I mean absolutely no one, can survive being paid $11 an hour in today’s economy (much less the $7.25 it is now). That is why nearly every liberal state has independently moved their minimum to at least $15/hr if not more.