You can't live on $7.25 an hour anywhere in America
A new study says even in the cheapest area, it takes at least $10.20 for a US worker to achieve economic stability.
According to a study produced for The Huffington Post by Wider Opportunities for Women, a nonprofit advocacy organization aimed at boosting low-income women and families, even a worker with no children living in Hanson would need to take in $10.20 an hour to be economically stable.
That's almost $3 more than the federal minimum, which is also South Dakota's minimum wage. And $10.20 an hour is getting off lightly, because WOW's researchers found it would take an average minimum wage of $14.17 an hour for workers across the nation to be economically secure. In Montgomery County, Md., the area where the cost of living is highest, a worker needs a minimum wage of $23.65 to achieve the same stability.
That's no small matter, considering that Montgomery County borders Washington, D.C., which is taking on no less than Wal-Mart (WMT) in its battle for a living wage. The D.C. City Council passed a bill earlier this month requiring large retailers in the city to pay their workers at least $12.50 per hour, more than $4 above the city's minimum wage. Wal-Mart has threatened to pull six planned stores in the city if Mayor Vincent Gray signs the bill into law.
WOW's basic premise is that the minimum wage is too low to provide a living wage for most Americans. President Barack Obama agrees and proposed raising it to $9 per hour in his State of the Union address earlier this year. Congress didn't think much of that plan and halted it right out of the gate.
It doesn't help the minimum wage's case when its opponents think it's making minimum-wage workers rich. Billionaire Charles Koch recently released a commercial that suggests an annual income of $34,000 puts a worker among the wealthiest 1% -- in the world. The Economic Policy Institute's Family Budget Calculator counters that a family of three would require an income of $45,000 a year to cover basic needs in Simpson County, Miss., the U.S. region with the lowest cost of living for a family of that size.
That need changes drastically by location and still dwarfs the $30,000 a year two parents working full time would make from the $7.25 minimum wage. In Wichita, Kan., where Think Progress notes Koch's $200,000 commercial campaign has begun, the amount of income needed to cover basic costs jumps to nearly $54,000.
Simply put, $7.25 an hour is a wage, but no one in America is living well on it.
D's & R's = equally worthless.
If we can drop our labels and name calling for a moment and look at the big picture, we have a couple scenario's as options.
Option 1 - let companies pay their workers a little as they can get away with. Their employees can't afford to support themselves and need public assistance & social safety nets. In this scenario we're basically all payment the difference between what the companies pay them and what people need to survive. Except we're running a huge debt so basically our children are paying to keep Walmart's "low low prices"
Option 2 - require companies to pay a wage that people can actually sustain themselves on. We all pay a little more for our fast food and the country runs up less debt paying welfare & foodstamps.
Option 3 - let companies pay as little as they can get away with and cut the social safety net in the name of reducing the national debt. The poor can starve or steal to survive, increasing crime and incarceration which adds to the national debt...
let the thumbs down commence.
If tghe minimum wage is just for people starting out in life, how come so many people working at Wall Mart are in their sixties?
I have 2 college degree's and work in the medical field and I make 10.80 (yes I know that is above minimum wage) and it is not cutting it. I have no children but I do have student loans, house payments, car payments, and I need $$ to eat too. Employers use minimum wage as a starting pay yes, but then they claim they can't afford to give raises so minimum wage is where you stay at for 4 + years all because EMPLOYERS can do that without any problems.
It is not just Romney, The billionaire Koch brothers are out of touch how the rest of the people live!
If $34K puts you in the top 1% of the world, where does multi billions put the Koch brothers? In the top 0.001%? Maybe the Koch brothers can come out of their castle and see how people are living on $7.25/hour.
Let's try tax breaks for companies that sell American products and hire American workers. Then tax the sh!t out of every company that sends the jobs to India, El Salvador, etc.
I am so damned tired of everything I pick up and read the label on saying "Made in phucking China".
I am not aware that the minimum wage was ever a "living" wage. It is a starting point. I started work on a minimum wage of 95 cents an hour and WORKED MY WAY UP to a living wage. I paid attention to the job, learned it well, looked for advancement possibilities and went for it. And, I got it. Not because I was so smart or hard working, but because others just complained that they would not do much for the wage they were getting ! So, why should it be any different now ?
Reminder: 95 cents an hour grosses $38 a week, apartments were renting for $75 a month. Hey, McDonalds has lots of highly paid regional managers and execs, so does Wal-Mart.
one that is just over 15k at a 40 hour work week. What is not ever taken into consideration is that people at that level of income:
1. dont pay much in taxes
2. get unearned tax credits
3 food stamps
5 free health care
6. free food programs
7. rent assitance
8. govt phones
9. plus a whole bunch of other types of assitance that most people don't get.
NOT saying I want to be in that position, but it is not the whole story.
The study may be accurate, however it is completely irrelevant.
Workers need to acquire knowledge and skills in order to become valuable to there employers. Minimum wage allows unskilled workers an opportunity to enter the workforce, and if they have the capacity, acquire knowledge and skills. It is a sad fact of life today that some of our fellow citizens have weak work ethic, and even weaker decision making skills. An increase in the minimum wage, aside from being inflationary, will inhibit the opportunity of the low skilled.
McDonalds CEO made $13.8 million in 2012, up from the $4.1 million in 2011. Seems like someone got a raise at McDonalds. The company made over $27 Billion in a record year 2012. I am sure these guys don't have enough money to pay more than minimum wage, right?
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished the Wednesday session on a modestly lower note, but it is worth mentioning today's retreat took place after six consecutive gains. The Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) settled not far below their flat lines, while the Nasdaq Composite (-0.8%) lagged throughout the session.
Equity indices started the day in the red, with the Nasdaq showing early weakness as large cap tech names and biotechnology weighed. The technology ... More
More Market News
Stocks are facing some serious resistance as the bears tear into the market's respite.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'