Some States and municipalities have raised the minimum wage, but the Federal Minimum Wage is $7.25 per hour.
Someone working a full time job (40 Hours a Week) at the Federal Minimum Wage will take home (After a 6.2% Social Security tax, and a 15% Federal Marginal Tax rate under the new tax law,) $989.49 per Month.
The last time the Federal Minimum Wage was raised was on July 24th, of 2009. Adjusting for inflation the Minimum Wage has lost just over 15% of it's value (Buying Power) since then...... THIS WAS ALMOST 9 (NINE) YEARS AGO!!
The Minimum wage reached it's highest point in 1968. At the time, it was raised to $1.60 per hour. Adjusted for inflation from then.... The Minimum wage would have to be $11.64 per hour.
The average rent for a 1 bedroom Apartment in New York City is $2800.00 per month. A couple (2 minimum wage full time incomes) would have to make 41% more than minimum wage to rent an apartment. this DOES NOT include food, transportation to work, or utilities.
Speaking of utilities... US electrical rates from the year 2,000 to 2,017 rose by 64.79%!!!
Food has gone up by 48.95%
A Hospital stay has gone up by 174.17%!!!
Since just 1998... Tuition at a PUBLIC University has gone up by 194%!!!
If McDonalds installs 1,000 of those self ordering robot machines, (Replacing current $7.25 an hour minimum wage workers....) over the life of the machines the Corporation will make (Save) $478 Million, 638 Thousand, and 972 Dollars!
Again... This is money they will make by replacing $7.25 an hour minimum wage workers!!!
THOSE "MEMES" YOU SEE ABOUT HOW THIS CORPORATION IS INSTALLING THESE MACHINES BECAUSE THEIR WORKERS ARE DEMANDING $15 AN HOUR - ARE COMPLETE, TOTAL, UTTER, AND ABSOLUTE BULLS%^T!!!!!
Steve Easterbrook - The CEO of McDonalds Corporation got a 368% raise in 2015 to $7.91 MILLION!!! That's 525 YEARS of 40 hours a week at minimum wage!!!
Howard Schultz - The CEO of Starbucks makes enough in one year that a minimum wage worker (Full Time) would have to work 646 years to make the same amount!!!
The CEO of BP oil, makes enough in just one year to equal 769 years at full time minimum wage wages!!!
Should the minimum wage be raised to $15 an hour???? Maybe not! We should start having a discussion about returning it to it's 1968 inflation adjusted value of $11.64 though!!!
I think it would be pretty amazing to see it raised to even 10 dollars an hour. That would still be way better than what it is now. Obviously, 11.64 would be even better.