In 1955, the minimum wage was $0.75; today it’s $7.25. Looking at it, one would say it’s been increased significantly in 60 years. However, if you apply inflation and understand what those dollars will get you (the buying power mentioned above), you would see that those 2 amounts are almost identical.
Ergo, minimum wage has not been raised in 60 years.
To make things worse, with cost of living increases taking into account, the same wage gets you far less than it did in the ‘50s.
That house? Those 2 cars? Not going to happen. That mountain of debt most likely will though, beginning as soon as you decide to get an education.
The obvious solution to this problem? Raising the minimum wage, and renaming it to ‘Living Wage’. A living wage should allow an employee working 40 hours a week to live relatively comfortably.
Opponents of raising the minimum wage claim it would cost businesses too much money, causing them to lay off employees or worse, go bankrupt. These are lies.
Do your own research, pick 10 corporations that you know of and look at their profits for the last 5 years. After you’ve done, see how many employees they have and approximately what it would cost to raise the minimum a few dollars. Which number is greater?
They can afford it, they choose not to.