Friday, June 23, 2006
40 hrs./wk = $10,700/yr (gross)
Wonder why people laugh at entry-level jobs and turn to selling drugs on the street (or join the army)? Check it out. Richest nation on earth, and this is what we offer:
From Marc Cooper (www.marccooper.com):
"$10,700 per year. That's how much somebody makes if he or she earns the minimum wage of $5.15 an hour. That's $6,000 below the Federal poverty line for a family of three. And that's before payroll deductions. So figure take-home pay at about eight thousand per year. $150 a week. For a 40 hour week. Makes you proud to be an American, doesn't it?
"Thanks to the Republicans --who awarded the top 1% of the population nearly a trillion bucks in tax breaks over the last five years-- $10,700 per year is exactly the amount that minimum wage workers will continue to make.
"For the ninth time since 1997, Congressional Republicans on Wednesday voted down a proposal to raise the minimum wage. The vote was 52-46 in favor, eight votes shy of the 60 needed to pass. Eight Republican senators voted for the raise; four of them are up for re-election.
"The others, apparently, couldn't give a flip. Of course, these Republican misers are the same folks who have voted to raise their own salaries and benefits on a consistent basis. While minimum wage service workers have their pay frozen, fat and lazy U.S. Senators get an automatic cost of living increase every year. Is there anyone out there stupid enough to even try to justify this disparity? U.S. Senators will now make about $170,000 per year, about a $30,000 (or if your prefer, a 20%) increase since the last time the minmum wage was raised.
"Adjusted for inflation, the purchasing power of the minimum wage is now at its lowest point since 1955. I repeat, minimum wage workers now have less buying power than they did 51 years ago. Again, adjusting for inflation, the minimum wage hit its post-war peak in 1968 when it was equivalent to $7.71 in current terms."
Posted by Christopher Ryan at 5:08 PM