Minimum Wage
The worst recession in a generation is still being felt across the United States of America. States as well as federal leaders are very focused on getting their economies moving on the right track again while simultaneously helping working class families recover from the recession. A viable strategy for achieving both of these goals is to raise the minimum wage. More families than ever rely on low paying minimum wage jobs. A higher minimum wage will help consumer spending power to recover and once again power our nation's economic growth. A hefty minimum wage hike is an important first step in achieving a sustainable economic recovery. In our current economic climate. It is far more common than in the past for families to rely on low wage jobs. The American economy was shifting even before the great recession. Far fewer middle class jobs are available and the low wage work force continuously expands. The recession and slow recovery have only served to accelerate this trend.
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Since the year 1933, the minimum wage has risen from 25 cents to $7.25 per hour. Although it has increased numerous times, inflation has reduced the value. In fact, inflation has so eroded the value of the dollar, that the present day minimum wage is far lower than the value it held in 1968. In order for the wage to be equal to the 1968 rate, the minimum wage would have to be raised to $10.00 an hour. In 2013, during his State of the Union address, President Obama called for an increase to nearly $10.00 an hour. According to estimates, that wage hike would increase the wages of nearly 15 million citizens. Women in particular would most likely benefit from this