The federal minimum wage of
$7.25, adjusted for inflation, is $2.75 lower than it was in 1968 when
worker productivity was about half of what it is today. There has been a
steady decline in real wages for low-income workers. Meanwhile,
corporations such as Wal-Mart and McDonald’s, whose workforce earns the
minimum wage or slightly above it, have enjoyed massive profits.
Executive salaries, along with prices, have soared even as worker
salaries have stagnated or declined. But the call to raise the minimum
wage is not only a matter of economic justice. The infusion of tens of
billions of dollars into the hands of the working class would increase
tax revenue, open up new jobs and lift consumer spending.
— chris hedges (via azspot)
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