Raising the minimum wage is an important step toward an economy that works for everyone, not just the richest 1%. That’s why both current elected officials and those who are pursuing elected office need to stand with us in raising the federal minimum wage.
Putting more money into the pockets of ordinary Americans is a no-brainer. If we reduced income inequality, we’d boost our economy. Small businesses would grow and hire, and we’d put the 99% back to work.
- The minimum wage can’t support our families. The current federal minimum wage—at $7.25 an hour—amounts to only $15,080 a year. That’s almost $9,000 below the federal poverty line for a family of four.
- We get $7.25. They get 725%. The federal minimum wage hasn’t kept up with inflation, but CEO pay has risen 725% over the last 30 years. 80% of all real income growth has gone to the richest 1% of Americans.
- A fair change for a better life. If the federal minimum wage had kept up with inflation over the past 40 years, it would currently be at $10.55.
People who work for a living should be able to live off of their wages. The federal minimum wage needs to be adequate enough for working people to live on—and indexed to inflation so it doesn’t fall in value every year.